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Fixed Assets Accounting Overview
Financial
Analysis & Reporting is a department within Financial Administration.
It's Fixed Assets Accounting Group has overall responsibility for control of government
property acquired under government contracts and grants
and for insuring that the University complies with pertinent
government directives concerning research equipment and
material. The principal investigator and the department
head share in this responsibility. Requirements depend
on the type of equipment or material, as defined herein.
see also: |
| |
| Object
of Expenditure Codes and Definitions |
| Fixed Assests
Accounting Overview |
| Fixed Assets
Accounting - Property Included/Excluded |
Acquisition
of Research Equipment and Materials
Research equipment and materials should be purchased only if needed and
if not already available from existing resources. For equipment over $50,000
the Fixed Assets Accounting Group will sign requisitions to verify screening has been
done. Prior approval from the sponsoring government agency is usually required.
In some cases the approved equipment budget may be sufficient, or additional
written approval may be required depending on the agency and the type and
cost of the proposed equipment. The acquisition cost of equipment "fabricated" at
the University must be calculated. Government-furnished and excess government
property are owned by the government and accountable as such.
see also: |
| |
| Preparation
of DOD Industrial Plant Equipment Requisition |
| Preparation
of Transfer Order |
| Fixed Assets
Accounting-Acquisition of Equipment and Material |
| Equipment
Screening |
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Lease
Versus Purchase Policy
The purchase of capital equipment will usually be the most cost effective
alternative for the University and the federal government but an analysis
of lease and purchase alternatives should always be made to determine
which would be the most economical and practical. Lease decisions must
be approved by the appropriate office, as determined by the value of
the lease.
see also: Lease
Versus Purchase Policy
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Equipment
Title, Disposition and Subcontracts (Government Policy)
Financial Analysis & Reporting maintains central records of government-owned property
used by investigators at the University (as well as by subcontractors)
and requires bi-annual certification by principal investigators of a
continuing need for that property. Under certain conditions title to
equipment may be transferred to the University (usually automatic for
PHS or NSF grants/contracts). Even if title has been transferred the
University often remains accountable to the government for proper use
and disposition.
see
also: Fixed Assets
Accounting Equipment Title, Disposition and Subcontracts
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Transfer
of Research Equipment FROM the University
Faculty moving to another university who want to transfer research equipment
with them must have approval from the department head and dean and notify
the Fixed Assets Accounting Group of the Department of Financial Analysis & Reporting.
Restrictions on such a transfer depend on who has title to the equipment.
see
also: |
| |
| Preparation
of Inventory Change Request |
| Fixed Assets
Accounting Transfer of Research Equipment FROM the University |
| |
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Transfer
of Research Equipment TO the University
The Fixed Assets Accounting Group, Department of Financial Analysis & Reporting must
be notified of any research equipment being transferred to the University
so it can be tagged. Only then will it be properly insured. Transfer
restrictions depend on who has title to the equipment, and documentation
authorizing the transfer must be submitted. Equipment on loan from another
institution must be separately insured since title is not transferred.
see
also: Fixed Assets
Accounting Transfer of Research Equipment TO the University
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Equipment
Inventory Requirements
Federal Guidelines require
the University to maintain accurate property records
and conduct a physical inventory every two years.
The Fixed Assets Accounting Group of the Department
of Financial Analysis & Reporting maintains records of all inventoriable
equipment and makes required annual reports. Departments
will submit a copy of the shipping documents upon
receipt of equipment so it can be properly tagged
and catalogued. Proper care, maintenance and use
of government property is the responsibility of the
departments and principal investigators. The property
administrator will notify Fixed Assets Accounting of
all changes regarding property. Inventory records
are used to determine whether a proposed equipment
purchase can be avoided by sharing equipment on hand.
see
also: |
| |
| Preparation
of Inventory Change Request |
| Object
of Expenditure Codes and Definitions |
| Preparation
of Maintenance and Use Records of US Government-Owned Property |
| Property
Management and Shared Use of Equipment |
| Maintenance
of Equipment Records |
| Maintenance
of Equipment Inventory |
| |
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Use
of University Equipment
Any extracurricular use of University equipment must be consistent with
the purpose, mission and goals of the University. Each department or
unit head is responsible for control and accountability of equipment
assigned to that unit.
see
also: |
| |
| Rate
Determination |
| University
Services and Activities |
| Use
of University Equipment |
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