Policy Statement

The University will maintain a property manual to safeguard and maintain tangible property at Michigan Tech, to comply with University and government requirements, and to properly account for capital assets on the University financial statements.

Policy Requirements

Reason for Policy

As a recipient of Federal support under sponsored programs, Michigan Tech must comply with Federal OMB Circular A-110 for managing and safeguarding capital assets, with OMB Circular A-133, regarding program audit requirements, and the Federal Acquisition Regulation, FAR Part 45 for property management.

Related Policy Information

This policy applies to property acquired with funding originating with the University, assets acquired with funding from the Federal government or other external sources, or items received by the University by gift or loan.

Exclusions

Contacts

Definitions

http://www.admin.mtu.edu/acct/dept/prop/prop_mgt/ch2s1.html

Responsibilities

http://www.admin.mtu.edu/acct/dept/prop/prop_mgt/ch1s1.html

Procedures

In support of this policy, the following procedures are included:

See link: http://www.admin.mtu.edu/acct/dept/prop/prop_mgt/index.html

Forms and Instructions

In support of this policy, the following forms/instructions are included:

None.

Appendices

History