2.06—Property Management

Effective: 08/28/2007
Senate Proposal: No
Responsible University Officer: Vice President for Finance
Responsible Office: Financial Services and Operations

Policy Statement

The University will maintain a property manual to safeguard and maintain tangible property at Michigan Tech, to comply with University and government requirements, and to properly account for capital assets on the University financial statements.


Reason for Policy

Reason for Policy: As a recipient of Federal support under sponsored programs, Michigan Tech must comply with the OMB Uniform Guidance and the Federal Acquisition Regulation for property management.

Related Policy Information

This policy applies to property acquired with funding originating with the University, assets acquired with funding from the Federal government or other external sources, or items received by the University by gift or loan.

Contacts

Office/Unit Name Telephone Number
Financial Services and Operations 906-487-2436

Definitions

Responsibilities

Procedures

In support of this policy, the following procedures are included:


Adoption Date

08/28/2007 Approved by CFO.

Revisions

2/14/2018 Annual review: Changed "Responsible University Officer: Vice President for Finance" and "Responsible Office: Financial Services and Operations." Changed from "As a recipient of Federal support under sponsored programs, Michigan Tech must comply with Federal OMB Circular A-110 for managing and safeguarding capital assets, with OMB Circular A-133, regarding program audit requirements, and the Federal Acquisition Regulation, FAR Part 45 for property management." to "Reason for Policy: As a recipient of Federal support under sponsored programs, Michigan Tech must comply with the OMB Uniform Guidance and the Federal Acquisition Regulation for property management." Changed contact to "Financial Services and Operations."
04/10/2017 Transfer of policy page from HTML to CMS. Business and Finance numbers renamed from "2.2000" to "2. Business and Finance". Specifically from "2.2006—Property Management" to "2.06—Property Management".
05/03/2012 To reflect current University titles and practice, MTU is now Michigan Tech and the email address for questions is now hbwebmaster.