Summary
Learn the full process for capital equipment at Mines, from procurement and payment to tagging, annual inventory, and disposal. Includes requirements for purchases over $5,000 and guidance on spend categories, tracking, and compliance.
Body
Capital Equipment Lifecycle
Procurement
- Capital equipment is equipment and software that costs more than $5,000 and has a useful life of more than one year.
- Purchasing equipment or non-subscription software that costs more than $5,000 requires a Purchase Order (PO)
Work with Procurement to launch this process.
Spend Categories
Spend Categories are used on purchases to categorize the types of expenses.
| Spend Category |
Description |
Uses |
| 7906 |
Capital Equipment |
Equipment greater than $5,000 |
| 7904 |
Capital Software |
Non-subscription software greater than $5,000 |
| 7337 |
Supplies |
Associated supplies/consumables purchased in conjunction with capital equipment |
| 7411 |
Minor Equipment |
Associated minor equipment purchased in conjunction with capital equipment |
| 7426 |
Sponsor-Owned Equipment |
Equipment greater than $5,000 where title to the equipment is retained by the sponsor |
| 7909 |
Fabricated - Mines-Owned |
Expense Reports and Supplier Invoices that are part of a Mines-Owned fabricated project (must include fabricated tag # in memo field) |
| 7427 |
Fabricated - Sponsor-Owned |
Expense Reports and Supplier Invoices that are part of a Sponsor-Owned fabricated project (must include fabricated tag # in memo field) |
Receipt of Equipment
- Capital equipment should be received and verified operational before the invoice is approved for payment.
- The capital accounting team uses the payment approval date as the in-service date for establishing depreciation.
- After equipment is received, the invoice should be submitted to MAPS for payment with confirmation that the equipment has been received and is in good working order.
Tagging
- After the invoice is approved for payment in Workday, a tag number is generated by Workday.
- The Capital Accounting team will reach out via email to schedule a short, in-person appointment to tag and photograph the equipment.
- Tagging helps identify the equipment as capital.
- If a tag falls off the equipment or becomes damaged, please reach out to the capital accounting team to request a replacement.
Inventory
- Inventories are completed annually for all capital equipment as outlined below.
- Equipment inventory is completed with the controller's office every other year and completed internally by each department on alternating years.
- The asset coordinator and location of all equipment should be kept up to date to make the annual inventory as easy as possible.
- Inventory is required by federal grants as well as the state and is part of our policy.
- Equipment is not removed from inventory when fully depreciated. All capital equipment remains on the inventory as a university asset until it is physically removed from campus.
| Inventory |
Month |
Completed Via |
| Off-Campus |
September |
Email verification |
| Sponsor-Owned |
October |
Email verification |
| Software |
November |
Email verification |
| Equipment |
January-April |
In-person |
Campus Asset List
All campus Workday users have access to view and export the list of capital equipment and software on campus
In the Workday search bar enter "RPT - Find Assets - Campus"
- The report can be run with no filters to see the list of all equipment
- Enter a name in the Asset Coordinator Field to see assets by person
- Enter a cost center to see a list of assets by department
|
Coordinating Cost Centers
|
|
47640 Museum - Operating
|
|
13640 Chemistry - Operating
|
|
35040 Metallurgy & Mat. Engr - Operating
|
|
24640 Geology & Geological Engr-Operating
|
|
39400 Mining - Operating
|
|
12040 Presidents Office
|
|
10040 Chemical & Biological Engineering
|
|
47850 RTT - Shared Facility Services
|
|
22510 Civil/Environmental Eng Operating
|
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69770 Conference Services
|
|
21010 Mech Engineering Operating
|
|
30120 Geophysics - Operating
|
|
19810 Computer Science Operating
|
|
69600 Public Safety
|
|
43800 Physics - Operating
|
|
32640 HASS Operating
|
|
52680 Grounds - Gen. Fund
|
|
54100 Capital Planning & Design - Op.
|
|
51680 Sodexo Food Service
|
|
69820 Recreation Center Operations
|
|
29606 Colorado Geological Survey - Dept.
|
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41520 Petroleum Engr - Operating
|
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19700 Electrical Eng Operating
|
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48020 Information Technologies
|
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53200 Fleet Mgt
|
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51250 Labriola Innovation Hub
|
|
69780 Student Center Operations
|
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12425 Parking, Fleet & Transportation Services
|
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75006 Athletics - Dept
|
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69700 Residence Halls
|
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51886 Facilities Mgt. - Dept
|
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61240 Admissions - Op.
|
|
51389 Venture Center
|
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12520 Strategic COMM & Marketing Op.
|
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11040 Chem & Bio Engr - Operating
|
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48700 Library
|
|
50264 Information Technology
|
|
69862 Health Center Operations
|
|
50830 Controller's Office - Op.
|
|
54530 Continuing & Professional Ed Svc-Op
|
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49425 Acad Affairs, Assoc. Provost -Oper.
|
|
53920 Environmental Health & Safety
|
|
10301 Online Programs
|
|
33810 Applied Math Stix Operating
|
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47975 Payne Institute
|
|
60316 Student Activities Involvement & Leadership
|
|
49380 Entrepreneurship & Innovation - Op.
|
Capital Equipment Disposals
- Authorization must be granted by the Controller's Office BEFORE any capital equipment is sent to surplus, facilities management for disposal or traded-in.
- The Controller's Office should be notified immediately of any capital equipment that is missing or stolen.
- A disposal form should be completed and routed to for approval by the Department Head and the Controller to document the disposal and to remove the item from the Capital Equipment Inventory.