Fabrication of Property

Fabrication of Property
Type of Policy
Administrative
jbarber32
Policy No
7.5
Last Revised
Review Date
Policy Owner
Property Control
Contact Name
Frederick Trotter
Contact Title
Director of Insurance & Assets
Contact Email
frederick.trotter@business.gatech.edu
Reason for Policy

This procedure outlines the accounting process for fabricated equipment.

Policy Terms

Fabricated Equipment

Fabricated equipment is defined as any piece of equipment with a value of $3,000 or greater, and with a useful life of at least  three years, which has been assembled from parts purchased with supply or non-inventory equipment, Spend Category (SC714127 Supplies and Materials – Fabricated Equipment.  This includes items purchased via a PCARD.

All Georgia Tech equipment that is assembled from parts which were not purchased under an equipment account code must be properly recorded as inventoried equipment (account range SC 743*** and value of $3,000 to $4,999.99) or capitalized equipment (account range SC 84**** and value exceeding $5,000.00) once completed.

Procedures

Instructions for completion of the Fabricated Form:

  1. Enter the scientific name of the equipment, if applicable. Enter the common name of the equipment. Enter which name should be placed in the description field of the inventory records. This is the name, which will appear on equipment reports to the department.
  2. Check if the title to the equipment belongs to the state or another agency.
  3. Enter the name and telephone number of the equipment custodian for the Cost Center.
  4. Enter the various cost components of the equipment. This includes materials purchased, external labor cost, transportation and any other costs involved. Enter the total cost.
  5. Check whether the above costs are for a new item of equipment or is added value (upgrade) to an existing item of equipment.
  6. Enter Georgia Tech CAE Tag number of existing equipment if item is an upgrade.
  7. If federal funds were involved in the construction of the equipment, the amount must be identified along with the sponsoring agency.
  8. Enter the name of the building, the room number and the department, which has physical custody of the equipment.
  9. The form must be signed and dated by the Cost Center Head or his/her designee. Also, enter the phone number of the Cost Center Head or designee.
  10. Forward completed form with supporting documentation and completed Cost Transfer Form to Property Control via ServiceNow. A Cost Transfer Form must be completed in order to correct the Spend Categories.
Form Links
Cost Transfer Form
Policy History

Revision Date

Author

Description

11-2020

Property Control

Updated to align with Workday
06-2008 Property Control New Policy