5.4 Charging and Monitoring Capital Equipment
1. Charging and Monitoring Capital Equipment
Equipment must meet all of the following three criteria to be considered capital equipment.
- Acquisition cost $5,000 or greater
- Useful life of more than one year
- Be an individual, stand-alone, moveable, tangible item
Consider the following when charging and monitoring capital equipment.
- Understand and implement the award Terms & Conditions, prior approvals may be required!
- Use the correct ET (Expenditure Type)
- Indicate whether the item is taxable (see iProcurement)
- Equipment or Maintenance ordered late in the period of performance may be questioned for allocability
- Obtain prior approvals from the sponsor when required
- Implement Stanford Policy
2. Monitoring Equipment
The RA (Research Administrator) provide information about equipment to the DPA (Department Property Administrator). Types of information may include asset user, change in location, use, need to process equipment as excess (dispose), and others. The DPA is responsible for creating asset records (note: it's important to notify your DPA immediately when equipment arrives as they have to record the asset in Sunflower within 30 days of receipt!). The DPA also modifies SFA (Sunflower Assets) records to ensure the information is current. These records are reviewed and reconciled on a monthly basis by the Property Management Office. Information the DPA updates includes:
- Description, model and serial number
- Location, use, status and condition
- Maintenance records
- Owner, Steward, and Asset Type
- Financial data