Accounting
Budget
Contract & Grant
Payroll
Student Financial Policies
Treasurer's Office
Other Related Functions
|
 |
| VOLUME: I |
POLICIES RELATED TO ACCOUNTING ADMINISTRATION |
| SUBJECT: |
Ownership of University Capital Assets |
| SOURCE: |
Financial Management Services, Office of Management and Budget (OMB) Circular A-21
|
| DATE ISSUED: |
July 1992; Revised January 1996; Revised August 2008 |
| POLICY NO.: |
I-270 |
| RATIONALE: |
To establish ownership guidelines for university capital assets in the custody of Indiana University.
|
| POLICY: |
University capital assets include movable equipment, capital leased equipment, movable fabricated equipment, art and musuem objects, land, land improvements,
buildings, infrastructure, library books and leasehold improvements. The acquisition value of movable capital equipment includes the university's cost of
equipment and all additional costs necessary to place an asset in its intended location and condition for use. Additional costs that can be capitalized with
equipment purchases include the cost of the asset. For donated capital assets the acquisition value is market value.
The title to or ownership of all university capital assets are vested in the Board of Trustees of Indiana University. Title to federally purchased capital assets may be retained by the federal sponsoring agency or vested in the university, depending on the regulations of the agency and the requirement of the project. University capital assets do not become the property of the project director or the principal investigator.
|
| DEFINITIONS: |
See Cross Reference section below.
Equipment: The term "equipment" includes scientific and technical equipment, delivery equipment, office equipment, machinery, furniture and fixtures,
factory equipment and similar fixed assets.
|
| CROSS REFERENCE: |
For more detail and definition of this policy, refer to the Indiana University Capital Asset Manual, Accounting for Assets at Indiana University
at: http://www.fms.indiana.edu/cams/Manual/cams.pdf; CSOP (CAMS Standard Operating Procedures) 1.0 Capitalization Rules; CSOP 8.0 Capitalization of Movable Equipment;
CSOP 12.0 Capitalization of Fabricated Equipment; CSOP 9.0 Capital Lease Agreements; CSOP 19.0 Capitalization of Buildings; CSOP 20.0 Capitalization of Infrastructure;
CSOP 21.0 Capitalization of Land Improvements; and, CSOP 24.0 Capitalization of Leasehold Improvements.
See Accounting Administration Policies: I-140, Off-Premise Equipment Control; I-150, Capitalization of Movable Equipment; I-170, Capital Movable Asset Physical
Inventories, Tagging and Location Changes; I-190, Capitalization of Buildings; I-200 Capitalization of Land; I-210 Capitalization of Infrastructure; I-215,
Capitalization of Land Improvements; I-220, Capitalization of Capital Lease Agreements; I-230, Capitalization of Library Acquisitions; I-240, Capitalization of
Art and Museum Objects.
See Contract and Grant Policy III-70, Equipment Transfers.
|
| RESPONSIBLE ORGANIZATION: |
Financial Management Services |
Comments: vpcfo@indiana.edu
Copyright 2008, The Trustees of Indiana University
|
