Equipment Management Glossary
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A
Account Code - A code representing revenue, expenditures, asset, liability, equity, and transfers.
Antique - A unique tangible object that is more than forty years old and possesses special historical value or has special cultural, scientific, or other interest.
B
Biennial Physical Inventory - A process of identifying and reviewing all items assigned to a department or located within a department's facility space that is completed once every two years.
C
Capital Lease - A contract for the purchase of an asset, in exchange for regularly scheduled payments, for a specific period of time. At the end of the contract, the asset belongs to the University.
Capitalized Equipment - Inventoriable equipment that costs $5,000 or more that is depreciated over its useful life.
CFOAPAL (or FOAPAL) - Chart, Fund, Organization, Account, Program, Activity, and Location are the seven components that represent the Chart of Account (COA) structure.
Chart - A one-digit code for a campus or major accounting entity used to facilitate financial reporting.
Commodity Code - A standard coding structure that categorizes equipment and ensures a useful life is assigned to an asset.
Condition Code - A code indicating the status (condition) of a fixed asset.
Controlled Equipment - Inventoriable equipment that costs between $2,500 and $4,999.99 that is expensed in the year it is acquired.
D
Depreciation - An accounting process that distributes the cost of an asset over its useful life.
E
Entity Code - A four-digit numeric code associated with fixed asset items that are used in revenue-generating activities.
Equipment - An item of tangible property that lasts more than one year, costs $100 or more, keeps its own identity, and is moveable.
Exhaustible Collection - A collection whose contents are handled, used up, and deteriorate over time.
Expensed Equipment - Any equipment that is not depreciated; instead, the full cost of the equipment is recorded during the year it is acquired.
F
Fabricated Equipment - Equipment that has been purchased in pieces and assembled on location in the department.
Fabrication - The process of constructing equipment from separately acquired parts and supplies.
Fixed Asset - A tangible resource that has a long life and is used by the University.
FOAPAL (or CFOAPAL) - Chart, Fund, Organization, Account, Program, Activity, and Location are the seven components that represent the Chart of Account (COA) structure.
Found Equipment - Equipment that is located in a unit's space that is not on the unit's inventory list and has a fair market value of $2,500 or more.
G
General Ledger - The General Ledger module is the core of the Finance System. General Ledger supports comprehensive Fund accounting, including general encumbrance accounting.
Gift-in-kind - A non-monetary gift of tangible real and personal property that is given to the University of Illinois.
Group Asset (or Group Collection) - An assemblage of tangible personal property items that possess a similar purpose and use.
H
Hierarchy - A hierarchy in CFOAPAL code segment reflects the relationships among its levels and supports roll-up reporting. The Fund, Organization, Account, Program, and Location codes are organized using reporting relationships between the different levels of codes.
Historic Treasure - A unique tangible object that holds value because of its association with historical events, accomplishments, persons, cultures, or eras.
I
Inexhaustible Asset - An asset that is cared for with the intent to prevent it from deteriorating over time and to preserve it forever.
Inexhaustible Collection - A collection whose contents are cared for with the intent of preserving them forever.
Inventoriable Equipment - Equipment that is tracked in Banner for inventory purposes.
L
Label - An adhesive sticker that is physically attached to an asset in order to identify it.
Legacy Asset - An asset that was acquired prior to Banner implementation on July 1, 2003.
Location Code - A code to designate physical places or sites, such as building and room number.
N
Non-Controlled Equipment - Equipment that costs between $100 and $2,500 that is not tracked in Banner for inventory purposes.
O
Organization Code - A code used to identify a functional reporting unit (such as a school, college, or department) with discrete financial activities.
P
Parent-Child (or Parent-Component) Relationship - An asset that has a main part (parent) and subordinate parts (child/children or components) that is identified as a single asset for inventory purposes.
Property Accounting - The methods used by the University to account for the cost of fixed assets and track their location and use.
Property Contact - An individual from a department who is tasked with performing certain property accounting duties and liaisons with University Property Accounting and Reporting (UPAR).
R
Reconciliation - The act of balancing the department's statements with the transactions it conducted during the month or year.
S
Supplies - Items costing less than $100, which are not labeled or tracked in Banner for inventory purposes.
T
Tag - A reference number used to identify an asset.
U
Useful Life - The length of time that an asset is expected to be used.
W
Work of Art - A unique tangible object that holds value as an original artistic impression.
First Published: May 2019 | Last Updated: March 2023 | Last Reviewed: March 2023