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Financial Operations & University Reporting

Fixed Assets Accounting - Frequently Asked Questions

What is "capital" equipment?

Capital equipment is equipment purchased by the University that: 1) has a unit cost of $5,000 or more 2) is a standalone functional item or an essential integral component of larger UVA owned capital equipment system 3) UVA holds title to the equipment, and 4) has a useful life greater than one year. (Note: Sponsor may hold title to some equipment purchased by UVA but "Eq capital xxx" expenditure types are still used for these items)

Do I have to inform Fixed Assets Accounting when I move capital equipment from one location to another, or transfer it from my department to another department?

Yes! In order for us to keep the University's fixed assets system up-to-date, we need to know when equipment permanently changes location so we can update that information in the system. "Permanently" is defined as longer than six months.

So, how do I do that?

It's easy. If you have access to the web, you can find the Equipment Change Request Form in the University Web Forms Directory. Select "Fixed Assets Accounting" and click arrow button and it will bring up various forms. Select the "Equipment Inventory Change Request" (P-1). Simply complete the necessary information, obtain the necessary departmental signature(s), and forward it to Fixed Assets Accounting, Carruthers Hall, or fax it to us at 982-2163. If you don't have access to the web, call Fixed Assets Accounting at 924-4209, and we'll fax the form to you.

How do I get rid of equipment that my department doesn't want anymore?

There are two ways to do this, and you'll need to go to the Surplus Property web page to do either. One way is to advertise the item(s) to the rest of the University community on the "Swap Shop." The other is to send it to Surplus Property to be sold at auction. ALL EQUIPMENT, CAPITAL AND NON-CAPITAL, MUST BE DISPOSED OF THROUGH SURPLUS PROPERTY.

Do I need to inform Fixed Assets Accounting when I receive Government-Furnished Equipment (GFE) on my grant or contract?

Definitely! Sponsors do not forward copies of the shipping and transfer documents to Fixed Assets Accounting or to the Office of Sponsored Programs (OSP); the primary investigator (P.I.) receives the only copy along with the equipment. According to University policy, the P.I. is responsible for acknowledging receipt of the GFE by signing the transfer documents and forwarding them to Fixed Assets Accounting, Carruthers Hall. Or, they can be faxed to us at 982-2163.

How about when I return GFE to the sponsor?

The same applies; please notify Fixed Assets Accounting by sending us a copy of the transfer documents.

Can I surplus or throw out GFE or other sponsor-titled equipment?

No, unless the sponsor has given written permission to do so (which rarely occurs). When GFE or sponsor-titled equipment is no longer being used, the sponsor must be contacted for disposition instructions.