Policies

Equipment assets owned or held by the University must be accurately inventoried and recorded to meet both generally accepted accounting principles and federal or state regulations. This policy details guidelines on how equipment assets records are to be maintained.

The University has established internal controls for the transfer of equipment assets to and from the University to properly record/retire equipment assets in the financial accounting system and adequately insure equipment inventory. In addition, controls over equipment assets serve to avoid any potential adverse impact upon negotiated Federal Facilities & Administrative (F&A) rates and safeguard sponsor awards.

This policy addresses the specific accounting, control, and reporting requirements associated with equipment acquired for use on sponsored programs. The requirements and responsibilities identified supplement the general requirements stipulated in University policy FIN-034: Accounting Requirements for Equipment Assets.