Capital equipment is by definition a type of capital asset that is expected to provide a benefit over a long period of time. Items such as vehicles, copiers, servers and centrifuges are some of items that are classified as capital equipment. Emory further qualifies “capital” equipment as equipment with a unit cost of at least $5,000.
Only “capital” items are tagged and tracked in PeopleSoft –Asset Management. Capital equipment can also be comprised of a group of components that work together into one system. These systems encompass much of the capital equipment that can be found in our labs.
Any equipment that does not meet the defined criteria should be recorded to the supply expense.Since capital equipment represents a significant resource to the University, safeguarding the Universities capital equipment should be a priority to the custodian and units housing the equipment. Capital equipment should also be properly classified, tracked and disposed to what is consistent with GAAP (General Accepted Accounting Standards) and University policy.
The Federal Uniform Guidance requires Emory University to conduct physically inventory for all capital equipment at a minimum once every two years to assure assets exist and are being used. Important Note: Asset Management may spot check the equipment to confirm the validity of the physical inventory.
Asset Management will notify the Department Administrator when an inventory is due to be performed. The departments are responsible for completing and sending inventory results to Renee Corsello at firstname.lastname@example.org by the requested deadline.
Note: Departmental capital equipment lists can be accessed via the PeopleSoft Asset Management Work Center.