Indiana University Seal

Ownership of University Capital AssetsFIN-ACC-I-270

Scope

All Indiana University units and employees.

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Policy Statement

University capital assets include movable equipment, capital leased equipment, movable fabricated equipment, art and museum objects, land, land improvements, buildings, infrastructure, library books and leasehold improvements. The acquisition value of movable capital equipment includes the University's cost of equipment and all additional costs necessary to place an asset in its intended location and condition for use. Additional costs that can be capitalized with equipment purchases include the cost of the asset. For donated capital assets the acquisition value is market value.

The title to or ownership of all university capital assets are vested in the Board of Trustees of Indiana University. Title to federally purchased capital assets may be retained by the federal sponsoring agency or vested in the University, depending on the regulations of the agency and the requirement of the project. University capital assets do not become the property of the project director or the principal investigator.

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Reason for Policy

To establish ownership guidelines for University capital assets in the custody of Indiana University.

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Definitions

Equipment: The term "equipment" includes scientific and technical equipment, delivery equipment, office equipment, machinery, furniture and fixtures, factory equipment and similar fixed assets.

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History

The source to this policy is:

Office of Management and Budget (OMB) Circular A-21

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