It is the general responsibility of members of the faculty and administration to generally steward all items purchased with university funds. Stewarding includes, but is not limited to, the proper use, care, maintenance and safekeeping of all assets under the control of an employee’s respective unit. University funds include, but are not limited to, overhead accounts, start-up funds, grants and contracts, professional development and operating budgets.
Section 4 of the University Policy for the Management of University Funds states:
EXPENDITURE OF FUNDS
All funds, regardless of the source or the manner in which they are acquired, are considered to be University Funds. The interpretation of this policy, as well as the expenditure of these funds, is based solely on reasonable and prudent actions by university employees expending public funds.
All university employees should exercise their fiduciary responsibility in a manner consistent with the confidence and trust granted to them by the Board of Trustees in disbursement of these funds.
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Fund expenditures must meet the following minimum guidelines and criteria. These criteria represent the minimum acceptable standards, and campus guidelines may be more, but not less, restrictive…
- a. Expenditures must relate to and support the purpose for which the fund was established. Expenditures must be consistent with the statement of purpose for that fund.
- b. Expenditures from any fund must be used to promote the educational, research or public service mission of the university.
- c. University employees may not expend funds for personal gain.
- d. Any expenditure for supplies, printing, equipment, or any other real property shall conform to the University Purchasing Policy (Document T92-031, Appendix A)…
The University's Inventory Control Policy requires UMass Lowell to maintain and control all capital equipment greater than $5,000, and non-capital equipment greater than $1,000 but less than $4,999.99. Electronic, non-capital equipment is tracked at a value of $100 but less than $5,000. This allows the university to ensure compliance with federal inventory and costing policies relating to federal research. This includes equipment obtained by purchase, capital lease, and gifts/donations. See also University Capitalization Guidelines.
NOTE: The university also tracks certain electronic devices and equipment under the $1,000 threshold because the university has deemed the data they may contain to be sensitive.