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|Status:||Approved on May 22, 2017||Signatures and dates
on archival copy
|Effective:||30 days after approval|
|Initiated by:||Julie Allison|
Assistant Vice President for Finance
|Endorsed by:||Deborah Shaffer|
VP for Finance & Administration
|Approved by:||David Descutner|
This policy establishes a process for the recording, identification, and accountability for:
University owned movable equipment items having a minimum cost of $5000 each and a useful life of over one year. This includes donated items and purchases with university funds, grants or gifts (green tag items);
Sponsor owned equipment (red tag items) in compliance with Federal Acquisition Regulation (FAR) & Uniform Guidance (UG).
The responsibility for equipment accountability is assigned to the appropriate administrator (in academic areas this is, typically the department chair; school center or institute director; or dean). In the rest of this policy, "department" will be used to refer to the administrative or academic area of accountability and its responsible leader.
Departments are responsible for certifying the accuracy of equipment inventory records on a biennial basis for green tag items and on an annual basis for red tag items.
It is the responsibility of the division of finance to maintain proper equipment records and to ensure that all items of equipment meeting the criteria above are identified by assigning a tag number.
Changes in the status of equipment must be reported to the division of finance by the department that was accountable for the equipment. The equipment status change form is to be used for this purpose. Status changes are to be reported as they occur.
Examples of status changes:
Scrapped (i.e., sent to campus recycling)
Returned to vendor
Transferred to another department due to reorganization
Transferred to another responsible person
Relocated to a different room or building
All equipment that is considered surplus is to be disposed of by contacting the moving & surplus department.
Tagged equipment may be removed from campus only with the permission of the department. Equipment taken off campus must be under the supervision of an employee of the university. The request to take equipment off campus form must be filled out and a copy sent to the division of finance prior to taking equipment off campus, and again when the equipment is returned.
Equipment inventories will be periodically audited by external auditors, internal auditors and university accounting personnel. Therefore, it is imperative that all transactions affecting movable equipment be properly recorded.
The procedures for equipment inventory control are at the following websites:
University owned equipment:
Sponsor owned equipment:
|Administrative Policy Manual
Andrea Swart revised this page
(http://www.ohio.edu/policy/19-054.html) on June 13, 2017.
|Ohio University | Athens, OH 45701 | 740.593.1000|
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