- The GT BuzzMart electronic procurement system is used to purchase equipment.
- Items are classified as “Equipment” if the value is between $3,000.00- $4,999.99. These items are listed in the department’s inventory but are not considered capital equipment. Items are classified as “Capital Equipment” if the value is $5,000.00 and above. These items are listed in the department’s inventory and are considered capital equipment.
- The End User/Spend Authority is the individual using the capital equipment and, therefore, becomes the Custodian, accountable to Capital Assets Accounting for physical location and condition
- The funding sources can be a sponsored project or state funds.
- Title is the ownership of the equipment when purchased. Title establishment is mandatory when creating a requisition. A sponsor may retain title or transfer the title of the equipment to Georgia Tech. Georgia Tech retains title on all equipment purchased partially or totally with state funds.
- Proper classification of the purchase is important for budgetary, reporting and property control purposes. Appropriate classification and account codes should be indicated on the requisition.
- The department is required to complete and attach in BuzzMart the Used Equipment Justification form found on the Purchasing forms bank. By completing and attaching this form, the End User/Spend Authority affirms “Department personnel have personally examined this used equipment and do state that the condition of the equipment is as represented and that they will accept full responsibility and that the best interest of the State of Georgia and Georgia Tech will be served by the purchase of this used equipment”. If purchased with sponsored funds, sponsor approval may be required prior to purchase.
- If the equipment is to be added to existing Georgia Tech equipment and will increase the value, the GT Decal Number, if available, should be included on the requisition. This may also change the classification from equipment to capital equipment if the new combined value exceeds $5,000.00.
- Sponsored Deliverable Equipment as specified in the contract is defined as capital property.
Capital Equipment Procurements
Type of Policy:
Purchasing and Procurement
Director of Purchasing