Consumption - The measurement of actual use of consumable items to the planned use (budget to actual).

Materials under grants and contracts must be "consumed" or expended for the planned use.  They include assemblies, components, parts, raw and processed materials, and small tools and supplies that may be consumed in normal use in performing the business objective.

The consumption process measures actual use against planned use of materials identified to build items in the production, manufacturing, research and development process, or for services.

The physical inventory of Agency owned assets with a total cost greater than $5,000.  these inventories are distributed to campus in early January of each year and are due back to the Equipment Inventory Office by February 28/29 of the same year.

The physical inventory of Federally owned assets with a total cost greater than $5,000.  These inventories are distributed to campus in early January of each year and are due back to the Equipment Inventory Office by February 28/29 of the same year. 

Adding an inventorial asset or pending asset to an existing inventorial tagged asset.

Earned credit equipment results from in-store credit, or any similar type of credit based on accumulated spend.  An equipment item acquired through earned credit is considered equipment if it meets the equipment definition (value greater than $5,000 and a life expectancy of more than one year).

A gift is considered equipment if it meets the equipment definition (value greater than $5,000 and a life expectancy of more than one year).  University departments are responsible for approximating the fair market value of a gift at the time of receipt.  If the approximate fair market value is $5,000 or more and the life expectancy is more than on year, then the gift must be tagged and inventoried.

A lease that does not meet one or more of the criteria included in the Capital Lease definition.

A lease that meets one or more of the following criteria:

Documents written at award closeout or at the special request of the granting agencies. These reports list all property purchased under a grant or contract (including property under subcontractors) regardless of ownership.

Documents containing government property (property titled to the federal government and bought under an award).  The list covers property bought between the first day of the award and the federal fiscal year close.