Ownership
- Tells who has the legal or rightful title to the property.
- Allows the owner to make decisions regarding the property.
- Is especially important during the acquisition and disposition phases as well as the beginning and end of the lifecycle of an asset.
- Is established based on the funding source and, if a sponsored award, the grant or contract language and/or agency policies.
Types of Ownership
Federal
Equipment purchased with funds provided by a federal grant and/or contract where the federal agency retains title to the property.
- Equipment purchased and/or furnished by the Federal government for use on a sponsored project, usually research.
- University is accountable to the federal agency for the item(s).
- At the conclusion of the project, the University may be required to return the item(s) or the federal agency may transfer ownership (title) to the University for continued use, usually on activities related to the original project activities, e.g., research.
- See the Post Award Fiscal Compliance page, 'Title to Equipment Purchased on Federal Awards' for more information.
Other Sponsored Agencies
Equipment purchased with funds provided by non-federal sponsors such as private non-profit organizations through a grant or contract where the private agency retains title to the property.
- Equipment purchased and/or furnished by the private agency or use on a sponsored project, usually research.
- University is accountable to the private agency for the item(s).
- At the conclusion of the project, the University may be required to return the item(s) or the private agency may transfer ownership (title) to the University for continued use, usually on activities related to the original project activities, e.g., research.
State
Equipment purchased, gifted, or transferred-in on a state or gift budget is University titled, and therefore falls under State property regulations along with any equipment acquired under a federal or private grant/contract where title is not retained by the agency at the time of acquisition.
Please note: Equipment purchased on sponsored grants or contracts belongs either to the agency funding the project or the University. It does not belong to the Principle Investigator unless specifically stated in the award.
See 'Title to Equipment Purchased on Federal Awards' for more detail.