Capital Equipment

General Information

A capital equipment is defined as:

  • Any movable, nonexpendable personal property equipment item
  • Not permanently affixed to a building
  • Life expectancy of more than one year Acquisition cost of $5,000 or more per unit.
  • Includes the invoice price and the cost of any modifications, insurance, freight (to or from the University) and is reduced by any trade-in. Installation is also included when those costs can easily be identified with the equipment acquisition. Includes improvements that increase the value or extend the useful life of equipment.
  • University Policy on Managing Capital Equipment

Special Considerations

Purchasing

  • Purchasing computers on grants
  • Capital equipment can NOT be purchased using the UMN Purchasing Card.
  • Modular furniture for an office could in total cost $5,000 or more, but if individual components ordered are not $5,000 or more, this purchase should not be treated as capital equipment
  • Purchase orders are required for the acquisition of new capital equipment.
  • Extra requirements must be met if the purchase is over $10,000.
  • Capital equipment require special receiving instructions including asset inventory tagging. Please see Accounting or the UMN Policy on Managing Capital Equipment link noted above.
  • Donated capital equipment or capital equipment transferred from another institute require special handling. Please see Guillermo De Paz for further direction.

Disposal and/or Transfers

Before conducting a disposal or transfer, see administrator as follows:

  • Computers/servers, see Carla Bates to ensure hard drives data and other HIPPA procedures comply.
  • Other capital equipment see Guillermo De Paz

Capital Asset Forms

  • Capital Equipment Asset Disposal: BA 1393, GS92343
  • Capital Equipment Asset Fabrication: UM 1601
  • Capital Equipment Asset Physical Data Change: UM 1674
  • Capital Equipment Asset Trade In: UM 1744
  • Capital Equipment Asset Transfer: UM 1556
  • Capital Equipment Assets Donated to University Report: UM 1561
  • Capital Equipment Assets Off Campus Request: UM 1677
  • Capital Equipment Assets Transferred from Another Institution Report: UM 1675
  • Property Loss Notice - Laptop Computer Program: UM 1532

Accounting Contacts

Terry Klosterman
Accounting Supervisor
S256 EltH - 626-7975
klost030@umn.edu

Kamran Motevaze
Senior Accountant
S252 EltH - 626-8146
motev001@umn.edu

Kristen Abernethy
Executive Accounts Specialist
S250 EltH - 624-4325
kharne@umn.edu