What if the terms of a sponsored project define inventorial equipment to include items costing less than $1,500?
If items costing less than $1,500 purchased as part of a sponsored project are defined as inventorial equipment under the terms of the agreement, the items should be treated as inventorial equipment under the exceptions for inventorial equipment given in BUS-29, Section A, Paragraph VII.A.2. Campus inventory systems facilitate University compliance with two sets of requirements. One set of custodial obligations pertains to equipment as defined by the University. The University also has custodial obligations for other property items, independent of the University s definition of equipment. For example, the University is often contractually required to track and report property owned or loaned by an outside entity, regardless of the item s cost. Campuses must meet both sets of obligations. This Q&A document is primarily concerned with the impact of the threshold change on the treatment of equipment. Other property items requiring special treatment are described in BUS-29.
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