Chapter 5: Records

Financial Services and Operations maintains the University property records. Departmental systems will not be recognized as an official means of documenting property for the University. The records include all government owned property and property in the possession or control of a subcontractor.

Property records are prepared and maintained in the Banner fixed asset system. Records include receiving reports, invoices, purchase orders, legal documents and capital asset photos.  The location, date of purchase, net book value, model and serial numbers, and manufacturer of each asset is individually recorded.

The property records reflect the requirements by the Federal Acquisition Regulations (FAR Part 45), including:

Tag # Manufacturer Model # Serial #
Description Acquisition Method Acquisition Cost Location
Service Status PO Number Invoice Asset Category
Condition Ownership/Title Department Funding Source
Disposition Date Retired Net Book Value Depreciation
Photograph Inventory Date Contract # Vendor


Departments are encouraged to also record and track non-capital equipment– particularly for items that are of critical need to the work being performed, subject to potential theft, or those which may need additional control due to the value of information they contain.

Additional property records kept in Financial Services and Operations include various government property forms, transfer documentation, fabrication data, physical inventory reports, in-kind gift donations, property loans, research cost share documents, and property purchase agreements.

Records of Government Material

Government or sponsor-owned material that is not immediately consumed at the time of receipt is tracked by the PI. Material generally consists of component parts, precious metals or other consumable goods. This may include recording the government ID, stock number, unique identification number, unit of issue, location, and balance on hand. Physical inventory of unconsumed supplies should be taken on a regular basis. Final reporting of unconsumed supply inventory may be required by the sponsor.