1004.5 Equipment Property Management System

Subject Area: Accounting
Responsible Office: Financial Services
Sponsor: Associate Vice President for Finance
Originally Issued: December 1989
Revised: February 2004, January 2010
Refer Questions To: Craig Elmore; celmore@uchicago.edu

Purpose: To ensure proper management and control of equipment.

Policy

1. All equipment owned by the University, including equipment purchased through sponsored programs, is subject to University policy.

2. The safeguarding and use of movable equipment assigned to a department is the responsibility of the department chairperson.

3. The purchase of equipment with University funds for personal or private use is prohibited.

4. Use of University property in an off-campus location must be approved by the department chairperson.

5. Financial Services is responsible for maintaining a permanent, detailed record of all fixed and movable equipment owned by the University, including sponsored program acquisitions and gifts of equipment. (Please see Financial policy 1004.1.)

6. Financial Services is responsible for maintaining a permanent, detailed record of all fixed and moveable equipment used by the University but owned by the federal government or other external agencies. Such equipment will be assigned a unique property tag and will remain part of the permanent property records until disposed of.

7. Departments must notify the Development Office and Financial Services of all gifts of equipment that have been received.

8. Financial Services must be notified of any changes in status of equipment such as relocation or disposal. All changes in status are to be recorded in the permanent inventory record. (See Financial Policy No. 1004.3, Disposal of University Owned Equipment.)