Definitions:

Equipment is defined as tangible personal property having a useful life of more than one year and a per-unit acquisition cost that equals or exceeds the lesser of the capitalization level established by the non-Federal entity for financial statement purposes, or $10.000. (2 CFR 200.33)

Purchase of equipment must adhere to the Procurement Policy, Policy 306.10. Equipment purchases to be made with grant funds can be made only when they are consistent with the specific grant policy as well as federal regulations..

All purchases of equipment must be approved by the Vice President of Business Affairs.

History:

Adopted: Policy has been in place prior to Sept. 2003
Reviewed: 9/2020
Revised: 9/16/2020, 6/13/2025