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FLORIDA TECH
OFFICE OF PURCHASING |
POLICY NO.:200 |
| PAGE NO.: 1 OF 1 |
| SUPERSEDES NO.: All previous policies |
| TITLE: Capital Asset Purchases |
SUBMITTED BY: Purchasing |
| REVISED DATE: May 1, 2003 |
APPROVED BY: Raymond Bonhomme |
I. PURPOSE
The purpose of this policy is to provide guidance for the purchase of capital assets ($1500 and over). This policy supports the university's capital asset management system and university property management.
II. SCOPE
This policy applies to all University departments.
III. PROCEDURE and GUIDELINES
A purchase requisition is used to initiate the purchase of all goods, services, and capital equipment, $1500 and over, from merchants.
Method of Purchasing
- Each department is responsible for ordering its own goods, services and equipment utilizing the Banner purchase requisition and approval system. (See the 'Requisition Processing policy' in the Purchasing Guidelines section of the Purchasing website).
- Items and equipment that are purchased as a 'set' or 'complete package' must be purchased with a purchase requisition. The requesting department cannot purchase these items individually utilizing the procurement card. This purchase would be considered a 'split transaction'. Refer to the Procurement Card User's Guide, Item 3, Cardholder Policies and Procedures, Section 3.4, Limitations on all Cards.
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