When motor vehicles meet the following criteria noted below, they are tagged and capitalized (become a capital asset):
- Cost of $5,000 or greater for a single piece of equipment
- Items that will last two or more years
Motor vehicles are normally classified as a capital asset which fall under a larger category called Equipment, including:
- lab equipment
- motor vehicles
- machinery not affixed to a building/infrastructure
Need to dispose of a motor vehicle?
As is required per State Regulations, all assets, regardless if classified as capital or non-capital, purchased by a state entity, must be disposed of through the University Surplus Property Office; they cannot simply be thrown away!
Due to the size of our university, the state has authorized and allowed NC State University to create its own internal surplus group to handle these disposals.