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Equipment & Computing
Fixed Assets Accounting Overview
Acquisition of Research Equipment and Materials
Lease Versus Purchase Policy
Equipment Title, Disposition and
Subcontracts (Government Policy)
Transfer of Research Equipment FROM the University
Transfer of Research Equipment TO the University
Equipment Inventory Requirements
Use of University Equipment
 
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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  Maintained by: Office of the Vice President for Research
Last Modified: Wednesday, 19-Jan-2011 23:42:06 EST
Copyright 2014 by the Rector and Visitors of the University of Virginia

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