• Property Management Manual
  • Introduction
  • What is Equipment?
  • Equipment Classifications
  • AM's Role in Property Management
  • Department's Role in Property Management
  • Tagging Procedures
  • Updating Information
  • Moves / Relocations / Transfers
  • Unlocated Property
  • Property Transfered to Another Department
  • Transfering Property to Another Educational Institution
  • Employment Termination
  • Surplus Equipment Policy
  • Equipment Disposition
  • Equipment Purchased with External Funds
  • Disposition of Federally-Owned Property
  • Property Inventory
  • Composition of the Database
  • Reports Available
  • Glossary of Terms
  • Forms

What is Equipment?

Equipment (also referred to in this manual as property or asset), as defined by WPI, is tangible, non-expendable, personal property having an anticipated useful life of one year or more and having a unit acquisition cost of $500 or greater. The acquisition cost is the net invoice unit price of the property including the cost of modification, attachments, accessories or auxiliary apparatus necessary to make the property usable for its intended purpose. Ancillary charges, such as taxes, duty, protective in-transit insurance, freight, and installation will be included in the overall costs if these charges are listed on the same invoice. Spare or replacement parts, regardless of cost, will be classified as materials or supplies. This definition applies to all equipment purchased or received as a gift or donation.

Any asset satisfying the definition of equipment will be charged to one of the following accounts (7XXX):

Account 7180:Equipment -- Lab & General
Account 7184:Equipment -- Furniture
Account 7181:Equipment -- Lab
Account 7187:Equipment -- Computer    

A. Memory Upgrades

If an item of equipment is undergoing an upgrade, the cost of the upgrade, regardless of dollar value, is added to the existing value of the equipment. All memory upgrades to equipment should be charged to account 7187

B. Component Parts

A component part adds a new dimension to an existing piece of equipment and increases the value or useful life of the item being enhanced. The component part must have a useful life of one year or more.

C. Fabricated Items

A fabricated item, constructed to certain specifications, is considered to be equipment if the total cost of the materials used in the fabrication is $500 or greater and the useful life of the item is more than one year.

D. Software

All computer software, independent of the initial equipment purchase, should be charged to account 7188; Computer Software.

Maintained by webmaster@wpi.edu
Last modified: May 29, 2007 11:04:12