CS&S must collect data on tangible assets purchased with federal funds. The collected data is used to prepare and submit inventory reports of federally-owned property (tangible assets purchased with federal funds are considered to be owned by the federal government). The inventory report is due annually to federal funding agencies that fund CS&S projects. All tangible assets purchased with federal funds must be reported to CS&S.
Any CS&S project, individual, employee, or contractor that purchases tangible assets using federal funds must follow this policy.
From CFR Part 200:
Tangible assets are equipment or supplies that are used for the performance of activities under a federal award.
Equipment means tangible personal property (including information technology systems) having a useful life of more than one year and a per-unit acquisition cost which equals or exceeds the capitalization level established by CS&S for financial statement purposes, or $5,000. An example of equipment is a laptop computer with an acquisition cost greater than $5,000.
Supplies means all tangible personal property other than those described in the definition of equipment in this section. An example of a supply is printer ink. A computing device is a supply if the acquisition cost is less than $5,000, regardless of the length of its useful life.
Project personnel may need to acquire assets to carry out activities on a federally funded award. At CS&S, a common example of a tangible asset is a laptop computer.
Assets purchased with federal money are considered to be owned by the federal government. These assets are held in trust by CS&S during the period of performance on the award.
Upon completion of the Federal award or when the property is no longer needed, CS&S must report the property to the Federal awarding agency. The Federal agency may use the property to meet another need, dispose of the property, or donate it to an educational or charitable cause.
Changes to an Existing Asset
When the asset is no longer needed
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