Having dealt with these issues for over 40 years at a State University, what you are looking for at the institution is someone or some office, often called Property Management.  Every college and University should have a Property Management Office, and one or more people who monitor all handling of property - from cradle to grave, purchase to eventual release, sale, disposal.
 
Normally, there are clear distinctions btw facilities, capital equipment (which is what is being discussed re: Cornell), and consumables.  In the case being discussed regarding Cornell - the concern is about capital equipment, as I read it.
 
The definition of Capital Equipment varies by state, institution, year, etc. - but the definition for a university is likely to be something like: " a single item (not invoice) that costs $5,000.00 or more, is freestanding and has a use life of one year or more."

Those of us who have to follow the federal, state, and internal institutional policies are required to follow the rules.  The institution where I did my thesis research didn't pay much attention  to non-capital items.  When I came to UM, one couldn't buy a pencil without approval - due to a certain professor who got caught providing recreational drugs to students and using research dollars to furnish his home.

And in the early days, Montana, being tight fisted at the State Level, had an unrealistically low dollar value on capital equipment - I had a few go-arounds with the Business office about the purchase of pipettes.

Most of us try to avoid the captial cost threshold - let's use the $5,000 limit.  It an item is under $5k, I can buy it on a UM credit card, with a simple justification and the mandatory receipt - no receipt, and I can have the card taken away, or may end up paying it out of my own pocket.  $5,000 k and I've got a bunch of forms and permissions to obtain - and someone above my pay scale has to sign-off on my purchase request.  And, I may have to put out to bid, or have at least three quotes.  Once labeled capital, the item gets a unique ID tag that has to remain on it until it declared surplus and logged out of the asset inventory. 

Buy it under a DoD contract - they're most likely going to claim it when you're finished, even if they haven't a use for it.  Buy it under an NSF grant and everyone expects it to add to the infra-structure of the institution.  Buy  it using funds from a non-profit, private sector - read the fine print as to who retains ownership.  End of a grant of contract, there is usually a negotiation regarding who gets ownership and where the equipment will remain.  Obviously the institution will usually want to keep it, but the client may want  it back.  


Needless to say, as an investigator, I try to avoid having things like bee boxes declared capital.  Lab instruments can be a pain.  I've had instruments that cost tens of thousands when new.  A decade later, they're either collecting dust, worn out, or used to train new students - where if they break it, it won't be a big issue.  But Property still thinks it's worth the original purchase price, will argue that I don't need a new one - I've already got one, and object to surplusing it if it can be plugged in and lights up - still has use.





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