Equipment Acquisitions - Determining Ownership

Ownership:

  • Tells who has the legal or rightful title to the property.
  • Allows the owner to make decisions regarding the property.  
  • Is especially important during the acquisition and disposition phases as well as the beginning and end of the lifecycle of an asset.
  • Is established based on the funding source and the grant or contract language.

There are three types of ownership:

  • Federal - Equipment purchased with funds provided by a federal grant and/or contract where the federal agency retains title to the property.
    • Equipment is purchased and/or furnished by the government for its intended research.
    • University is accountable to the federal agency for the item.
    • At the end of the research project, the University may be required to return the item or the federal agency may donate it to the University for continued research.
  • Agency -  Equipment purchased with funds provided by private donors through a grant or contract where the private agency retains title to the property.
    • Equipment is purchased and/or furnished by the private agency for its intended research.
    • University is accountable to the private agency for the item.
    • At the end of the research project, the University may be required to return the item or the private agency  may donate it to the University for continued research.
  • State - Equipment purchased, gifted, or transferred-in on a state or gift budget is University titled, and falls under State property regulations along with any federal or private grant/contract where title is not retained by the agency at the time of acquisition.

 

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