Property Accounting

*** Effective July 1, 2017, the threshold for recording purchases of capital equipment will increase from $1,500 to $5,000. (Capital Equipment defined as tangible personal property (moveable) with cost per unit of at least the threshold limit, including acquisition costs of delivery and installation and a useful life of more than one year). Further communication will be forthcoming and placed on this website. ***

 

Received (regardless of when it was ordered) or Fabrication completed

New equipment - unit acquisition cost or Fabricated  equipment -  overall cost

Accounting Treatment

Object Code / Project

 

On or after 7/1/2017

 

$5,000 or more

Capitalized

16200 – Capital Equipment; typically your 84200 project

Less than $5,000

Expensed

84000 – Supplies

 

Property Accounting is responsible for ensuring that the University's property standards are adhered to, and for maintaining RIT's capital equipment and capital project inventory records. In addition, Property Accounting coordinates the University’s annual capital equipment physical inventory, ensuring that its assets are safeguarded. If you have questions regarding how to account for capital equipment or capital projects, please contact the Property Accounting Office at (585) 475-4933.

 

Accounting for Fixed Assets and Capital Projects

Capital Equipment Projects - Account Combinations

Capital Equipment – Useful Lives

Capital Equipment Fabrication Policy

Capital Projects – Useful Lives

Construction/Renovation Project - Close-Out Process

Financial Treatment of Equipment Classified as Emerging Technology

Guidelines to Follow When Purchasing Capital Equipment

Property, Plant and Equipment Policies & Procedures