Chapter 5: Records

Financial Services and Operations maintains the University property records. Departmental systems will not be recognized as an official means of documenting property for the University. The records include all government owned property and property in the possession or control of a subcontractor.

Property records are prepared and maintained in the Banner fixed asset system. Records include receiving reports, invoices, purchase orders, legal documents and capital asset photos.  The location, date of purchase, net book value, model and serial numbers, and manufacturer of each asset is individually recorded.

The property records reflect the requirements by the Federal Acquisition Regulations (FAR Part 45), including:

Departments are encouraged to also record and track non-capital equipment– particularly for items that are of critical need to the work being performed, subject to potential theft, or those which may need additional control due to the value of information they contain.

Additional property records kept in Financial Services and Operations include various government property forms, transfer documentation, fabrication data, physical inventory reports, in-kind gift donations, property loans, research cost share documents, and property purchase agreements.

Records of Government Material

Government or sponsor-owned material that is not immediately consumed at the time of receipt is tracked by the PI and Financial Services and Operations should be notified upon receipt of such material. Material generally consists of component parts, precious metals or other consumable goods. Records should include:

1. Acquisition date and documentation
2. Description of the property
3. Quantity and balance-on-hand
4. Unit of measure and unit acquisition cost
5. National Stock Number, part number, or another identifier
6. Location
7. Disposition date and documentation

Physical inventory of material should be taken on a regular basis, the results of which are to be forwarded to Financial Services and Operations within five business days of the end of each calendar quarter. Final reporting of unconsumed material inventory may be required by the sponsor.

Records for Property to Which Title is Vested in the University

For agreements subject to FAR, the PI shall record a list of all property (minor equipment, supplies, and material) acquired to which title is vested in the University under the terms of the agreement. The list shall denote the following for each item of property:

1. Transaction date
2. Description of the property
3. Quantity and unit of measure
4. Vendor
5. Invoice or journal number
6. Purchase or blanket order number, or Pcard report name
7. Cost
8. Location

Each calendar quarter, departments are responsible for compiling an aggregate list of acquisitions for each applicable agreement to be forwarded to Financial Services and Operations within five business days of the end of that quarter. Physical inventory of this property should be taken on a regular basis. Final reporting of unconsumed minor equipment, supplies, and material may be required by the sponsor at the end of the project.