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Government-Funded Property

Procurement Update Regarding Uniform Guidance (UG) 2CFR 200: Changes to the procurement provisions will go into effect July 1, 2016. This date represents a one-year delay/extension of the original implementation date. UMass Lowell will follow the requirements of OMB Circular A-110 until the July 1, 2016 UG 2CFR-200 procurement implementation goes into effect.

Government furnished equipment includes Federal Excess Personal Property (FEPP) acquired through UMass Lowell as well as property supplied by federal agencies directly to principal investigators. The Property and Asset Management team will complete all paperwork and insure that equipment is entered into the university’s fixed asset inventory system. They will also check, during biennial inventories, for federal property to insure correct utilization and maintenance of this equipment.

If a Principal Investigator (PI) accepts property directly from a federal agency, the PI must notify the Property Coordinator immediately upon receipt of that property. Such property would also include any consumables/testing equipment sent to and from a location for an unspecific or specific amount of time, and any property directly received either on loan or permanently from an agency.

At the time that Government Funded Property (GFP) is delivered to the university, the Property Coordinator shall affix a property control tag and record the asset in into the University’s Asset Management System. Copies of all transmittal paperwork are filed in grant folders as well as in the Property Control Department’s inventory files.

The Property Coordinator shall perform biennial inventories of all GFP Federal Property in possession of the university and submit such reports as required. Further, the Grants and Contracts office shall perform all grant and contract closeouts, and audits of PI’s equipment will be performed in an ongoing fashion.

Following the biennial inventory of property, the Property Coordinator shall perform all physical inventory reconciliations and make all adjustments to the property records.

See more information regarding government-funded property from the U.S. Office of Management and Budget.