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Policy: VIII.E.5

Issued: February 28, 1992

Owner: University Comptroller

Latest Revision: April 26, 2006



This policy is currently under revision at the University. Although the statements herein reflect enforced policy guidance, please contact the "Owner" listed above if you have questions about how this policy applies to your office. The statements herein are to be used as general guidance until the policy has been revised and added to the University Policy Directory. Thank you.

1.0 Purpose

This policy describes the general guidelines for how property titles are to be handled by the University.

2.0 Policy [Top]

2.1 Transfer of Title

Most government contracts/grants allow transfer of title from the government to the University for authorized property.

Fixed Assets Accounting Group (Property) of Financial Analysis is responsible for maintaining central records of government-owned property and will request title transfer for contracts/grants as applicable.

Fixed Assets Accounting Group (Property) will inform principal investigators about the status of titles to equipment for their contracts/grants.

2.2 University Acceptance of Title

When the University accepts title to property from the government, the following conditions apply:

See also:

2.3 Title to Grant Property

Unless specifically excepted in a grant, title to Public Health Service (PHS) and National Science Foundation (NSF) acquired grant equipment is automatically vested in the University when received, subject to the same government right to direct title transfer for a period up to 120 days after expiration of the grant. However, the University remains accountable to the government for the proper use and disposition of such equipment. Therefore, Fixed Assets Accounting Group (Property) will maintain property records on all grant equipment until it is disposed of. Procedures for acquisition, maintenance, use and inventory remain applicable.

2.4 Excess Government Property

Title to excess property will normally pass to the University after notifying NSF of receipt.

2.4 Disposition of Property

Disposition of government property is governed by the terms of the contract/ grant. In summary, if title remains with the government, the government agency must approve any transfer. Even if title is transferred to the University for items costing $1,000 or more, the government still retains the right to transfer title to a third party.

Only by one of the following conditions can the University be relieved of responsibility for government property.

Fixed Assets Accounting (Property) will require biannual certification by principal investigators on a continuing need for GFE/CP government property in their possession to support active contracts/grants. This certification will coincide with the University's biennial physical inventory.

The government will determine disposition for items no longer required.

2.5 Subcontracts

When the University has a prime government contract with subcontracts, the Office of Sponsored Programs will ensure government property control provisions are included in the subcontracts as appropriate.

The University is responsible and accountable for government property provided in a subcontract and in possession of the subcontractor.

Government property reports for the prime contract must include all subcontract government property.

3.0 Definitions [Top]

4.0 References [Top]

5.0 Approvals and Revisions [Top]

Previous version in effect from 2/28/92 to 4/26/05 available in policy archive.

Maintained by University Comptroller
© 2000 by the Rector and Visitors of the University of Virginia