Equipment is defined as tangible personal property (including information technology systems):
1. Having a useful life of more than one year and
2. A per-unit acquisition cost equal to or greater than $5,000.
Extramurally funded projects are awarded to CHORI on behalf of the project director/principal investigator. Title to equipment acquired with external funds vests in CHORI, and must be used to carry out a project or program as awarded. All grant-funded equipment must be requested, ordered, received and managed according to finance policies.
- Item(s) purchased MUST be received through either CHORI receiving or BCHO receiving to be checked in and properly tagged.
- If any item is delivered directly to the department by a vendor, it is your responsibly to contact shipping and receiving for proper documentation and asset tag placement.
- If an item is delivered through BCHO Receiving, a copy of the receiving document must be sent to CHORI asset management so that asset databases can be properly updated.
- If the equipment is moved from one location to another, it is the original recipient’s responsibility to notify CHORI asset management. Be prepared to supply the following:
- Asset tag number
- Serial number
- Control Tag # if present
- Item description
- Original location
- New location
- Reason for move
- Assets purchased with grant funds MUST be made available for annual inventory; a designate must be able to produce the item for inspection.
- Items no longer needed (if a program completes or closes) are to be returned to CHORI for disposition.
- Non-functioning items MUST be returned to CHORI for proper disposal.
- It is the owner’s responsibility to decontaminate any lab equipment before transporting to CHORI.
- Items may not be used as a trade-in without contacting CHORI asset management and General Accounting.
- Items used for trade-in may not be used for less than the current Net-Book value.
- Items may not be sold without contacting CHORI asset management and General Accounting.
- Items used sold may not be sold for less than the current Net-Book value.