Chapter 3: Acquisition and Receiving
Acquisition is the method by which Michigan Tech obtains, receives, and becomes accountable for property.
The most common method of acquisition is purchasing. Other methods include donations, transfers, loans, leases, fabrications, and sponsor-furnished property.
Each method of acquisition has unique procedures and policies.
Receiving is the process where Michigan Tech accepts delivery of property. It is the point at which responsibility, accountability, and liability begins. During the receiving process information is collected and documents are created to ensure a complete and accurate asset record.