Fabricated equipment is equipment that is assembled or manufactured by the College using purchased materials, in-house machinery or tools, and College labor. Fabricated equipment costing $5,000 or more and having a useful life of one year or more must be recorded in the movable equipment inventory (Fixed Asset System). Additionally, fabricated equipment costing $25,000 and having a useful life of one year or more must be accounted for as construction in progress (CIP) until completion. Departments are responsible for properly including all costs to assemble the equipment in either natural class 7115-EQUIP 5000 to 24999 Fabricated or 1724-CIP CONST Movable Equip based on the total cost as described below.
The Statement of Intent to Fabricate an Item Form must be filled out when a project begins and sent to the Fixed Assets/Surplus Property Manager (Fixed.Assets@Dartmouth.edu). Once the project ends, please notify the Fixed Assets Manager by sending the completed Statement of Intent to Fabricate an Item Form with a report of all costs by account string to HB 6114.
The CIP Account Setup Form must be completed, including the appropriate approvals, and sent electronically to the Controller’s Office (Ross.Monaghan@Dartmouth.edu) in order to obtain a CIP chart string. Cost will accumulate in this chart string over the life of the project. Once the project ends, please notify the Controller’s Office by sending the IRA CIP report and indicate the completion date. The Controller’s Office will disable the CIP chart string, capitalize the equipment, and notify the Fixed Assets/Surplus Property Manager.
Last Updated: 11/14/14