Creighton University

Accounting Procedures

PROCEDURE TITLE:

Grant Funded Equipment

PROCEDURE NUMBER:

FAPR 05

RELATED POLICY STATEMENT(S):

FAPL 06, APPL 02

DATE ISSUED: 

July 1, 1993

DATE REVISED:

April 8, 2011

OVERVIEW

 

This procedure assists the University in maintaining an accurate equipment inventory list for all equipment purchased with Federal money or tracking its subsequent obsolescence or disposition as required by OMB Circular A-110, subpart C, point 34.

REQUIRED FORM(S)

 

Asset Locator Form, documentation from another University or Asset Disposal/Move Form.

PROCESSING STEPS

 

In situations in which a faculty member comes to the University from another institution in the middle of one or more grants and brings with him/her equipment purchased by the related grant(s), a summary of the specific equipment must be provided to the Controller's Office to allow for proper inventorying of the equipment.

This is accomplished by forwarding all the documentation to the Controller's Office that is received from the referring institution or faculty member. Upon receipt of the documentation, the Controller's Office will complete and provide to the department an Asset Locator Form and tags. If no such documentation exists, call the Controller's Office to request an inventory of the equipment.

If a faculty member leaves the University in the middle of one or more grants and takes equipment with him/her to the new institution, (per FAPL 04) an Asset Disposal/Move Form must be provided to the Controller's Office for the same reasons. Also, the Asset DisposalMove Form would allow the University to provide the new institution with a listing of grant funded equipment the faculty member is bringing.

To determine if a significant piece of equipment (over $10,000 and any others that are deemed necessary) is already owned, contact the Controller's Office, Property Accounting Assistant, to query the inventory data base. This may eliminate the need for some equipment purchases and lead to more efficient use of underutilized equipment.

As part of the close out of federal grants, the grant file will be reviewed to determine if title to the equipment vests with Creighton University. If, in the rare case, equipment vests with the federal government, the federal agency will be contacted to determine the appropriate disposal steps.