Asset Management Policy

Summary

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.

Who this policy applies to

Any CS&S project, individual, employee, or contractor that purchases tangible assets using federal funds must follow this policy.

Definitions

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.

Context

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.

Process

New Asset

1. A project, employee, or contractor uses federal funds to purchase a tangible asset.
   1. Tip: Use your company-issued federally-designated credit card.
2. The individual making the purchase self-reports the purchase using a form provided by CS&S.
   1. Complete the Asset Control Form.
   2. Check the box for “new asset”.
   3. CS&S monitors transactions on federal awards to ensure asset reporting is completed. We’ll contact you if you forget to fill out the form.
3. CS&S generates an Asset ID number and provides it to the individual responsible for the tangible asset.
4. The individual responsible for the asset affixes the Asset ID to the asset.
   1. Use a marker, sticker, or tape to write the Asset ID number on the asset.
5. The New Asset Control process is complete. We’ll send reminders for you to recertify the asset by completing the Asset Control Form every year.

Changes to an Existing Asset

1. If there is a change of information related to the asset, such as a change of address or change of responsible person:
   1. Complete the Asset Control Form.
   2. Check box for “existing asset information change/update”.
2. The Asset Control process is complete. We’ll send annual reminders to recertify the asset.

When the asset is no longer needed

1. When the award concludes or the asset is no longer needed to carry out activities of the award:
   1. Complete the Asset Control Form.
   2. Check the box for “asset disposition”.
   3. Await instruction from CS&S or the federal agency to determine next steps. The Federal agency may request that we return the asset so it can be disposed of, donated, or used by the agency elsewhere.

Annual Recertification

1. CS&S prompts annual asset recertifications for all assets on record.
   1. Every year in September, the responsible person confirms the asset details by completing the Asset Control Form.
   2. Check the box for “existing asset annual recertification”. Make changes to asset details as needed and submit the form.
   3. The Asset Control process is complete. We’ll send annual reminders to recertify the asset for the duration of the award period, or until the asset is deemed no longer needed.