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Equipment Purchases

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Georgia Tech Expenditure Account Lookup

Equipment Purchases 818300 - 843390

Equipment Purchases include all expenditures for equipment greater than or equal to $5000 and lease/purchased equipment.

Account Name Account Number Lease Purchases 818000 Motor Vehicle Purchases 841000 Equipment Purchases - Inventory 843xxx

Description

Lease Purchases 818000 Includes the payments made on equipment having a useful life greater than 3 years (even when interest constitutes a portion of the payment). All equipment for which charges are made to this account should be recorded in the Asset Management System and for the total acquisition price. Items costing less than $5,000 should not be lease/purchased. A copy of the purchase order and lease agreement/ contract should be forwarded to Accounting Services (Mail Code 0257). The lease agreement contract MUST contain principal and interest amounts per payment as well as the interest rate. Lease purchases can be further classified as follows: Lease/Purchases (Or Installation) Computer Equipment: - Should meet the same requirements as equipment (see account 843000 - "Definition of Equipment") 818300 Lease/Purchases (Or Installation) Other Equipment: - Should meet the same requirements as equipment (see account 843000 - "Definition of Equipment") 818400 Lease/Purchase Sponsored Equipment: - Leased Equipment where the title is retained by the Sponsor 818420 Lease/Purchase GTRC Equipment: - Leased Equipment costing $25,000 or more. 818440   top... ::... back to GT Expenditure Accounts Lookup

Motor Vehicle Purchases 841000 Includes automobiles, station wagons, vans, buses, motor homes, trucks, and heavy duty cargo carrying trucks. Aircraft or other motorized vehicles should be recorded in 843200, Equipment Purchases. Also includes motorized vehicles not used on public roads such as: - aircraft - boats - lawn mowers - farm tractors - road building equipment - other motorized vehicles not used on public roads. Items in this group, generally, should have a life expectancy of three years or more, cost $5,000 or more, and be controlled by a perpetual inventory record. All equipment purchases must be inventoried on the institution's inventory system.   top... ::... back to GT Expenditure Accounts Lookup

Equipment Purchases - Inventory 843xxx The definition of equipment is: - Individual equipment items costing more than $5,000 will be budgeted as Equipment, with no F&A charges. - Item has a life expectancy of more than 3 years - Item is owned by Georgia Tech, not the sponsor (confirm by checking purchase order or other documentation) - Item is not permanently attached to a building - Firearms and art objects are still to be tagged regardless of their value Equipment would also include a material electronic data processing item of a non-expendable nature. Items in this group would include, but would not be limited to, computer mainframes, tape and disk drives, printers, firmware, CRT terminals, modems, acoustic couplers, and personal computers. This account code has been subdivided as follows: Equipment that costs $5,000 or more with Title Retained by GA Tech 843200 Computers that cost $5,000 or more with Title Retained by GA Tech 843210 Equipment that costs $5,000 or more with Title Retained by Sponsor 843300 Equipment with Title Retained by GTRC and a cost of $25,000 or more · This account code is for individual equipment items costing more than $25,000 each. 843320 Special Equipment Purchased by GA Tech for Delivery to Sponsor 843360 Information Technology Equipment Other than Computers that costs $5,000 or more 843390   top... ::... back to GT Expenditure Accounts Lookup