UC IRVINE ADMINISTRATIVE POLICIES AND PROCEDURES
Business and Financial Affairs
Materiel Management - Property Inventory Control System
Sec. 706-14: Procedure for Property Requiring Special Handling
Responsible Office: Materiel & Risk Management
Revised: February 2007
References / Resources
- UCI Administrative Policies & Procedures
- Section 706-10, Property Inventory Control System Policy
Contact: Equipment Manager at (949) 824-6111
A. Privately Owned Equipment
If personal property is kept on campus for use in University activities, a Waiver of Liability form and an Equipment Loan Agreement form should be completed and forwarded to Equipment Management. A copy should be retained on file in the department.
Personally owned equipment being used on campus should be identified with a label to include "Personal Property of____________________."
The University is not responsible for personal property loss or damage as a result of fire or other causes.
Personal property shall not be repaired at University expense.
B. Acquisition of Surplus Property
All equipment items acquired from the State Education Agency for Surplus Property and assessed by that organization at a fair value of $5,000 or more are recorded on inventory records.
Surplus equipment is recorded at the fair value figure shown on the invoice. If the amount is not shown, Equipment Management will assign a value according to the schedule the state uses to calculate fair market value.
If initial repairs are necessary to put the equipment into operating condition, the cost is added to the value of the equipment.
Surplus property directly charged to government contracts, or indirectly charged as an element of the use allowance, is recorded at the cost figure computed on the basis of actual expense of acquisition plus the costs of handling and rehabilitation.
C. Collections of Art and Scientific Objects
See UC Business and Finance Bulletin, BUS-29, D., II.