TENNESSEE TECHNOLOGICAL UNIVERSITY
INVENTORY CONTROL POLICIES AND PROCEDURES
4. Grants
4.1 Non-purchased
Equipment
Equipment obtained by loan, gift,
etc., in connection with state or federal grants or contracts shall be reported
by account number to the Property Officer and the Grant Accountant of the Business
Office, including any contractual stipulations or requirements.
4.2
Inventory of Equipment
Equipment purchased using state or federal grant or contract funds shall be included in the University's inventory. In such case, the inventory record shall be notated of the portion of the acquisition cost of the asset funded by state / federal monies.
4.3
Accountability for Property
In contractual agreements between
the grantor and the University where title to all grant or contract furnished
property remains vested with the grantor, the University will maintain
accountability for this property. The equipment will be added to the
administrative unit's inventory (See Inventory Control
Policies and Procedures Section 1.12), will appear on the computer
inventory listings and will have a Tennessee Tech inventory tag affixed. The
tag will be removed upon the return of the equipment to the grantor. A Request for Change of Accountability Form
should be processed and the Tennessee Tech inventory tag number should be
removed prior to transfer of property to Grantor.
This information is
maintained by Business & Fiscal Affairs
Last Updated: 26-JUNE-2006
For more information, contact Business
Services
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