Purchase Guidelines
Assets
Assets also called inventory are categorized as capital assets or controlled assets.
- Capital asset equipment have a value of $5,000 and greater and a useful life of more than 1 year
- Controlled assets generally have a value between $500 and $4,999.99
- Class codes and their thresholds can be seen in Canopy or FAMIS FFX screen 581
Controlled Assets
- Controlled assets are defined by the Comptroller’s Office and must be inventoried.
- A list of the required controlled items can be found in Canopy FFX Tables or at State Property Accounting guide website.
- Controlled items include sound systems/audio equipment, cameras, televisions/video players, computers, data projectors, smart phones/tablets plus other hand held devices and laptops having a unit value of $500.00‐$4,999.99. All firearms (hand guns, rifles, shot guns, etc.) and drones must be controlled regardless of dollar amount.
- Controlled assets object codes are in the range of 5775-5799.
Capital Assets
- Capital Assets are real, personal, or intangible property that has a value equal to or greater than the capitalization threshold for the particular asset classification and have an estimated useful life of greater than 1 year. Capitalization threshold and AFR categories as prescribed by the State of Texas
- The following thresholds will apply to capital property, according to the State Property Accounting Process Users Guide:
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Class of Asset Threshold Land/land improvements Capitalize All Buildings/building improvements $100,000 Facilities & other improvements $100,000 Infrastructure $500,000 Personal property (equipment) $5,000 Library books/materials (collections) Capitalize All Works of art/historical treasures Capitalize All Computer software $100,000 Internally developed computer software $1,000,000 Leasehold improvements $100,000
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- Capital assets object codes are in the range of 8000-8999
The links below provide guidance on how to add controlled or capital equipment to inventory in FAMIS. If using the AggieBuy requisition process it will automatically set up the preliminary asset in FAMIS if coded appropriately. Then when the items are received the asset information must be updated in FAMIS. If purchasing a controlled item using the Payment Card, the asset must be manually set up in Canopy/FAMIS and then the asset number must be documented on the transaction in Concur prior to the expense report being submitted for approval.