Property Management Policy & Procedure Manual
Section 000: Introductory Material
Agency-owned property is equipment in OSU's custody that is owned by an outside agency. At OSU, the term is usually applied to federally-owned equipment that belongs to the federal agency sponsoring the research for which it was acquired. It is insured by the federal government rather than by OSU.
Contractor acquired property is equipment bought by OSU with contract funds. Title may vest with the sponsor or with OSU, depending on agency regulations and the terms of the individual contract. Often title vests with OSU, but the sponsoring agency reserves the right to transfer title back to itself or to a third party at the close of the contract. The Office of Sponsored Research and Award Administration (OSRAA) supplies departments with information about how title is vested and checks the Banner invoice to see that the department has coded the equipment record accordingly.
Government-furnished property is equipment acquired by loan from a federal agency. Such property is usually furnished by the agency sponsoring the research, and is considered agency-owned. At the close of the contract, the sponsoring agency may transfer accountability for such equipment to another contract or direct that the equipment be returned to the owning agency.
Federal excess property is equipment, minor equipment, and supplies declared excess by a federal agency. It is then made available to other federal government agencies through the federal excess personal property program administered by GSA. Such property may be transferred to an eligible research contract and is treated like other government-furnished property while it is in OSU's custody. When federal excess equipment is no longer needed, it is returned into the federal excess property system.