Management and Accounting for Moveable Capital Equipment

Effective Date:  July 1, 2007 

Policy Statement

To establish a policy on the management, control and accounting for moveable capital equipment (herein referred to as equipment) owned by Columbia (CU) including equipment purchased under grants and contracts where title is vested in CU; or equipment owned by government agencies (i.e. equipment funded by the government under grants or contracts where title is not vested in CU and for which CU is accountable.

CU defines capital equipment as a single piece of equipment with a cost of $5,000 or more with a useful life of 2 or more years.

Reason for the Policy

To provide the CU community guidance on the management, control and accounting of CU owned or government owned equipment in order to ensure compliance with applicable Federal regulations, as well as to provide conformity with Generally Accepted Accounting Principles (GAAP)

Primary Guidance to Which this Policy Responds

Office of Management and Budget (OMB) Circular A-21, "Cost Principles for Educational Institutions"

OMB Circular A-110, "Uniform Administrative Requirements for Grants and Other Agreements with Institutions of Higher Education, Hospitals and Other Non-Profit Organizations"

Federal Acquisition Regulation (FAR), Parts 35, 45, and 52

OMB Circular A-133, "Audits of States, Local Governments, and Non-Profit Organizations"

General

CU has contracted an independent asset management firm to provide management oversight for the identification, tagging, recording and reporting of equipment assets.  The vendor will be responsible to ensure that CU's policies and procedures applicable to the accounting for equipment are compliant with Federal regulations and conform to GAAP.

An on-site property representative position will be established (herein referred to as "CU Property Coordinator") for the purpose of providing the CU community guidance on the management, control and accounting for CU owned and government owned equipment.

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