University of Vermont

Space and Movable Equipment Inventory  - Instructions, process and definitions

equipment_survey The equipment inventory is required per OMB Circular A-110 Subpart C,
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
                  Government.
           (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
                  Government).
          (vii)  Location 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.

        Any differences
between quantities determined by the physical
        inspection and those shown in the
accounting records shall be
        investigated to determine the causes of the difference. The 

        recipient shall, in connection with the  inventory, verify the
        existence, current
utilization,  and continued  need for the
        equipment.

  (4)  A control system shall be in effect to insure adequate
         safeguards to prevent loss, damage, or theft of the equipment.
         Any loss, damage, or theft of equipment shall be investigated
         and fully documented; if the equipment was owned by the
         Federal Government, the recipient shall promptly notify the
         Federal awarding agency.

  (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 February 25 2004 07:46 AM

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