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Policy: VIII.E.1

Issued: February 28, 1992

Owner: Financial Analysis,
Office of the University Comptoller

Latest Revision: April 25, 2005

FIXED ASSETS ACCOUNTING (PROPERTY) - OVERVIEW OF GOVERNMENT PROPERTY

1.0 Purpose

This policy establishes University policy for control of government property acquired under government contracts and grants.

2.0 Policy [Top]

2.1 Control of Government Property

Specific contracts or grants may include provisions for property control which deviate from this policy. In such instances, the terms of the contract or grant shall govern.

The Fixed Assets Accounting Group (Property) will amend this policy as required to meet changes in government property control and accounting regulations of the various government agencies. These include: FAR, Part 45 (for Department of Defense contracts); OMB Circulars A-110 and A-21 (for all government contracts); DOE-PMR 109-60 (for DOE contracts); (HEW) (OS) 74-115 (for Department of Health and Human Services contracts); HHS Grants Administration Manual (for HHS grants); NSF Grant Administration Manual (for National Science Foundation grants); and the government property requirements for all other agencies with which the University of Virginia has a contract/grant.


2.2 Responsibilities

The principal investigator named in the contract/grant is responsible for the care, control and custody of government property accountable under that contract/grant.

The dean/department head should designate the property administrator for the school/department. The property administrator must be aware of all changes in status of government property to assure records will be accurate and up-to-date.

The name of the individual designated as property administrator or changes thereto should be forwarded to the Fixed Assets Accounting Group (Property) for coordination of property actions.

Financial Analysis establishes property control procedures and maintains central property records for government property. It is Financial Analysis' objective to help the principal investigator meet property obligations under the contract/grant.

The Fixed Assets Accounting Group (Property) of Financial Analysis also prepares interim and final property reports required by specific sponsors.

3.0 Definitions [Top]

4.0 References [Top]

5.0 Approvals and Revisions [Top]

Previous version in effect from 2/28/92 to 4/25/05 available in policy archive.


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