Property Management - Acquisition

Property Management - Acquisition

University Property

Question: When ordering capital property on a Purchase Requisition, what expense account code should be used?

If the unit cost of an item is $5,000.00 or more (inclusive of sales/use tax and freight), and has a life expectancy of two years or more, it is considered Capital property and will be classified as a capital expenditure using the correct account codes in the Peoplesoft Database. Any purchase of an accessory item meeting this criteria will also be classified as a capital expenditure. Accessory items not meeting this criteria will be classified as a noncapital expenditure using the correct Peoplesoft account codes.

Note: Accessory items, meeting the capital property definition, purchased after the host unit has been tagged with an CSU Stanislaus PC# must reflect the host unit's CSU Stanislaus PC# in the description of the purchase order.

Exception: If a department purchases a computer, monitor, and keyboard all on the same purchase order, all three of these items will be capitalized if the aggregate cost is $5,000.00 or more. However, if you purchase these items on separate purchase orders the capital equipment definition will apply to each item separately.

Question: How is non-capital or minor property classified?

If the unit cost of an item is less than $5,000.00, or the life expectancy is less than two years, it is considered non-capital property and should be classified as a non-capital expenditure using the correct Peoplesoft account codes.

What is the tagging limit for equipment on campus?

University Equipment is tagged at $500.00. Some state property may pose a special risk of loss due to its marketability, portability, or the information it may carry. Items that cost less than $500.00 that are considered sensitive, attractive, high risk or easily pilfered may be tagged regardless of cost. These items may include: Computers, IPADS, tablets, videocassette recorders, cameras, computer printers, power tools, firearms, musical instruments, etc. Such items may be tagged at the request of the using department or at the discretion the Property Control office.

How is non-capital or minor property classified?

Non-capital property is the cost of an item at $500.00 to $4,999.99 and has a life expectancy of one year or more. It should be classified as a non-capital expenditure using the correct Peoplesoft account codes and will be tagged.

Replacement parts should be coded as expense or non-capital regardless of cost or life expectancy.

Property Returned to the Vendor

Question: May I return property to the vendor for a refund?

You must inform Purchasing immediately in writing noting the purchase order, description of the property being returned, and the reason the item is being returned. A copy must also be forwarded to Property Control.

Note: If the equipment has already been tagged with an CSU Stanislaus PC# notify Property Control immediately to remove the tag.

It is the responsibility of the department to make sure the vendor sends a credit refund for the returned item(s).

Government | Contract | Grant Furnished Property

Question: Does the Government furnish property to the University for use?

The Government often furnishes property to the University to perform specific contract requirements. This property can "ONLY" be used on the contract or grant it is intended for unless otherwise stated. Upon completion or termination, the Administrative Contracting Officer or Grants Officer of that particular agency, should provide written authorization to:

  • Transfer title to CSU Stanislaus.
  • Request disposition instructions from the Government agency.
  • Transfer property to a follow-on contract or grant.
  • Transfer property to another institution.

    Note: These are possibilities the Government can exercise; however, the Government is not limited to these options.

Government Furnished Property needs to be handled with extreme care. Accurate records need to be maintained as to the use, location, and maintenance of this property. The Government may schedule periodic audits of their property whenever they desire to fulfill contract requirements.

Please notify Property Control when Government Furnished Property has been received.

Donated Property

Question: What do I do if I receive donated property?

Donated property must be processed through the University Advancement. Should you receive donated property, please inform University Advancement to fill out a GIFT-IN KIND ACCEPTANCE FORM to be processed and routed to Property Control.

Personally Owned Property

Question: May I bring personally owned property to the campus?

CSU Stanislaus has no interest, nor accepts any responsibility for personal property if lost or stolen. It is recommended that your Department Head be provided with a listing of all personally owned property to avoid the possibility of it being mistaken for CSU Stanislaus property. Should there be confusion, the proof of ownership will lie with the individual, not CSU Stanislaus. Marking your property will also help for identification purposes.

Software

Question: Does software get capitalized?

Software is expensed except for major system purchases of software greater that $5,000.00 per package.