Property Accounting - Guidelines & Procedures

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• Property Control Registration Form  
• Transfer of Title for Incoming Professors  
• Transfer of Title for Exiting Professors  
• Authorization to Remove Equipment  
• Fabrication(s)  
• Guideline for Disposal of Property  
• Physical Inventories  
• Property Control, Responsibility, and Procedures Policy No. 809-03  
• Management and Disposition of Property (OMB A-110) / refer to Property Standards, sections .30 - .37  

Property Control Registration (download PDF , see Definitions , complete form online )
Property Control Registration - Hazardous (download PDF , see Definitions )

The Purpose of the Property Control Registration Form is to document the purchase of equipment. When completed, submit the form to Payment Solutions with the Purchase Order and include the following information (if available):

Property Control Registration Form Required Information

• Accurate Description
• Component Asset Tag number
• Total Cost
• Responsible Org / Department name
• Location (including building name and room number)
• Purchase Order number
• Manufacturer
• Make
• Model number
• Serial number
• Funding Source
• Name and location of who completed the PCR Form
• Name and location of person receiving asset tag

If additional assistance is needed, please contact:

Patricia Hall-Jones
MS 70
Phone: ext. 3429
patj@rice.edu

or

Chanda Kerlegon
MS 70
Phone: ext. 3428
cmk1@rice.edu  

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Transfer of Title for Incoming Professors ( PDF  or Excel )

When an incoming professor transfers equipment from his/her previous university, the following actions are required:  

1. Complete the Transferred Property Form ( PDF  or Excel ) and send it to Property Accounting in the Controller's Office with the required documentation (described below).
2. Complete a Property Control Registration Form ( PDF ) for each piece of equipment.
3. Provide a copy of the approval(s) to transfer equipment from previous institution.
4. Provide documentation of original acquistion date and cost of each piece of equipment. This allows Property Accounting to determine whether the items meet Rice's capitalization threshold. If original purchasing information is not available, this information must be provided on the Transferred Property Form. In this case, the Property Accounting Office or other authorized official of the transferring institution must sign the form.
5. If any of these items are part of a fabrication that is new to Rice, complete a Fabrication Form . If they are part of an existing fabrication, provide the fund number.
6. If any Rice Purchase Order(s) or invoice(s) payable to Rice have been created or paid in association with this transfer, provide a copy of each.

If the previous institution is being paid as a condition of this transfer, provide a copy of the agreement, or a written description of the agreement, and the current status of payments.

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Transfer of Title for Exiting Professors ( PDF  or Excel )

If a professor who is leaving Rice wishes to transfer the title of Rice-owned equipment, the following actions are required:  

1. The Office of the Vice President of Finance (VPF) should receive a memo from the Dean of the school, Chair, Department Administrator, etc. indicating his/her belief that the transfer is appropriate for whatever reasons; that the equipment is not something that should remain at Rice for other research; and that the payment is fair to Rice University.
2. Attach a detailed listing of all equipment using the Transfer of Title for Exiting Professors Form ( PDF  or Excel ) including the asset numbers and/or the purchase order numbers and submit a copy to Property Accounting .
3. Property Accounting will review the list to ensure a clear title for the equipment and advise the VPA and department.
4. Assuming no funding agency complications (no clouded title or other problems) and after confirming with the Provost's office, VPF will issue a bill of sale upon receipt of check or electronic transfer. The proceeds of the sale must go back into the grants used to purchase the equipment if they remain open. The proceeds can go into a department designated fund or grant(s) subject to award's terms and conditions.

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Authorization to Remove Equipment ( PDF )

Complete an Authorization to Remove Equipment from Rice University Form ( PDF ) prior to equipment leaving university. If to be shipped off campus the form should be submitted with PO to Payment Solutions. The form must have employee signature and department head or approving authority signature prior to equipment leaving campus.

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Fabrication(s) ( PDF )

Individual items which  cannot function or stand alone and ultimately will have a unit cost of $5,000 or more .

Fabrication Procedures:  

1. Complete a Notice of Fabrication Form ( PDF ), which is available from the Controller's Office Forms section of the web site. Copies of POs are not required, although a listing of the major costs is required either directly on the form or as an attachment. Please be sure to indicate the Fund-Org-Acct of the funding sources of the item. Forward the form to Property Accounting .
2. Property Accounting, Research & Cost Accounting and the Office of Sponsored Research (if necessary) will review the request and approve it or deny it. New sub-fund number for the fabricated item will be established. Research and Cost Accounting or Current Funds Accounting will inform you of the fund number and will process the budget revision to transfer the funds to the new sub-fund.
3. This new Fabrication Fund number will be used for all costs relating to the equipment and a capital account code is to be used for all charges. There is no need to identify each item of cost as a component because the fund number does this for you.
4. For Research Funds, a Procurement briefing is needed if an individual item is equal to or exceeds the $5,000 capital equipment level.

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Guideline for Disposal of Property

The Rice Classifieds website is design to promote the transfer, purchase, or disposal of items owned by the University. This system should be a dramatic improvement over the previous Greensheet process. It encourages and empowers the disposition of items at the individual departmental level.

If an item is scheduled to be transferred, sold, or disposed of; the following actions are required:  

1. The item will need to have prior approval by the department head before posting on the Rice Classifieds system.
2. If the item was purchased on research funds, the listing department and Research and Cost Accounting will both confirm that the item is available for transfer, sale, or disposal.
3. If the item is a previously-used piece of lab equipment (including but not limited to, research equipment, glassware, measurement tools, refrigerators, etc), then the Office of Environmental Health and Safety will need to confirm the appropriate method of transfer, sale, or disposal.
4. The department will post the item for 2 weeks on the Rice Community (On-Campus Listing). This is for a sale / transfer of an item within Rice University (interdepartmental transfers).
   1. Department receives bids on a first come first serve basis.
   2. Department accepts or rejects individual bids.
   3. At the end of the 2 week period, the listing is moved to an Off-Campus Listing.
    
5. The department will post the item for 2 weeks to the Off-Campus Rice Community disposition category. This is sale for non-Rice use . During this time, the item can still be listed for interdepartmental transfers as well.
   1. Department receives bids on a first come first serve basis.
   2. Department accepts or rejects individual bids.
   3. At the end of the 2 week period, the item can be disposed of in any manner the department sees fit, including trash.
    

If an offer is accepted:  

1. The listing / selling department will provide the purchaser with an invoice including all pertinent item identification and account codes.
2. The purchaser will transmit funds to the Rice University Cashier's Office.
3. The Cashier's Office will transfer the funds to the appropriate Rice account and provide the purchaser with a stamped receipt.
4. The receipt is shown to the listing / selling department and the item is transferred to the new owner.

Otherwise, the property is available for disposal.  

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Physical Inventories

Biennial Inventories  

All equipment will be subject to a physical inventory every two years. Physical inventory downloads will be furnished to departments every two years or as requested. Chairmen and administrative officers, or their authorized representatives, will verify its completeness and accuracy or make necessary changes and forward via email to the Property Administrator within 60 days after date of the download or two weeks prior to scheduled inventory (which will be announced via email to all departments). It is the department's responsibility to maintain control of its assets .

It is the responsibility of the department coordinator to disclose and/or open any locked or inconspicuous areas during the inventory.  

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