University of Vermont

Space and Movable Equipment Inventory  - Instructions, process and definitions

equipment_survey The equipment inventory is required per Uniform Guidance 200.313,
Equipment Property Standards. It states:
 (f)  The recipient's property management standards
        for equipment acquired with
Federal funds and
        federally-owned equipment shall  include all
        of the following:

       (1) Equipment records shall be maintained accurately
            and shall include the  following  information.
           ( i )  A description of the equipment.
            (ii)  Manufacturer's serial number, model number,
                  Federal stock number,  national stock number,
                  or other identification number.
           (iii)  Source of the equipment, including the award number.
           (iv)  Whether title vests in the recipient or the Federal
           (v)  Acquisition date (or date received, if the equipment
                 was furnished by the Federal Government) and cost.
          (vi)  Information from which one can calculate the percentage
                 of Federal participation in the cost of the equipment
                  not applicable to equipment  furnished by the Federal
          (vii)  Location, use and condition of the equipment and the date
                 the information was  reported.
          (viii)  Unit acquisition cost.
           (ix)  Ultimate disposition data, including date of disposal and
                  sales price or the  method used to determine current fair
                  market value where a recipient compensates the Federal
                  awarding agency for its share.
  (2) Equipment owned by the Federal Government shall be identified
        to indicate Federal ownership.

  (3) A physical inventory of equipment shall be taken and
       the results  reconciled with  the equipment records at
       least once every two years.
  (4)  A control system must be developed to ensure adequate safeguards
       to prevent loss, damage, or theft of the property. Any loss, damage, or
       theft must be investigated.

  (5) Adequate maintenance procedures shall be implemented to
        keep the equipment in good condition.

  (6) Where the recipient is authorized or required to sell the
        equipment, proper sales  procedures shall be established
        which provide for competition to the extent practicable and
        result in the highest possible return.

Last modified January 31 2019 01:07 PM

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