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.
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Equipment acquired with federal funding over $3,000 must be tagged and tracked by Asset Management and the department.
Due to federal regulations, the Asset Management Office must perform a physical inventory of equipment and reconcile it with the inventory records, at least every two years. Departments must reconcile discrepancies between the inventory report prepared by the Asset Management Office and the information in the Fixed Asset records within 60 days from the date of the physical inventory report.
For equipment purchased with federal funding, the equipment must be used only as authorized by the award.
Excess Property is equipment acquired with federal funds that is no longer needed for a sponsored project. Once the Principal Investigator (PI) determines that such property is no longer needed, the PI must report this to Sponsored Programs Administration (SPA) for appropriate action. For further information, see Property Management for Federally Owned Equipment.