The Office of Property Control is responsible for the university’s asset management program. The office works with U-M schools, colleges, and units to track and tag all capital equipment valued at $5,000 or more with a useful life of greater than 1 year, as well as all sponsor-titled equipment regardless of value. University capital equipment is inventoried every two years and sponsor-titled equipment is inventoried annually.
The University has a significant investment in equipment, representing long-term commitments to fulfill its mission. The University owns and controls all equipment purchased with University funds, unless otherwise stipulated by the funding source. Custody and use of all assets is the responsibility of the various colleges and departments.
Safeguarding the University’s capital equipment assets is a priority for each custodial department and those individuals responsible for those assets. Vigilance must be maintained to ensure that equipment assets are not lost, stolen, or vandalized. Departments and their personnel should always try to be cognizant of risk regarding their equipment assets and do whatever possible to minimize that risk. Assumption of security and complacency regarding possible risk are the two most significant factors leading to asset loss.
Contact Property Control
Office of Property Control
7135 Wolverine Tower
3003 State Street
Ann Arbor, Michigan 48109-1273
Phone: (734) 764-6251
Fax: (734) 615-6235
TYPES OF ASSETS
An overview of the purchasing process can be found here. You can also contact your financial
department or email email@example.com.
REASON FOR POLICY
These policies have been established to ensure that:
Asset values are reported on the University financial statements, subject to external examinations and provide the means of allocating costs to accounting periods which are used to establish the University's F & A rate. This policy establishes various requirements to help ensure the accuracy of asset values; that equipment duties are segregated; off-campus use is restricted; and ongoing verification is made.
EQUIPMENT BOUGHT ON SPONSORED PROJECTS
In all cases where capital equipment is purchased using sponsored funds in the University general ledger system, the equipment is the property of the University and is subject to all related oversights and procedures.
If a capital equipment asset is purchased with sponsored funds, and the Principal Investigator or fellowship recipient decides to leave the University and wishes to take the item (e.g. research equipment) with them, they or the external entity must purchase it from the department in adherence with Administrative Policy: Selling Capital Equipment to External Entities or Employees.
OFF-CAMPUS USE OF U-M PROPERTY
Employees with regular appointments and students with class requirements can use university equipment at off-campus locations whenever it will benefit U-M's teaching, research, administration, and patient care. Refer to the document Off-Campus Use of U-M Property.