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Policy: VIII.E.4x (inactive)

Issued: May 11, 1999

Owner: Associate Comptroller, Financial Reporting and Analysis

Latest Revision:

PROPERTY ACCOUNTING - MAINTENANCE OF EQUIPMENT RECORDS


**INACTIVE POLICY**

For Current Policies:
Policy Table of Contents

 


1.0 Purpose

This policy describes how equipment records should be and are maintained.

2.0 Policy [Top]

2.1 Equipment Items Costing $2,000 or More

Financial Analysis prepares and maintains individual item records, showing various information for each equipment item. The property administrator is responsible for notifying Financial Reporting and Analysis of all changes regarding property.

See also:

Procedure 10-1, "Preparation of Inventory Change Request."


2.2 Government Furnished, Contract Purchased, or Government Excess Property

Upon receipt of all government furnished/excess property with the government retaining title, the department will submit to Financial Reporting and Analysis a copy of the shipping documents.


2.3 Sensitive Property

Sensitive property includes such items as precious metals, watches, cameras, small instruments and tools, and other valuable property. For sensitive property, the department will maintain custodial records identifying individual possession, and will provide secure storage for these items.


2.4 Maintenance

The University of Virginia is responsible for the proper care, maintenance and use of government property from receipt until relieved of responsibility. The removal of government property to storage, or its contemplated transfer, does not relieve the University of these responsibilities.

Each department is responsible for maintaining government property under the direction of the principal investigator, the machine shop supervisor, or the property administrator, as applicable.

Maintenance includes repair, replacement, rehabilitation, and correction of defects in compliance with manufacturer's instructions. All repairs and servicing will be entered in the equipment maintenance records.

See also:

Procedure 8-52, "Preparation of Maintenance and Use Records of U. S. Government-Owned Property."

The principal investigator is responsible for government property preventive maintenance including inspection, lubrication, cleaning, proper storage and preservation, and protection from deterioration,corrosion, exposure, and contamination.


2.5 Use

The principal investigator is responsible for assuring government property is used only for contract/grant authorized purposes. A utilization record will be maintained for each item of industrial plant equipment. Such records should be available in a plastic envelope attached to each equipment item. Financial Reporting and Analysis will notify the department when an item is to be classified as industrial plant equipment.

See also:

Procedure 8-52, "Preparation of Maintenance and Use Records of U. S. Government-Owned Property."


2.6 Identification

All government-furnished equipment, regardless of value, will be tagged with both UVA asset tags and federal government ownership tags. All contractor-purchased equipment with a unit cost of $2,000 or greater will be tagged with UVA asset tags. These asset numbers will then be entered into the automated fixed asset system.

Financial Reporting and Analysis will affix the marking tags to the main body of the item where they are conspicuous and readily visible without moving the item. A location close to the manufacturer's identification plate or label is preferred.

Government ID tags will be removed if title is transferred to the University or if disposed by sale, scrap, or donation.

Government property and material should be segregated from University material. Since commingling cannot always be prevented, it is important that government property be clearly identified and controlled by appropriate records.


2.7 Reporting

Federal regulations require the annual submission of DD Form 1662 and NASA Form 1018 for all DoD and NASA contracts. These forms are to reflect the equipment inventory recorded through September 30 (the end of the federal fiscal year), and are due to ONR Atlanta, NASA, and DOD no later than October 31 of the same year.

Federal regulations also require the submission of final, or close- out, inventories, including a final DD Form 1662 or NASA Form 1018 for DOD and NASA contracts. These close-out inventories are due to the government sponsoring agency within 90 days of the grant or contract expiration date.

The Property Accounting Manager will be responsible for preparing and submitting both the annual and final reports.


2.8 Vehicles

The government requires the University to provide third party liability insurance coverage for all government vehicles furnished. Departments must notify the Offices of Risk Management and Financial Reporting and Analysis immediately when acquiring a government vehicle so that appropriate insurance coverage may be provided.

3.0 Definitions [Top]

4.0 References [Top]

5.0 Approvals and Revisions [Top]


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