Section 800: Financial Affairs
840.17 Capital Purchases
Effective: December 2, 1999
Revised: October 1, 2007
Review Date: October 9, 2007
Responsible Party: Vice Chancellor for Finance, Administration & Student Affair
Policy:
Capital budgets are for purchase of Major Equipment. "Major Equipment" is defined as follows and must meet all four criteria:
- A normal useful life of one year or more.
- An identity which does not change with use.
- A unit of property that is identifiable and separately accounted for.
- A unit cost of $5000 or more. (Books purchased for the Library are excluded.)
All requests for purchases within this category must be approved by the Vice Chancellor of Administration, Finance/Student Affairs.
