Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE
Article 9 - CAPITAL PROJECTS FUND
Rule 1 - Administration of Capital Projects Fund
Section 1-3 - "Equipment" defined
Universal Citation: 50 IN Admin Code 1-3
Current through September 18, 2024
Authority: IC 21-2-15
Affected: IC 9
Sec. 3.
(a) Except as provided in subsection (b), as used in this rule [ 50 IAC 9-1 ], "equipment" means a mobile or fixed unit of furniture or furnishings, a machine, an apparatus, an article, or a set of articles that meets all of the following conditions:
(1) It
retains its original shape and appearance with use.
(2) It is non-expendable, which means that if
the article is damaged or some of its parts are lost or worn out, it is usually
more feasible to repair it than to replace it with an entirely new
unit.
(3) It represents an
investment of money that makes it feasible and advisable to capitalize the
item.
(4) It does not lose its
identity through incorporation into a different or more complex unit or
substance.
(b) As used in this rule [ 50 IAC 9-1 ], "equipment" does not include:
(1) a vehicle subject to licensing under IC
9; or
(2) a musical instrument that
typically is transportable by a student between home and school.
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