FIXED ASSETS ACCOUNTING (PROPERTY) - EQUIPMENT SCREENING

• 1.0 Purpose
• 2.0 Policy
• 3.0 Definitions
• 4.0 References
• 5.0 Approvals and Revisions

1.0 Purpose

It is the purpose of this policy to insure that the University is in compliance with the Office of Management and Budget Circular A-110 and directives and regulations/audit comments from federal agencies.

2.0 Policy [Top]

It is the policy of the University to screen equipment purchase requests from sponsor - funded accounts to eliminate unnecessary purchases. Fixed Assets Accounting Group (Property), in conjunction with the principal investigator, must determine whether suitable equipment already exists before equipment costing $50,000 or more is purchased. The Fixed Assets Accounting Group (Property) will then note on the purchase requisition that such screening has been completed.

3.0 Definitions [Top]

4.0 References [Top]

5.0 Approvals and Revisions [Top]

Previous version in effect from 10/31/96 to 4/26/05 available in policy archive.