Federal Property

Federal Property

Compliance

The UO ensures Federal compliance by adhering to the U.S. Office of Management and Budget (OMB) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).  

Property purchased with federal grant funds is conditionally UO property subject to the requirements of the specific grant or contract making the purchase, the granting agency and the Uniform Guidance of Title 2 Code of Federal Regulations (CFR) Grant Agreements (2 CFR Part 200).

It is important that the UO account for and track government acquired property. Failure to do so could prevent the UO from receiving future grant funding.

The annual financial statements of the UO are subject to the Single Audit Act and submitted yearly to the Federal Audit Clearinghouse. 

Acquisitions

When an asset, regardless of value, is purchased using grant funds, the department must include in the text field the granting agency (supplier of grant funds), and the grant or contract ID number.

After the vendor invoice for the item is paid, Property Control will apply the UO Property Tag and take a photogragh of the asset.

Inventory Tracking

BAO Property Control performs biennial physical inventories of all equipment. This is a Federal requirement that maintains compliance with UO, Federal, State, and sponsor requirements.

Disposal

Federally funded equipment, or equipment supplied by the Federal Government, may require release by the federal agency that provided the funds or the equipment. The UO Property Control Coordinator will facilitate obtaining any federal approvals required throuch collaboration with Sponsored Project Services.