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Policy: X.A.3

Issued: December 15, 1986

Owner: Financial Analysis,
Office of the University Comptroller

Latest Revision: April 25, 2005

FIXED ASSETS ACCOUNTING (PROPERTY) - TRANSFER OF RESEARCH EQUIPMENT TO THE UNIVERSITY OF VIRGINIA

1.0 Purpose

This policy describes the transfer of research equipment to the University.

2.0 Policy [Top]

2.1 Overview

All new faculty members transferring to the University and bringing research equipment must notify the Fixed Assets Accounting Group (Property), Department of Financial Analysis, Carruthers Hall, about the equipment. Fixed Assets Accounting will then affix tags onto the equipment and record it in the University's fixed asset system. Only then will the equipment be properly insured. Departmental fiscal administrators are to advise each new faculty member of this requirement.

Incoming research equipment falls into one of the following categories:


2.2 Specifics

Upon arriving, the faculty member transferring equipment should submit a written memorandum to the Director, Fixed Assets Accounting (Property), Carruthers Hall. The letter should specify:

The memorandum should also include a list of items to be transferred, unless the list is so extensive as to be burdensome. In this case, a general statement will suffice. When the equipment is tagged, the faculty member and Fixed Assets Accounting (Property) will compile a detailed list of equipment. Attach to the memorandum any letters from the transferring institution authorizing the move or describing the equipment. Data elements needed by Fixed Assets Accounting (Property) are:

Notify the Fixed Assets Accounting (Property) of requests from institutions to acknowledge that the equipment was received and title transfered. All responses will be signed by the University Comptroller after the equipment has been inspected by the Fixed Assets Accounting (Property).

Equipment on temporary loan from the former institution will not be given University tags. The faculty member must control the equipment and return it as agreed. In this case, the department must contact the Office of Real Estate and Risk Management to arrange for insurance coverage. Also forward a list of loaned equipment to the Fixed Assets Accounting (Property).

3.0 Definitions [Top]

4.0 References [Top]

5.0 Approvals and Revisions [Top]

Previous version in effect from 12/15/86 to 4/25/05 available in policy archive.


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