The following changes/additions have been made to the University Financial Policies . We encourage you to make a bookmark for this page.

Policy No. 1004.1 (Capitalization Policy: Land, Buildings, Equipment, and Books) - This existing policy has been changed to increase the capitalization level of purchased equipment from $500 to $5,000. This change is effective July 1, 1996. See William J. Hogan's August 1, 1996 memo regarding the increase in the equipment capitalization threshold on Federal Grants and Contracts.

Policy No. 1004.2 (Depreciation of Land Improvements, Buildings, Equipment, and Books ) - This existing policy has been expanded to include the depreciable lives of all classes of land improvements, buildings, equipment, and books.

Policy No. 1004.5 (Equipment Property Management System) - This existing policy has been changed to incorporate the increase in the capitalization level of purchased equipment from $500 to $5,000.

Policy No. 1004.7 (Equipment Screening) - The equipment screening threshold for this existing policy has been decreased from $10,000 to $5,000 for any item of equipment charged to a Federal award.

Policy No. 1004.8 (Capitalization of Interest) - This new policy was written to document the University policy for capitalization of interest costs as part of the historical cost of acquiring or constructing buildings and equipment.

Policy No. 1008 (Interest Costs) - This existing policy has been modified to incorporate the addition of Policy No. 1004.8 ... Capitalization of Interest.

Policy No. 1013 (Unallowable Costs) - This existing policy has been modified to allow "unallowable costs"to be charged to Ledger 6 grant/contract accounts.

Policy No. 1015 (Investments) - This existing policy has been updated to reflect the change in accounting for investments held by the University from historical cost to market (fair) value.

Policy No. 1205 (Minority-Owned, Women-Owned, and Small Business Enterprises Procurement Policy) - This new policy documents procurement standards and procedures meant to ensure that positive efforts are made to utilize minority-owned, women-owned, and small business enterprises to the fullest extent possible.

Policy No. 1211 (Gifts Based on University/Employee Relationships) - This existing policy has been updated to reinforce cash gifts cannot be given to employees.

Policy No. 1503 (Facsimile Signature) - This existing policy has been changed to increase use of facsimile signatures for checks to $250,000.00.

Policy No. 2703 (Reissuance of Forged Checks) - This new policy documents current procedure to provide replacement checks to University payees whose original checks have been forged.

Long-standing policies on the Use of University Facilities Policy No. 2704, Retention of Outside Legal Counsel Policy No. 2705, and Conflict of Interest Policy No. 2706 have been added to the Financial Policy Manual.

Call me at 2-1941 if you have any questions regarding the above changes.