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Does the University need to track equipment between $1,000.00 and $4,999.99 for contracts with the FAR clause 52.245-5 which states that title vests with Government?

April 26, 2017between $1000 clause contracts equipment track

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Does the University need to track equipment between $1,000.00 and $4,999.99 for contracts with the FAR clause 52.245-5 which states that title vests with Government?

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Yes, All contracts with FAR clause 52.245-5 will require the University to track all equipment ≥ $1000.00. In conjunction with Sponsored Projects Accounting, Property Accounting Services will analyze all contracts with FAR clause 52.245-5 on a quarterly basis to identify all equipment charges with an original cost between $1,000.00 and $4,999.which will then be recorded, tagged and tracked through the Property Accounting System. For questions about this section, please contact Rhonda Kloss, rkloss@andrew.cmu.edu, x 8.1015.