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Policy: VIII.C.5

Issued: October 31, 1996

Owner: University Comptroller

Latest Revision: April 25, 2005



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 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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