Capital Purchase – Any item with a purchase value of $5,000 or more.

Fixed Asset – Any items with a purchase value of $5,000 or more and with a useful life greater than two years.

Account – Capital and Fixed Assets are charged to the budget object lines.

All items purchased with a price of $5,000 or greater and a useful life exceeding two years will be placed on the fixed asset list. Each department will be required to monitor their inventory and be accountable for the location of the asset.

Asset tags will be issued after payment has been processed.

All capital and fixed assets purchases, regardless of the dollar amount, are to be purchased through Purchasing. Departments should submit a requisition with purchase details.

Departments that track asset information must forward the information to Purchasing to include in the Fixed Asset listing. For example, vehicles and equipment tracked and issued a unit (tracking) number. This information will be used in the Fixed Asset module to assist in tracking the equipment.

SECTION 9: Cooperative Purchasing NUMBER: 06-02

COOPERATIVE PURCHASING

APPROVED BY: POLICY DATE: REVISED DATE: