• Property Management Manual
  • Introduction
  • What is Equipment?
  • Equipment Classifications
  • AM's Role in Property Management
  • Department's Role in Property Management
  • Tagging Procedures
  • Updating Information
  • Moves / Relocations / Transfers
  • Unlocated Property
  • Property Transfered to Another Department
  • Transfering Property to Another Educational Institution
  • Employment Termination
  • Surplus Equipment Policy
  • Equipment Disposition
  • Equipment Purchased with External Funds
  • Disposition of Federally-Owned Property
  • Property Inventory
  • Composition of the Database
  • Reports Available
  • Glossary of Terms
  • Forms

Glossary of Terms

OMB Circular A-21, "Cost Principles for Educational Institutions":

the Office of Management and Budget circular that establishes principles for determining costs applicable to Federal grants, contracts and other sponsored agreements with educational institutions.

OMB Circular A-110, "Uniform Administrative Requirements for Grants and Agreements With Institutions of Higher Education, Hospitals, and Other Non-Profit Organizations":

the Office of Management and Budget circular that sets forth standards for obtaining consistency and uniformity among Federal agencies in the administration of grants to and agreements with institutions of higher education, hospitals and other non-profit organizations.

FAR 45:

the part of the Federal Acquisition Regulation that prescribes policies and procedures for providing Government property, use and management of Government property, and reporting, redistributing, and disposing of inventory.

Acquisition cost of equipment:

the net invoice unit price of the property including the cost of modification, attachments, accessories or auxiliary apparatus necessary to make the property usable for the purpose for which it is intended. Ancillary charges, such as taxes, duty, protective in-transit insurance, freight, and installation will be included if these costs are listed on the same invoice. Spare or replacement parts, regardless of cost, will be classified as materials or supplies.

Cost sharing or matching:

that portion of project or program costs not borne by the Federal Government.

Equipment:

charges for tangible, non-expendable, personal property having an anticipated useful life of one year or more with a unit acquisition cost of $500 or greater.

Excess property:

property under the control of any Federal awarding agency that, as determined by the head thereof, is no longer required for its needs or the discharge of its responsibilities.

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.

Federal share of real property, equipment, or supplies:

that percentage of the cost of real property, equipment or supplies and any improvement expenditures paid with Federal funds.

Personal property:

property of any kind except real property. It may be tangible, having physical existence, or intangible, having no physical existence, such as copyrights, patents, or securities.

Prior approval:

written approval by an authorized official evidencing prior consent.

Property:

real property, equipment, intangible property and debt instruments.

Real property:

land, including land improvements, structures and appurtenances thereto, but excluding movable machinery and equipment.

Supplies:

expenditures for goods acquired for the purpose of current operation. These items are consumable, perishable or short lived, and are subject to material change. Also included are items of a durable nature with an anticipated useful life of less than one year or with a unit acquisition cost of less than $500.

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Last modified: May 29, 2007 12:27:40