Policy: Management of Equipment and Real Property Purchased with Grants (in accordance with 2 CFR 200.313 of the OMB Uniform Guidance)
Effective: July 1, 2018
- The Principal Investigator is responsible for purchasing equipment in accordance with The College’s Procurement Policy for Government Grant Funded Purchases.
- Title to equipment acquired under a Federal award will vest in The College upon acquisition, unless otherwise specified.
- Equipment shall be tagged with an asset number as property of The College, and records shall be maintained.
- A physical inventory of equipment shall be taken at least once every two years and reconciled to the equipment records.
- An appropriate control system shall be used to safeguard equipment.
- Equipment shall be adequately maintained by the Principal Investigator.
- Equipment must be used by The College in the program or project for which it was acquired as long as needed, whether or not the project or program continues to be supported by the Federal award.
- When no longer needed for the original program or project, the equipment may be used in other activities, with written approval from the Federal awarding agency.
- The College may not dispose of or encumber the title to real property without prior approval of the Federal awarding agency.
- For as long as the Federal Government retains an interest in the equipment, The College must not use equipment acquired with a Federal award to provide services for a fee that is less than private companies charge for equivalent services.
- When acquiring replacement equipment, The College may use the equipment to be replaced as a trade-in or sell the property and use the proceeds to offset the cost of replacement property.
- When equipment with a current per unit fair market value of $5,000 or more in no longer needed for a Federal program, it may be retained or sold with the Federal agency having a right to the proportionate amount (percent of Federal participation in the cost of the original project) of the current fair market value. The College must obtain disposition instructions, if required by the terms and conditions of the Federal award.