General grant regulations for Title III require that all equipment is properly accounted for by the Title III Coordinator. The University will maintain the official equipment inventory system through the Property Control Office, and the Title III Office will assist this function by maintaining an updated Equipment Inventory Formfor all Title III equipment purchases identified with a university equipment inventory tag.This report must be signed by the Activity Director.
An inventory of all Title III equipment must be conducted on a annual basis and changes in location, use and condition, as well as disposition much be updated. No Title III equipment can be moved and/or discarded without the notification and approval of both the Title III Office, and the University Inventory Control Office.
4.1 Federal Regulations
Office of Management and Budget (OMB) Circular A-110 definitions for financial management of federal grants to Institutions of Higher Education is the Uniform Administrative Requirements for Equipment valued at $5,000 or more per unit. Equipment for this purpose is defined as tangible non-expendable personal including exempt property charged directly to the award having a useful life of more than one year and an acquisition cost of $5,000 or more per unit.
It is extremely important to follow procedures regarding equipment transfers. Internal and External Auditors require accurate inventory records. In addition, if proper transfer procedures are not followed, responsibility rests on the last custodian or user on record. When moving equipment whether from room to room or building to building, please call property management for guidance and the necessary paperwork. The Title III Coordinator must approve all equipment transfers.
4.3 Inventory ¬†
All equipment purchased with Title III funds remain vested in the Federal Government. No reallocation or disposal of any real property can take place without the approval from the Title III Coordinator. An Equipment Inventory Report must be completed for all equipment leased or purchased with Title III funds.
4.4 Lost, Thief, Fire and Damage
Any equipment missing, stolen, or lost must be reported to the proper law enforcement agency. A copy of this report must accompany reporting to the Title III Office.