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OVERVIEW
The University is required by
federal regulation (OMB Circulars A-110, A-21,
and A-133) to ensure that equipment acquired with
federal funds is properly accounted for and used
for its intended purpose.
The University policy is to capitalize
all equipment, either movable or fixed, with a
unit acquisition cost of $2,500 or greater and
a useful life of two years or more.
ANNUAL PROCEDURE
By May 30th of each year the
Controller’s Office will prepare a schedule
of property and equipment acquired with Federal
Funds by grant account.
This schedule will be sent to
each Principal Investigator (PI) for their review.
If there are no discrepancies,
the PI is to sign the schedule where indicated
and return it to the Controller’s Office
within thirty (30) days.
If there are discrepancies, the
PI is to indicate which items are in error on
the back of the schedule and return the form to
the Controller’s Office, with a copy to
the Office of Sponsored Programs (OSP).
The Controller’s Office and OSP will resolve
the discrepancy.
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