In accordance with the Florida Board of Governors Regulation 9.002. effective July 1, 2011, UF defines equipment as an item that meets all of the following criteria:
- Has an acquisition cost of $5000 or more. Includes: Invoice amount, sales tax, freight costs, installation costs, and other cost incurred to acquire; less trade or trade in discounts and/or educational allowances.Excludes: insurance, maintenance and warranty costs.And
- Has normal expected life of 1 year or more
Equipment also includes hardbound books purchased through a department (not including the main library systems) where the value or cost of which is $250.00 or more. Note: Repairs and maintenance expenses, service contracts, and extended warranties are not additions to the capital assets.