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Policy: VIII.C.5

Issued: October 31, 1996

Owner: Financial Analysis,
Office of the University Comptroller

Latest Revision: April 25, 2005


1.0 Purpose

This policy describes how property management and shared use of equipment should be handled.

2.0 Policy [Top]

Federal guidelines for the costing of grants and contracts require uniform standards governing management of property furnished by the Federal government or whose cost was charged to a project supported by a Federal grant or other agreement. These standards include the maintenance of adequate property records. Also, OMB Circular A-21 requires that a physical inventory be conducted every two years. The FAR also requires the University to notify Government sponsoring agencies when physical inventories have been completed. In addition, these standards require that equipment acquisitions which meet certain threshold limits be screened against a reliable inventory list to provide for the shared use of equipment and preclude unnecessary purchases.

It is the responsibility of the Department of Financial Analysis to develop applicable procedures which will implement and maintain a property management system and provide for the shared use concept.

See also:

Policy X.A.1, "Maintenance of Equipment Inventory."

3.0 Definitions [Top]

4.0 References [Top]

5.0 Approvals and Revisions [Top]

Previous version in effect from 10/31/96 to 4/25/05 available in policy archive.

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