Business Asset – Capital Equipment (FA 130)

Policy FA 130 outlines specific responsibilities and procedures for acquisition, use and disposition of capital equipment, and maintain an accurate inventory of movable capital equipment for financial reporting and department management purposes.  Equipment is considered a capital asset if the equipment has a useful life of one year or more and has an acquisition cost of $5,000.00 or more. This policy is also issued to conform to the Office of Management and Budget (OMB) Uniform Guidance (2 CFR 200), section 200.313 Equipment and its predecessors, OMB Circular A‐110 and OMB Circular A‐133 (for federally sponsored projects issued prior to December 26, 2014). 

  • Accounting