What is the dollar amount threshold for tagging equipment?
713200 – Small tools and equipment under $1,000. These items are tagged at the discretion of each department; items in normally tagged in this subcode are computers, digital cameras, etc. 713300 – Small tools and equipment between $1,000-4,999. These items are always tagged and tracked for insurance purposes. 772300 – Capital equipment with a cost of $5,000 or more. These equipment items are tagged and depreciated as capital equipment. 772700 – Works of art, regardless of value. All works of art are identified and tracked; usually a tag is not affixed to the art because the art value could be compromised. Occasionally, equipment is purchased through the USU Purchasing department but reimbursed by the sponsor.
Related Questions
- Is the $2,000 Davis-Bacon Act threshold based on the entire amount of the contract, including equipment costs, or only on the labor costs?
- How do other institutions that have a $5,000.00 capitalization threshold handle their insurance issues for this class of equipment?
- What is the dollar amount threshold for tagging equipment?
