Allowable: equipment included in the awarded budget. Before purchasing any other equipment, you usually must get approval from the funding agency. Also, you typically can't rebudget funds awarded for equipment without agency approval. To purchase equipment not budgeted or use equipment funds for other purposes, use an OPAS form to request the change.
What is a fixed asset?
A tangible asset acquired, purchased, constructed, or donated for use in operations and not for investment or sale. Their useful life is longer than two years, they retain their individual identity throughout their useful life and meet the below thresholds.
Capitalization threshold for assets = $5,000 or greater. Capitalization threshold for land is $0.00