FINANCIAL ACCOUNTING
PROPERTY ACCOUNTING
|
Responsibilities |
|
|
Stacey Kingery (X-3517) |
Property Accounting is responsible for recording and maintaining an
inventory of capitalized and
non-capitalized equipment and for
accounting of capital projects.
|
|
Bob Anthrop (X-3521)
robert.anthrop@indstate.edu |
Guidelines for Capital and Non-Capital
Equipment
Equipment may be acquired through the purchasing process, through ISU procurement card procedures, or by a donation through the ISU Foundation Office. Property Accounting should be notified when equipment is acquired by any means other than Purchasing. Equipment purchased by ISU Purchasing must be processed using commodity accounting procedures (un-check the box next to Document Accounting).
The guidelines for items to be considered capital equipment are: (1) items must cost at least $5,000, and (2) must have a useful life of more than one year. Art objects are classified as capital equipment regardless of original purchase price. Capital equipment account codes are listed below.
Non-capitalized items include “exception” items for
which Property Accounting will continue to tag and track location and
user information. These
items include: computers, tablet computers, and laptops, printers that
cost more than $400, and firearms.
Grant awards may require items less than $5,000 to be classified
as non-capital equipment.
All non-capital equipment items
should be coded to account code: 73610.
Capital Equipment AccountS
|
Account Codes |
|
|
78510 – Computer equipment (instructional
/ class / lab) |
78360 – Office equipment and furniture |
|
78520 – Computer equipment (faculty
& administration) |
78370 – Instructional and lab equipment |
|
78530 – Computer equipment
(campus networking) |
78620 – Household and custodial equipment |
|
78550 – Software |
78630 – Athletic equipment |
|
78605 – Telecommunications equipment |
78655 – Musical instruments |
|
78650 – Media equipment (audio-visual) |
78660 – Research equipment |
|
78790 – Books and periodicals (library use) |
78690 – Other equipment |
|
78400 – Art objects (formerly
78810) |
78716 – Vehicles and machinery |
|
|
78680 – Firearms |
Disposal of University Property
If any item, with the exception of University Permanent Art Collection works of art, needs to be disposed, please advise Purchasing and Central Receiving through the Surplus Pickup Request System. This is available at Purchasing and Central Receiving or can be accessed by clicking the link above. Kevin Barr, Director of Purchasing and Central Receiving, is the "Disposal Agent" of University owned property. For any unwanted works of art, please contact the University Curator’s Office to have the items removed from the department.
Property
Accounting Forms
-
Equipment Purchased on ProCard (You may need a copy of the digital signature directions prior to saving this on your PC)
Capital Project Guidelines
|
Account Codes |
|
78830 – Land purchased for University use |
|
78840 – Land improvements that total more than $100,000 |
|
78850 and 78860 – Building purchase, construction, or rehabilitation
that totals more than $100,000 |
|
78870 – Infrastructure: land improvements undertaken for betterment of
the University including roads and
sidewalks.
Infrastructure cannot be assigned
to a single building or location.
|
Frequently
Asked Questions
Q: What is a
Property Tag?
A: A property tag is the sticker that has a number and a bar code strip; it is applied to Indiana State University capital and non-capital equipment.
Q: Can tags
be issued for items not covered on the exception list?
A: Yes. Please contact Stacey Kingery (X-3517, Stacey.Kingery@indstate.edu).
Q: How do we
transfer a piece of equipment to another department?
A: If you have items which are being transferred to another department, please complete the Equipment Transfer Notice and forward it to Property Accounting. You may also send an e-mail to Stacey Kingery with a copy to the other department involved in the transfer.
Q: What are
the procedures when an item is stolen or just “mysteriously disappears”?
A: Call Public Safety to report the incident and notify Property Accounting. The Loss and Theft Report form should be completed and the item will be removed from your inventory.
Q: What is
the difference between the computer accounts 78510, 78520, 78530, and
78550?
A: 78510 is used for the purchase of computer equipment primarily used for student instruction (labs and classrooms).
Q: What
account do I use to purchase Licenses for the use of Software?
A: 77665 – Computer Software Maintenance
Q: What do
we do if our department receives a gift from an organization or
corporation?
A: All donations should be reported through the ISU Foundation. Fill out the Gift Report form and forward it to Property Accounting.
Q: What
account do I use to purchase Software that is less than $5,000.00 per
package?
A: 73200 – Computer Software under $5,000.00
Q: Can we
just “throw out” a broken piece of equipment?
A: No, even if that particular item is not tagged. ALL items, with the exception of University Permanent Art Collection works of art, need to be processed through Central Surplus. Items that are no longer wanted by a department should be transferred to Central Surplus utilizing the proper Surplus Pickup Request form. Once the items have been picked up by Central Surplus, please campus mail or fax (x8179) the signed form to Property Accounting. For any unwanted works of art, please contact the University Curator’s Office to have the items removed from the department.
Q: Who do I
contact if I need something tagged?
A: Contact Stacey Kingery (X-3517). Please know the Purchase Order number of the item in question.
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