Personal Property: Any possession of the State of Texas having sufficient value to warrant inclusion in the fixed asset financial reports or due to the nature of the asset that is required to have management controls placed upon it. Personal property does not include consumable items nor does it include real property such as land or buildings, improvements to land or buildings, or infrastructure.
Capital Assets: A capital asset is any furniture or equipment item(s) with a single value of $5,000 or greater and an estimated useful life of more than one year. (This dollar threshold was established by the Texas Legislature, and became effective September 1, 2001).
Surplus: Any property which is in excess of the needs of a department and/or the University and which is not required for its foreseeable need. Surplus property may be new or used but must have additional useful life.
Salvage: Any equipment that through use, time, or accident is so depleted, worn out, damaged, consumed, or outdated that it is obsolete and/or can no longer serve the purpose for which it was originally intended.
Stolen: Any equipment missing by theft, whether by forced removal, burglary, theft by employees, or other criminal acts.
Trade-in: Surplus or salvage property, which in the best interest of the State, is exchanged for new property of the same general type.
Missing: Equipment whose disappearance cannot be explained.