Acquisition of Equipment – Gifts
Included on this page:
Definition
Gift – A
gift is considered
equipment if it meets the equipment definition (vlaue greater than
$2,000 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 $2,000 or more and the life expectancy is more than on year,
then the gift must be tagged and inventoried.
Procedure
- Department receives a gift (in-kind donation).
- Department determines the fair market value of the gift.
- Within 24 hours of receipt, department tags asset and enters it into OASIS as a "T" status asset. The item should be treated the same as a newly purchased piece of equipment. Information to be entered should include:
- UW Tag Number (contact your departmental inventory person)
- Description
- Manufacturer
- Model
- Serial Number
- Custodian/User
- Building
- Wing
- Room Number
- Status (enter - T)
- Requisition Number (enter - 000000)
- Accountable Budget
- Total Cost
- Class Code
- Date Received
- Acquisition Method (enter - GF for Gift)
- Department prepares a Gift Transmittal Form and sends the completed form to Gift Processing, Box 359505.
- Equipment Inventory reviews the OASIS entry for complete information and aproves the asset.
Forms Required
Frequently Asked Questions
For frequently asked questions related to this topic, please visit our FAQ page.
Regulations
State Administrative and Accounting Manual (SAAM), Chapter 30: Capital Assets
University of Washington Administrative Policy Statements:
Federal Regulations:
Contacts
State/University Titled
Equipment: 206-543-4663 or eio@u.washington.edu
Federally Titled
Equipment:
206-543-4640 or 206-616-4047
