New Equipment Purchases
If you spend $5,000 or more for a moveable equipment item, it needs to be tagged and added to our fixed asset database. If the item is delivered to you by Central Receiving, it may come to you with the EMU bar-code tag in place. If you don't see a tag, call Stephen Siller (Receiving Dept.) at 487-4386 and request a tag. When you receive the tag, complete the Equipment Installation form, send it to email@example.com and attach the tag to the item.
Equipment Transfer Overview
If a tagged piece of movable equipment is relocated to a new department, please be sure to complete the Equipment Transfer form and email it to firstname.lastname@example.org. This is an important internal control to help ensure our fixed asset database reflects the location of each item. In addition, if items are no longer functional it helps us to retire them and properly record them in our financial statements.
Equipment Inventory Overview
We send out tagged equipment inventory reports to departments annually and ask for help in confirming the location of every item. This is an important internal control to help us verify the location and functional use of items. In addition, we schedule a personal visit to verify certain equipment items.
Capitalization Policy Overview
Accounting principles require us to capitalize certain types of equipment, software, construction, land improvements, and library holdings. They are then depreciated over various time frames.
Mileage Income Reporting
Certain individuals are provided a vehicle for business use and may also have a percentage of personal use. We contact these individuals and ask them to report to us the amount of business and personal driving each year. This is done in early November as the reporting period runs from November 1 to October 31. Tax regulations require us to compute a dollar amount associated with personal usage and we add this amount to W-2 forms distributed in January each year.