I. Boston University Office of Property Management A. Introduction This manual has been prepared to assist University departments understand the policies and government regulations regarding moveable captial equipment from the time of acquisition through disposal. All moveable capital equipment owned by, or located at, Boston University should be identified in the Property Management System. This includes items that are donated, leased, loaned, or transferred to the University, as well as all equipment purchased by the University with either restricted or unrestricted funds. Moveable Capital Equipment is defined as any article of non-expendable tangible property (e.g., automobiles, centrifuge, electron microscope, LCD projection system, network server) that meets the following capitalization criteria:
Questions regarding Property Management policies and procedures should be addressed to the Property Management Office, Office of Grant and Contract Accounting, 25 Buick Street, Room 230, Boston, Massachusetts 02215. Property Manager:
Property Administrators:
Property Management System The Property Management System provides a central information resource where departments and administrative offices can locate a given piece of equipment by searching for an Asset ID tag number., serial number, custodian, purchase/requisition number, etc. These records are the basis for filing required reports for sponsor-funded projects as well as financial and management reporting. Audits All property that Boston University owns, or is accountable for, is subject to internal and external audits. Therefore property must be accounted for accurately and on a timely basis. B. Benefits of Effective Property Management The Property Management System offers numerous benefits to individual departments and to the University as a whole. These benefits include:
C. Government Regulations (also see Government Equipment) The federal government has established a series of standards and regulations to tighten controls on government-sponsored equipment. All institutions that receive funds for federally sponsored programs are required to maintain a property management system and comply with federal regulations. The government has the right to approve institutional policies and to audit property management systems. D. Role/Responsibilities of the Property Management Office Role The Property Management Office provides assistance with all issues regarding moveable capital equipment. Moveable capital equipment is defined as any article of non-expendable tangible property with a cost of $5,000 or greater, having a useful life of one year or greater. The Property Management Office can assist with the purchase, accounting for, and disposal of moveable capital equipment. The Property Management Office can help with proposal development, project performance, the conclusion of projects, and the retirement of equipment. Responsibilities The primary responsibilities of the Property Management Office are:
Responsibility for both University and federally owned property resides with either the Department Property Administrator or Principal Investigator. The Property Management Office provides assistance with many areas of information, including: Acquisitions
Records and Documentation
Disposal
Property Management/Government Property Administrator Interaction Per the terms and conditions of various grants and contracts, the Associate Comptroller of Grant and Contract Accounting periodically files reports with government agencies. These "equipment reports" are generated from information that is contained in the Property Management System. Information in these reports details grant or contract spending and includes date of spending, amount, and department. Further, the reports include the results of physical inventories, requests for disposition of material from the grant or contract, and contract closeout issues. E. Role/Responsibilities of the Departmental Property Administrators Role Each department must designate a Departmental Property Administrator. The Departmental Property Administrator plays a significant role in the property process, by ensuring that equipment is consistently accounted for and records are properly maintained. The Departmental Property Administrator ensures that excess equipment is deemed surplus as soon as it is no longer needed. The Departmental Property Administrator must also maintain copies of supporting documentation, stay in regular contact with people who use the equipment, and update departmental records in a timely manner. Boston University must track each asset thoughout its life cycle: from the time it arrives at the University until it leaves. In essence, Departmental Property Administrators and Property Management staff are partners in tracking and managing property. The faculty and staff in your department will also monitor the efficient use of equipment, which maximizes department budgets and ensures that property is readily available. Faculty and staff will be able to locate and utilize their equipment more readily. The University benefits tremendously from efficient management of both University and federal property. Departmental Property Administrators must attend a required training session, to ensure that they have the necessary skills to perform their job as a Departmental Property Administrator. The Property Management Office and the Office of Personnel hold training sessions periordically. Training is also available on an as-needed basis by calling the Property Management Office at (617)353-8087. Departmental Property Administrator Responsibilities
|
PROPERTY HOME MOVEABLE CAPITAL EQUIPMENT MANUAL EXPENSE OBJECT CODES (from Office of the Comptroller) INCOME OBJECT CODES (from Office of the Comptroller) FORMS CONTACT US LINKS PROPERTY TRAINING PRESENTATION |
