In order to accomplish the work associated with a federal award it may be necessary to purchase equipment. Generally, title to equipment purchased on federally funded awards (grants) vests with New York University (NYU). If the Federal government retains title (ownership), it should be specifically identified in the award.
NYU policies and procedures establish standards to comply with federal regulations. Departments are responsible for implementing administrative controls to safeguard equipment. Departments must notify the Asset Management Office and the Office of Sponsored Programs (OSP) of any changes (loss, damage, destroyed or consumed) so inventory records are up-to-date and accurate.