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Capital Asset Purchases Over $3,000

The Purchase and Payment Request Form located on the Purchasing Department’s website has been revised to accommodate data entry of important information relative to the purchase of Capital Assets over $3,000 . Capital Assets are single item purchases over $3,000, not cumulative total of purchase order.  When preparing  a Purchase and Payment Request Form for a  Capital Asset purchase, the department purchasing representative has two fields to complete. The first field, “Inventory Information”, requires entry of the building name and room number where the new asset will be located (i.e., Aycock 203A).

A new field, “Custodial Department #”, has now been added. The “Custodial Department #” field is to be used to specify which department will have actual possession of an asset in situations where a different department may provide the original purchase funding. For example, the VP of Business and Finance provides the funding to purchase a server to be domiciled and used by the Office of the Controller. For Physical Asset inventory verification, the department purchase representative would enter the “Custodial Department #” as 1045103 on the Purchase and Payment Request Form to indicate that although the server is being purchased by the VP of Business and Finance, the asset will actually belong to the Office of the Controller for Physical Asset Inventory control.

The Purchase and Payment Request Form may be found at the following link on the Purchasing Department’s website.

If anyone should have questions, please contact Jeremy Britt of Asset Management at ext 96407.