To establish policy, responsibilities and procedures for the inventory of capital equipment to enable the University to collect the following information:
Also see E-1-3 Fiscal Roles and Responsibilities and E-1-4 Internal Control.
The University will capitalize and record in the electronic Barcoded Assets Resource System (eBARS) all equipment meeting the thresholds defined in Business Procedure E-12-1 Capitalization Policy.
Use one of the following capital outlay general ledger (GL) accounts:550010 Computing Hardware
550030 Lab and Scientific Equipment
550040 Hospital/Medical Equipment
550050 X-Ray Equipment
550060 Fine Art
550070 Vehicles
550080 Other Equipment/Furnish
550090 Fabricated Equipment
550100 Athletics Equipment
550130 Furniture/Fixtures/Office Equipment
550150 Instruments and Apparatus
550160 Capitalized Software
551140 Lease/Purchase Equipment
Use one of the following current expense GL accounts when the cost of moveable equipment does not exceed the capitalization amounts (minor equipment):540358 Computers and minor technology equipment costing less than $5,000
540357 Furniture and other moveable equipment costing less than $5,000
540360 Non-capital items required to be tracked under Sponsored Project Agreements
It is highly recommended that high risk items, as determined by the department, purchased with University funds also be tracked using an N-tag.
These items are tracked as noncapital equipment through eBARS as follows:
Forms used for Equipment Inventory
Use the following forms when reporting equipment acquisitions, recording changes in the status of equipment, and verifying inventory records:
Equipment purchased on federal grants
Physical Inventory of Equipment In accordance with University policy and Commonwealth of Kentucky regulations, all capital equipment must be physically counted annually. Each department is responsible for completing its inventory using eBARS, the University’s web-based equipment inventory system. Users must have a login id and password obtained from the eBARS website. For more information on using eBARS to complete the annual inventory, reference the Annual Physical Inventory Instruction Manual.