Source: http://www.nmt.edu/property-control/614-property-office-definitions
Timestamp: 2013-05-21 16:35:55
Document Index: 702109937

Matched Legal Cases: ['art 15', 'art 16', 'art 16', 'art 16', 'art 16', 'art 16', 'art 16', 'art 2', 'art 16', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 15', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 15', 'art 2', 'art 15', 'art 2', 'art 2']

Accessory Item - any item which facilitates or enhances the operation of plant equipment, but is not essential for its operation. (FAR 45.501)
Account Code - means that part of the Institute Banner FOAP which indicates the category of the expenditure. Accountability - The obligation imposed by law, lawful order, or regulation, accepted by a person for keeping accurate records to ensure control of property, documents or funds, with or without possession of the property. The person who is accountable is concerned with control while the person who has possession is responsible for custody, care and safekeeping. Accountable Department - That department or unit of the Institute having physical control and accountability for property or equipment, (i.e., using departments or sponsoring departments for an award). Acquisition Cost of Equipment - the net invoice unit price of an item of equipment, including the cost of any modifications, attachments, accessories, or auxiliary apparatus necessary to make it usable for the purpose for which it is acquired. Ancillary charges, such as taxes, duty, protective in-transit insurance, freight and installation shall be included in or excluded from acquisition cost in accordance with the organizations' regular written accounting practices. (OMB Circular A-122 Part 15 Equipment and other capital expenditures) Agency - any governmental entity, which includes: any department, institution, board, bureau, court, commission, district or committee of the government of the state; district courts, magistrate courts, district attorneys; charitable institutions for which appropriations are made by the legislature; every political subdivision of the state, created under general or special act which receives or expends public money from whatever source derived, including but not limited to counties, county institutions, boards, bureaus or commissions; municipalities; drainage, conservancy, irrigation or other special districts; and every office or officer of any of these organizations. (New Mexico Administrative Code 2.20.1.7) Agency Peculiar Property - Government-owned personal property that is peculiar to the mission of one agency (e.g., military or space property). It excludes Government material, special test equipment, special tooling and facilities. (FAR 45.301) Allocation - the process of assigning a cost, or a group of costs, to one or more cost objective, in reasonable and realistic proportion to the benefit provided or other equitable relationship. A cost objective may be a major function of the institution, a particular service or project, a sponsored agreement, or in Facilities and administrative (F&A) cost activity, as described in Section F of OMB Circular A-21. The process may entail assigning a cost(s) directly to a final cost objective or through one or more intermediate cost objectives. Allowable Expenditures - Charges authorized under a sponsored award, i.e. grant, contract, cooperative agreement or other legal agreement. Per OMB Circular A-21 Part 16b: The following rules of allowability shall apply to equipment and other capital expenditures: Part 16b (1): Capital expenditures for general-purpose equipment, buildings, and land are unallowable as direct charges, except where approved in advance by the sponsoring agency. Part 16b (2): Expenditures for special purpose equipment are allowable as direct charges with the approval of the sponsoring agency. Part 16b(3): Capital expenditures for improvements to land, buildings, or equipment which materially increase their value or useful life are unallowable as direct charges, except where approved in advance by the sponsoring agency. Part 16b (4): Capital expenditures are unallowable as Facilities and Administration (F & A) costs. See Section J.12 for allowability of depreciation or use allowances on buildings, capital improvements, and equipment. Also see Section J.38 for allow ability of rental costs on land, buildings, and equipment. (OMB Circular A-21 Part 16b) Auxiliary Item - an item without which the basic unit of plant equipment cannot operate. (FAR 45.501) Award - financial assistance that provides support or stimulation to accomplish a public purpose. Awards include grants and other agreements in the form of money or property in lieu of money, by the Federal Government to an eligible recipient. The term does not include: technical assistance, which provides services instead of money; other assistance in the form of loans, loan guarantees, interest subsidies, or insurance; direct payments of any kind to individuals; and, contracts which are required to be entered into and administered under procurement laws and regulations. (OMB Circular A-110 Part 2e)
Buildings and Structures - A classification of Fixed Assets that are permanently fixed to land. (NMAC Chapter 20 {2.20.1.9})
Capital Expenditures - the cost of the asset including the cost to put it into place. Capital expenditure for equipment, for example, means the net invoice price of the equipment, including the cost of modifications, attachments, accessories, or auxiliary apparatus necessary to make it usable for the purpose for which it is acquired. Ancillary charges, such as taxes, duty, protective in transit insurance, freight, and installation if any be included in, or excluded from, capital expenditure cost in accordance with the institution's regular accounting practices. (OMB Circular A21 Part 16a (2)
Chattel - an item of personal property that is not freehold land and that is not intangible.
Closeout - the process by which a Federal awarding agency determines that all applicable administrative actions and all required work of the award have been completed by the recipient and Federal awarding agency. (OMB Circular A-110 Part 2g) Cognizant Agency - the Federal agency responsible for negotiating and approving indirect cost rates for a non-profit organization on behalf of all Federal agencies. (OMB Circular A-122) Common Item - material that is common to the applicable Government contract and the contractor's other work. (FAR 45.601) Contract - a mutually binding legal relationship obligating the seller to furnish the supplies or services (including construction) and the buyer to pay for them. It includes all types of commitments that obligate the Government to an expenditure of appropriated funds and that, except as otherwise authorized, are in writing. In addition to bilateral instruments, contracts include (but are not limited to) awards and notices of awards; job orders or task letters issued under basic ordering agreements; letter contracts; orders, such as purchase orders, under which the contract becomes effective by written acceptance or performance; and bilateral contract modifications. Contracts do not include grants and cooperative agreements covered by 31 U.S.C. 6301, (FAR Part 2 – Definitions of words and terms). Contractor - The Board of Regents of the Institute. Contractor-Acquired Property (CAP) - property acquired or otherwise provided by the contractor for performing a contract and to which the Government has Title. (FAR 45.101) Contracting Officer - The duly authorized individual delegated by appropriate authority to enter into contract and thereafter administer the contract on behalf of the Federal Government. Cost-Sharing or Matching - that portion of project or program costs not borne by the Federal Government. (OMB Circular A-110 part 2(i)) Custodial Records - a written memorandum of any kind, such as requisitions, issue hand-receipts, tool checks, and stock record books, used to control items issued from tool cribs, tool rooms, and stockrooms. (FAR 45.501) Date of Completion - the date on which all work under an award is completed or the date on the award document, or any supplement or amendment thereto, on which Federal sponsorship ends. (OMB Circular A-110 part 2j) Deliverable - An item fabricated by the contractor to be turned over to the awarding agency at the end of the Award. Demilitarization (D-mil) - rendering a product designated for demilitarization unusable for and not restorable to, the purpose for which it was designed or is customarily used. (FAR 45.601) Department - is defined as the Institute’s department, division, program, or group within the university. Disallowed Costs - those charges to an award that the Federal awarding agency determines to be unallowable, in accordance with the applicable Federal cost principles or other terms and conditions contained in the award. (OMB Circular A-110 part 2k) Discrepancies Incident to Shipment - all deficiencies incident to shipment of Government property to or from a contractor's facility whereby differences exist between the property purported to have been shipped and property actually received. Such deficiencies include loss, damage, destruction, improper status and condition coding, errors in identity or classification, and improper consignment. (FAR 45.501)
Emergency Procurement - Emergency procurements for capital assets covers the acquisition of equipment, which if not immediately acquired, will endanger human life or health, Institute property, or the functional capability of the Institute. (National Property Management Association)
Or: An article of non-expendable, tangible personal property having a useful life of more than one year and an acquisition cost which equals or exceeds the lesser of the capitalization level established by the organization for the financial statement purposes, or $5,000 (OMB Circular A-122 part 15a1) Excess Property - property under the control of any Federal agency that, as determined by the head thereof, is no longer required for its needs or the discharge of its responsibilities. (OMB Circular A-110 Part 2m) Exempt Property - tangible personal property acquired in whole or in part with Federal funds, where the Federal awarding agency has statutory authority to vest title in the recipient without further obligation to the Federal Government. An example of exempt property authority is contained in the Federal Grant and Cooperative Agreement Act (31 U.S.C. 6306), for property acquired under an award to conduct basic or applied research by a non-profit institution of higher education or non-profit organization whose principal purpose is conducting scientific research. (OBM Circular A-110 Part 2n) FAR - Federal Acquisition Regulations Fabricate - To Manufacture, build, make, or otherwise put parts together to make a whole unit. Fabricated Equipment - Components or parts purchased from one or more vendors and put together in-house (By the Institute staff or students) to form one item meeting the State of New Mexico definition of equipment. Facilities - when used in other than a facilities contract, means property used for production, maintenance, research, development, or testing. It includes plant equipment and real property (See 45.10). It does not include material, special test equipment, special tooling, or agency-peculiar property. (FAR 45.301) Facilities and Administrative Costs - mean costs that are incurred for common or joint objectives and, therefore, cannot be identified readily and specifically with a particular sponsored project, an instructional activity, or any other institutional activity. F & A costs are synonymous with "indirect" costs (OMB Circular A-21 Section B)
Facilities Contract - A contract under which Government facilities are provided to a contractor or subcontractor by the Government for use in connection with performing one or more related contracts for supplies or services. It is used occasionally to provide special tooling or special test equipment. Facilities contracts may take any of the following forms: A facilities acquisition contract providing for the acquisition, construction, and installation of facilities A facilities use contract providing for the use, maintenance, accountability, and disposition of facilities A consolidated facilities contract, which is a combination of a facilities acquisitions and a facilities use contract. (FAR 45.301)
Federal Awarding Agency - the Federal agency that provides an award to the recipient. (OMB Circular A-110 part 2o) Federal Funds Authorized - the amount of Federal funds obligated by the Federal Government for use by the recipient. This amount may include any authorized carryover of unobligated funds from the prior funding periods when permitted by agency regulations or agency implementing instructions. (OMB Circular A-110 part 2p) Federal Share - of real property, equipment, or supplies means that percentage of the property's acquisition costs and any improvements paid with Federal funds. (OMB Circular A-110 part 2q) Fixed Asset - any property or equipment that has an initial value to an agency, whether in cash or trade value, of more than five thousand dollars ($5,000). It is not acquired for subsequent sale or consumption but for utilization in the course of an agency's normal operations in producing and distributing goods or rendering services. The asset is expected to be used or held beyond the fiscal year in which it was acquired without being consumed by its use. Fixed assets including those assets constructed by agency personnel. This five thousand dollar ($5,000) threshold for capitalization is a minimum and does not preclude agencies from controlling assets of lesser value through their fixed asset systems when such control is desirable or appropriate. Accounting: Or: Fixed Asset (Accounting) - also known as property, plant, and equipment (PP&E) is a term used in accounting for assets and property, which cannot easily be converted into cash. In most cases, only tangible assets are referred to as fixed. Fixed assets normally include items such as land, buildings, vehicles, furniture, office equipment, computers, fixtures and fittings and plant and machinery.
Found Equipment or Property - Equipment discovered either by the Property Office or by a department that is not on inventory record and meets the State of New Mexico definition of equipment or inventoriable property. Full and Open Competition - when used with respect to a contract action, means that all responsible sources are permitted to compete. (FAR 2.101 Definitions) Funding Period - the period of time when Federal funding is available for obligation by the recipient. (OMB Circular A-110 part 2r) Furniture and Fixtures - These are assets that are not permanently fixed to land, but are the contents of a building. (NMAC Chapter 20 {2.20.1.9}) General Purpose Equipment - equipment which is usable for other than research, medical, scientific, or technical activities, whether or not special modifications are needed to make them suitable for a particular purpose. Examples of general-purpose equipment include office equipment and furnishings, air conditioning equipment, reproduction and printing equipment, motor vehicles, and automatic data processing equipment. (OMB Circular A-122 Part 15a4) Or:
Government - United States of America; federal government, unless otherwise specified as in "state government." Government Furnished Property (GFP) - all property owned by or leased to the Government under the terms of the contract. It includes both Government-furnished property and contractor-acquired property as defined in this section. This is property or equipment that is provided by the awarding agency without which the contractor or grantee cannot perform the agreed upon service or research, without considerable additional expense. (FAR 45.101)
Inventoriable Equipment - Institute equipment that has an acquisition value of $5,000.01 or more is freestanding and has a normal life expectancy of two years or more. Inventoriable Property - Assets with an original acquisition cost or fair market value greater than $1,000 but less than $5,000, having a life expectancy greater than 2 years, and is free standing or an integral component of an existing item. Institute - is the New Mexico Institute of Mining and Technology.
Sensitive Property – means property potentially dangerous to the public safety or security if stolen, lost, or misplaced, or that shall be subject to exceptional physical security, protection, control and accountability such as classified property, weapons, ammunition, explosives, controlled substances, radioactive materials, hazardous materials or wastes, or precious metals. (FAR 45.601). This also includes, but is not limited to: Proprietary information, software, personal data, social security numbers, or any information which could compromise ones identity. Small Awards - a grant or cooperative agreement not exceeding the small purchase threshold fixed by 41 U.S.C. 403(11) (currently at $25,000). (OMB Circular A-110 part 2ee) Software - is a computer or instrument operating program, database and any documentation associated with the operating program. If software meets the State of New Mexico definition of equipment, it will be capitalized as equipment. Software License - Is the legal authority to use a computer or instrument program, database and documentation thereof. Sole Source - are procurements that by virtue of the performance specifications or uniqueness of the product are available from a single source. These procurements may include but are not limited to, the requirements of performance compatibility with existing equipment. Restrictive specifications shall only be used when the asset is unique in technical design, and must meet compatibility, maintainability or standardization requirements. Brand name or design specifications shall not be sufficient justification for sole source. (National Property Management Association) Source of Funds - means the agency providing the monies, i.e. the State of New Mexico, Federal Government, Department of Defense, NASA, private industry, etc. Special Purpose Equipment - means equipment, which is usable only for research, medical scientific or technical activities. Examples of special purpose equipment include microscopes, x-ray machines, surgical instruments and spectrometers. (OMB Circular A-122 Part 15a1)
Termination - the cancellation of Federal sponsorship, in whole or part, under an agreement at any time prior to the date of completion. (OMB Circular A-110 part 2jj) Third Party In-Kind Contributions - the value of non-cash contributions provided by non-Federal third parties. Third party in-kind contributions may be in the form of real property, equipment, supplies, and other expendable property, and the value of goods and services directly benefiting and specifically identifiable to the project or program. (OMB Circular A-110 part 2kk) Title - ownership Utility Distribution System - includes distribution and transmission lines, substations, or installed equipment forming an integral part of the system by which gas, water, steam, electricity, sewerage, or other utility services are transmitted between the outside building or structure in which the services are used and the point of origin, disposal, or connection with some other system. It does not include communication services. (FAR 45.501) Value - Worth or usefulness of any item to an individual, monetary value in exchange for something, rate, charge, assessment. Work-in-Process - material that has been released to manufacturing, engineering, design, or other services under the contract and includes undelivered manufactured parts, assemblies, and products, either complete or incomplete. (FAR 45.501)
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