Subject: Changes to Equipment Purchases under $5,000
Beginning July 1, 2015, the object codes for equipment purchases under $5,000 will be changed.
- There are 2 new object codes::
- 8306 Controllable Property Equip <$5,000
- 8307 Non-Controllable Equipment <$5,000
- Controllable Property will include ALL computers (including desktops, laptops, and iPads), as well as all other equipment deemed by the individual department to be controllable due to its sensitive, portable, and theft-prone nature.
- Both object codes are eligible for Capital Equipment funding (770xxxx).
- These object codes are still for equipment purposes, NOT supplies; they should only be used on assets with lives greater than one year.
- The $1,000 threshold no longer applies (an $800 computer is coded the same as a $1,500 computer).
- The following object codes should no longer be used:
- 6836 Computers <$1,000 –> use 8306
- 6835 Furniture <$1,000 –> use 8307
- 6837 Electronic Equip <$1,000 –> use 8306 or 8307
- 8300 IT Equip/Hardware $1K – $5K –> use 8306 or 8307
- 8305 General Equip $1K – $5K –>use 8307
- There are no changes to equipment purchases $5,000 and up.
Detailed information about the new policy and procedures for Controllable Property can be found in New Asset Tagging Procedures and Thresholds. Additional resources are available on the Inventory Control website. Please contact Inventory Control if you have any questions.
Annette Pavone, CPA
KFS Functional Coordinator & Accounting Manager
University of Connecticut
343 Mansfield Road
Storrs, CT 06269-1074
Phone: (860) 486-2934
Fax: (860) 486-0570
For Kuali Project Information please visit www.financesystems.uconn.edu