Capital equipment is acquired for a variety of purposes including performing research, patient care, and university operations. It is also obtained through a variety of methods such as direct purchase, gifts of equipment, fabrication, transfers-in from other institutions, government furnished equipment, loaned equipment, capital lease, or equipment purchased under construction contract. Capital equipment is tracked, recorded, and inventoried via the ARC Asset Management module. When the equipment purchase goes through the Accounts Payable module the asset is integrated into the ARC Asset Management module. All other methods of procurement are integrated into the ARC Asset Management module through processes managed by Capital Asset Accounting. Capturing the acquisitions at inception allows the University to record the cost of the asset and track its location.
University capital equipment is intended for institutional use and not for private purposes. Use may be further restricted if acquired under a gift, grant, or contract as dictated by the terms. Individuals requesting home use (for institutional purposes) of equipment must obtain the approval of the Senior Business Officer and notify CAA that the equipment will be used offsite. Equipment is considered in use until such time as it is retired.
An asset retirement occurs when the equipment is no longer functioning as intended, is lost or stolen, sold, traded-in, donated to an external party, or disposed in some other fashion. Equipment acquired under a gift, grant, or contract may have specific disposal restrictions which the University must adhere to. This information is normally found in the sponsor agreement or donation documentation. Additionally, radioactive equipment has specific regulations that control its disposal. Please refer to the EHRS website for additional information related to radioactive equipment.