FINANCIAL ACCOUNTING


PROPERTY ACCOUNTING

Contacts

Disposal of University Property

Responsibilities

Property Accounting Forms

Guidelines for Capital and Non-Capital Equipment

Capital Project Guidelines

Capital Equipment Accounts

Frequently Asked Questions



Contacts

Responsibilities

Carrie Walters (X-3517)
carrie.walters@indstate.edu

Property Accounting is responsible for recording and maintaining an inventory of capitalized and non-capitalized equipment and for accounting of capital projects. 

Bob Anthrop (X-3521) robert.anthrop@indstate.edu

 

Guidelines for Capital and Non-Capital Equipment

Equipment may be acquired through the purchasing process, through ISU procurement card procedures, or by a donation through the ISU Foundation Office.  Property Accounting should be notified when equipment is acquired by any means other than Purchasing.  Equipment purchased by ISU Purchasing must be processed using commodity accounting procedures (un-check the box next to Document Accounting).

The guidelines for items to be considered capital equipment are: (1) items must cost at least $5,000, and (2) must have a useful life of more than one year.  Art objects are classified as capital equipment regardless of original purchase price.  Capital equipment account codes are listed below. 

Non-capitalized items include “exception” items for which Property Accounting will continue to tag and track location and user information.  These items include: computers, tablet computers, and laptops, printers that cost more than $400, and firearms.  Grant awards may require items less than $5,000 to be classified as non-capital equipment.  All non-capital equipment items should be coded to account code: 73610. 


Capital Equipment AccountS

Account Codes

78510 – Computer equipment  (instructional / class / lab)

78360 – Office equipment and furniture

78520 – Computer equipment  (faculty & administration)

78370 – Instructional and lab equipment

78530 – Computer equipment  (campus networking)

78620 – Household and custodial equipment

78550 – Software

78630 – Athletic equipment

78605 – Telecommunications equipment

78655 – Musical instruments

78650 – Media equipment (audio-visual)

78660 – Research equipment

78790 – Books and periodicals (library use)

78690 – Other equipment

78400 – Art objects (formerly  78810)

78716 – Vehicles and machinery

 

78680 – Firearms

 

Disposal of University Property

If any item, with the exception of University Permanent Art Collection works of art, needs to be disposed, please advise Purchasing and Central Receiving through the Surplus Pickup Request System. This is available at Purchasing and Central Receiving or can be accessed by clicking the link above. Kevin Barr, Director of Purchasing and Central Receiving, is the "Disposal Agent" of University owned property. For any unwanted works of art, please contact the University Curator’s Office to have the items removed from the department.

 

Property Accounting Forms

 

Capital Project Guidelines

Account Codes

78830 – Land purchased for University use

78840 – Land improvements that total more than $100,000

78850 and 78860 – Building purchase, construction, or rehabilitation that totals more than $100,000

78870 – Infrastructure: land improvements undertaken for betterment of the University including roads and sidewalks.  Infrastructure cannot be assigned to a single building or location. 

 

Frequently Asked Questions

Q: What is a Property Tag?

A: A property tag is the sticker that has a number and a bar code strip; it is applied to Indiana State University capital and non-capital equipment.   

Q: Can tags be issued for items not covered on the exception list?

A: Yes.  Please contact Carrie Walters (X-3517, Carrie.Walters@indstate.edu).

Q: How do we transfer a piece of equipment to another department?

A: If you have items which are being transferred to another department, please complete the Equipment Transfer Notice and forward it to Property Accounting.  You may also send an e-mail to Carrie Walters with a copy to the other department involved in the transfer.

Q: What are the procedures when an item is stolen or just “mysteriously disappears”?

A: Call Public Safety to report the incident and notify Property Accounting.  The Loss and Theft Report form should be completed and the item will be removed from your inventory.

Q: What is the difference between the computer accounts 78510, 78520, 78530, and 78550?

A: 78510 is used for the purchase of computer equipment primarily used for student instruction (labs and classrooms).

 78520 is used for the purchase of computer equipment primarily used for administration, faculty, or staff.

 78530 is used for the purchase of bulk purchases of cable, fiber optics, or other networking items which are not tagged. Computer purchases are broken down this way so reporting can be done for the Commission of Indiana Higher Education.

 78550 is for the purchase of computer software over $5,000.

Q: What account do I use to purchase Licenses for the use of Software?

A: 77665 – Computer Software Maintenance

Q: What do we do if our department receives a gift from an organization or corporation?

A: All donations should be reported through the ISU Foundation. Fill out the Gift Report form and forward it to Property Accounting.

Q: What account do I use to purchase Software that is less than $5,000.00 per package?

A: 73200 – Computer Software under $5,000.00

Q: Can we just “throw out” a broken piece of equipment?

A: No, even if that particular item is not tagged. ALL items, with the exception of University Permanent Art Collection works of art, need to be processed through Central Surplus.  Items that are no longer wanted by a department should be transferred to Central Surplus utilizing the proper Surplus Pickup Request form.   Once the items have been picked up by Central Surplus, please campus mail or fax (x8179) the signed form to Property Accounting. For any unwanted works of art, please contact the University Curator’s Office to have the items removed from the department.

Q: Who do I contact if I need something tagged?

A: Contact Carrie Walters (X-3517). Please know the Purchase Order number of the item in question.

 

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