Section 1: Introduction

The University of Mississippi is directly responsible and accountable for the acquisition, use, maintenance, movement, disposition and reporting of all property obtained with federal funds and for the maintenance and reporting of equipment provided by the Government for use on a federally funded project. For the purposes of this policy, equipment shall refer to a) Capital Equipment which is defined as any unit item with a life expectancy of at least one year and having an acquisition cost of $5,000 or more; and b) other items having a lesser value but specifically controlled by the agency. Shipping, taxes, in-transit insurance, and installation charges should be included under this category for new purchases, provided these costs are included in the original purchase order.