According to the UW System policy, capital equipment is defined as any single asset which has an acquisition cost of $5,000 or more and a useful life of at least two years, whether purchased outright, acquired through a capital lease or through donation. It also includes certain constructed or fabricated items and certain component parts. It does not include real property (land and buildings), software or library holdings.
For details on the UW System policy related to Capital Equipment, please see SYS 334: Accountability for Capital Equipment.
The goal of our Capital Equipment Team is to maintain an accurate inventory system. Capital Equipment will work with Departments and Asset Custodians to tag all capital additions on a monthly basis. Through ongoing communication with Capital Asset Custodians, Information Technology Services and Facilities Surplus, we will monitor capital asset movement and record disposals. Capital Equipment will also assist Internal Audit with the required physical inventory every two years.
Disposal of Capital Equipment
Procedures related to the disposal on equipment, can be found at UWL Surplus.
Transfer or Trade-in of Capital Equipment
If Capital Equipment is transferred within your department, to another department on campus, or traded-in toward the purchase of new equipment, please complete the Capital Equipment Transfer/Trade-In Form.
Federally Funded Capital Equipment
Title to property purchased in whole or in part with federal funds normally vests with the University. However, the granting agency retains what might be considered a “lien” on the property which controls equipment management requirements, its use and disposition. The granting agency also retains the right to require transfer of title of property with a current per unit fair market value of $5,000 or more to the federal government or an eligible non-federal party up to 120 days after the end of federal support for the program or project. For questions on Federally Funded Capital Equipment, please contact Business Services.
Department and Asset Custodian Responsibilities
Each department head and asset custodian is responsible for:
- All equipment purchased for and assigned to the them or their department
- Verifying inventory records
- Assisting Capital Equipment with the tagging of new capital equipment
- Reporting changes in capital equipment to the Capital Equipment Accountant
- Assisting Capital Equipment and Internal Audit with physical inventories
Any questions related to Capital Equipment, please contact Business Services at 608.785.8721.