Use of University Equipment Property Accounting Overview Financial Analysis is a department within Financial Administration. It has overall responsibility for control of government property acquired under government contracts and grants and for insuring that the University complies with pertinent government directives concerning research equipment and material. The principal investigator and the department head share in this responsibility.
Requirements depend on the type of equipment or material, as defined herein.
Prior approval from the sponsoring government agency is usually required. In some cases the approved equipment budget may be sufficient, or additional written approval may be required depending on the agency and the type and cost of the proposed equipment. The purchase of capital equipment will usually be the most cost effective alternative for the University and the federal government but an analysis of lease and purchase alternatives should always be made to determine which would be the most economical and practical. Lease decisions must be approved by the appropriate office, as determined by the value of the lease. Even if title has been transferred the University often remains accountable to the government for proper use and disposition.