The Foundation's Procurement Department maintains a federally-approved property system that is routinely audited by an agency of the federal government to ensure compliance with the Federal Acquisition Regulations and other property regulations as required by individual sponsors. All equipment items purchased with project funds or furnished to a project by the sponsor are assigned an inventory number and a Foundation identification tag. Inventory control records are created and maintained by the Foundation's Property Administrator in Purchasing. The continued maintenance of accurate records for all research equipment furnished to a project or purchased with sponsored agreement funding is the shared responsibility of the PI, equipment coordinator and department head. Property purchased on sponsored project accounts administered through the Research Foundation may not be disposed of without prior authorization from the Foundation Property Administrator or Director of Procurement.
Losses are an unallowable project expense.
Therefore, the PI's department will be held liable in the event any equipment is lost, stolen, or destroyed. Property management includes activities and documentation associated with movement and control of equipment used by research projects. The property management system is comprised of the following definitions, approval processes, procedures, notifications and forms.