Capital Equipment Recordkeeping
Saint Louis University is required to comply with the capital equipment recordkeeping requirements outlined in the Financial Accounting Standards Board Statement No. 93 and the Office of Management and Budget (OMB) Circular A-110. To comply with these regulations and to provide adequate justification for indirect cost recoveries for equipment utilized on federal projects, the Controller's Office is responsible for ensuring that accurate records are maintained for all capital equipment owned by the University.
An Equipment Information Form must be completed by the financial manager for each piece of equipment purchased by departments of the University. This form will be forwarded by the Controller's Office to the financial manager of the fund charged for all equipment purchases identified by Banner Finance.
Equipment is defined as an article of non-expendable, tangible personal property having a useful life of more than two years and an acquisition cost of $5,000 or greater per unit.
This policy applies to equipment in the possession of Saint Louis University whether or not title to such equipment vests with the University and irrespective of the source of funding.
The acquisition cost of a piece of equipment is defined as the net invoice price including the cost of any modifications, attachments, accessories, or auxiliary apparatus necessary to make it usable for the purpose for which it was acquired. Ancillary charges, such as duty, in-transit insurance, freight and installation are included in the acquisition costs.
Written notification by the financial manager must be forwarded to the Controller's Office whenever equipment is traded-in, disposed of, or when changes to the information provided on the Equipment Information Form, such as the location or primary user of the equipment, occur.
Written verification of the existence and continued use of the equipment will be requested by the Controller's Office on an annual basis.
Questions regarding Capital Equipment Recordkeeping should be directed to Terry Wainscott firstname.lastname@example.org in the Controller's Office.
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