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The following procedures should be followed in ordering supplies, material, equipment, or services for use by the college. Procedures are designed to comply with the rules and regulations adopted by the state of North Carolina, the General Statutes and the Purchasing Manual of North Carolina \u2013 Division of Purchase and Contract. This procedure applies to all organizational elements and employees. It is applicable to the Student Government Association and clubs. These procedures apply regardless of the source of funds.<\/p>\n
Definitions of Terms<\/u>
Capitalized Assets \u2013 property, such as land, buildings and equipment, with a cost equal to or greater than $5,000 and a useful life of two or more years. Capitalized fixed assets are acquired for use in normal operations and are not for resale. These assets may be subject to depreciation. All capitalized assets should be entered into the Fixed Asset System.<\/p>\n
Assets categorized as \u201cHigh Risk\u201d are entered into the fixed asset system for tracking regardless of cost. Capitalized assets will be purchased using the appropriate equipment general ledger codes.<\/p>\n
Non-Capitalized Assets \u2013 for financial reporting purposes, assets costing less than $5,000 are expensed; they are neither capitalized nor depreciated. Non-capitalized equipment will be purchased using the expense object code \u201c555100\u201d (Non-capitalized equipment).<\/p>\n
High Risk Assets \u2013 will be purchased using the expense object code \u201c555200\u201d (Non-capitalized Equipment\u2013High Risk). The Community College System considers the following equipment to be high risk:<\/p>\n
Supplies \u2013 items that will wear out or be consumed within a period of one year during normal use or that cost less than $500. These items will not be added to the fixed asset system in Colleague.<\/p>\n
Purchases for Resale \u2013 items that are procured specifically for resale rather than use by the college.<\/p>\n
State Contract \u2013 the state of North Carolina Division of Purchase and Contract enters into contracts with vendors to supply a variety of items. As a component unit of the state of North Carolina, the college is required to use these contracts when purchasing goods and services.<\/p>\n
Colleague \u2013 the information system used by the college. Colleague collects information from and sends information to the state e-procurement system.<\/p>\n
E-Procurement \u2013 a web-based purchasing system operated by the state for the use of state agencies. E-procurement must be used for the creation of requisitions and purchase orders. E-procurement is interfaced with the college\u2019s Colleague information system. The creation of a requisition in e-procurement leads to the automatic creation of a Colleague requisition.<\/p>\n