Research Topic

Recording Equipment in Banner Fixed Asset

Description

All controlled and capitalized equipment must be recorded in Banner Fixed Asset. In most cases, title of the equipment will vest to the University (State of Illinois). However, Federal sponsors may require retaining ownership.

For further guidance, please refer to:

OBFS Equipment Management

OBFS Policies and Procedures, Section 12 Property Accounting

Equipment Constructed by the University (fabricated) -Drawings, designs, labor, component parts, materials, and supplies purchased for use in constructing a piece of equipment are initially recorded separately as fabricated equipment in process. When the construction of the equipment is completed and the equipment is placed in use, units must report its completion to UPAR using FABweb for addition to Banner Fixed Asset. When plant craftsmen construct the equipment as part of a stores or service operation, it is recorded essentially the same as equipment issued from storerooms  https://www.obfs.uillinois.edu/equipment-management/equipment-acquisitions/

 

The chart below provides a quick reference of equipment characteristics for proper recording and tracking.

Value Threshold and Useful Life of 1 year + Description and Banner Account Code Purchased with Sponsor Funding Title for Ownership Must Affix Property Label
$1,000 - $4,999 Non-capitalized equipment; account code 127xxx Federal, in whole or in part University University Banner Fixed Asset Label (Ptag)
>=$5,000 Capitalized equipment; account code 163xxx Federal, in whole or in part University University Banner Fixed Asset Label (Ptag)
>=$5,000 Capitalized equipment; account code 163xxx Federal dollars only Federal title or conditional title1 to University if compensates government for its share exceeding $5,000 University Banner Fixed Asset Label (Ptag) and Federal Equipment Tag
>=$1,000 - $4,999 Fabricated equipment account code 127190 Component parts and labor are purchased on sponsor funds in whole or in part University Once equipment is put into service - University Banner Fixed Asset Label (Ptag) and change account code to 127000-127140
>=$5,000 Fabricated equipment; account code 128xxx Component parts and labor are purchased on sponsor funds in whole or in part University Once equipment is put into service - University Banner Fixed Asset Label (Ptag) and change account code to 163* 
>=$1,000 - $4,999 if sponsor does not specify Non-capitalized equipment; account code 127xxx Non-federal funds Review terms and conditions of award University  Banner Fixed Asset Label (Ptag) and sponsor provided inventory tag, if applicable
>=$5,000 if sponsor does not specify Capitalized equipment; account code 163xxx Non-federal funds Review terms and conditions of award University  Banner Fixed Asset Label (Ptag) and sponsor provided inventory tag, if applicable
1In general, equipment purchased on Department of Energy National Lab awards vests with the lab and/or funding agency. Departments are responsible for identifying these situations and contacting SPA to obtain a Federal Property tag.

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