EQUIPMENT AND PROPERTY POLICIES AND PROCEDURES
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Ursinus College utilizes the following definition of equipment: Equipment is tangible property, with an acquisition cost of $3,000 or more, and a useful life of more than one (1) year as defined within OMB Circular A-110. The total cost of the equipment may include tax, installation charges, and freight.
Acquisition of equipment and property: The purchase of equipment and property is conducted according to the College’s Purchasing Policies and Guidelines. In addition, the following criteria should be met:
- The purchase of equipment and property should be necessary and allowable.
- The College should avoid purchasing duplicate items whenever possible and feasible.
- Purchase of equipment from external funding sources:
- Should be approved by the sponsor.
- Should meet the sponsor’s guidelines.
- The competitive bidding process, when appropriate, should be employed when purchasing equipment and property.
- Bids may be requested by the Purchasing Office or the requestor.
- A Purchase Request (PR) form should be completed, approved, and submitted to the Purchasing Officeby the requestor.
- Three (3) bids, or a bid waiver letter, should accompany the Purchase Request (PR) form.
Use, Security, Maintenance, and Inventory of Property: Departments who have custody of property are responsible for ensuring its proper use, maintenance, and security.
Use of Property: Property should be used for the purpose originally intended.
Equipment acquired for use on a sponsored project should be made available for use on other projects or programs providing that the use does not interfere with the project for which it was originally purchased.
Property acquired with federal funds with an acquisition value of $5,000 or more needs to be monitored for a minimum level of use as required by OMB Circular A-110. If the equipment is no longer being used, the department should contact Vicki Giammarco.
Security of Property: Departments should make adequate provisions for the physical security of any equipment in its possession. Areas containing equipment should be locked after business hours or at other times when not in use. Special precautions should be taken for portable items and those of particularly high value.
- In the event of equipment theft or loss, the Department should contact the Campus Safety Office immediately.
- Thefts, disappearances and/or losses of equipment should also be reported to the Campus Safety Office as soon as possible.
- When equipment is owned by the Federal government, the Principal Investigator will notify the government of the loss.
Maintenance of Property: As outlined in Circular A-110 __ 34., adequate maintenance procedures need to be implemented to keep equipment in good working condition. Proper care and preventative maintenance of equipment will ensure a long and useful life. Accordingly, it is important to maintain equipment according to the manufacturer’s recommendations and standards.
Tagging and Identification: The College should tag and inventory all equipment within ninety (90) days of receipt. An internal identification number will be allocated to the equipment; this number is also provided on the property tag.
When tagging equipment:
- The property tag should be affixed to a visible part of the equipment. *
- Detailed equipment information, pursuant to OMB A-110, will be documented and entered into a Fixed Asset Property Management database.
* In instances where equipment is too small and/or impractical to tag: Identification (UC Tag) number will be assigned to the piece(s). Detailed equipment information will be requested and entered into the Fixed Asset Property Management Database. However, the property tag will be kept in a file in the Business Office.
Equipment will remain the property management database and identified as UC owned as long as it remains in the possession or control of Ursinus College.
Property tags listing unique identification numbers should only be removed from equipment when the item is sold, donated, transferred or otherwise disposed and removed from the College.
Inventory: In order to maintain an accurate list of equipment and to meet OMB A-110 standards of compliance in property management, an inventory needs to be maintained. Accordingly, when equipment is received, the following information will be requested and captured in a property management database:
- Description of the item
- Serial number
- Model number
- Other identifying number (when applicable)
- Source of funding
- Purchase Order number
- Acquisition date
- Location of where property will be stored
- Unit acquisition cost
A physical inventory will be made by the Business Office within the first ninety (90) days after acquisition to tag the item. In addition, inventories will take place at least once every two (2) years.
Location of equipment and property: When equipment or property needs to be moved, please be sure to complete a Change of Equipment Notice Form. This completed form should be signed by the Property Custodian and submitted to the Business Office so changes may be tracked in the UC Property Management System.
Transfer of ownership: In the event that ownership of equipment or property changes during the useful life cycle, it is important that these transfers of ownership and changes of location be provided to the Business Office. Please complete and submit a Change of Equipment Notice Form. The Property Management System will be updated to reflect these changes.
Disposal of Equipment and Property
Equipment and property may be removed from the College’s Property Management System when it is fully depreciated and past its useful life cycle or when it is no longer under the control of the College.
There are a number of reasons why equipment and/or property would be removed and disposed of, including, but not limited to:
Trade-ins to vendors for newer equipment
Selling equipment to an external group / institution
Donating equipment to an external group / institution
Disposing of (recycling or scrapping) equipment that has no further value (i.e. no longer in working condition and/or past its useful life)
Return of equipment to the sponsor or another institution, as directed by the sponsor.
Return of equipment to the vendor.
Before disposing of equipment or property, please get authorization and approval from your Department Chair or Department Head then complete an Equipment Disposal Form and submit it to the Business Office. The Property Management System will be updated to reflect these changes.
An important note: In instances when the equipment and/or property has been purchased (in whole or in part) with federal funds, additional restrictions and procedures may apply. Please contact the Business Office with any questions or concerns relating to the disposal of equipment. For further reference, please refer OMB Circular A-110.
For questions relating to Equipment and Property policies or procedures, please contact the Associate Controller, Grants & Contracts via email or by phone at extension 3110.