UCAR PROPERTY MANUAL

Property Homepage Manual TOC 3--Guidance 4--Contacts 5--DPA Responsibilities
6--Meeting Notes 7--Responsible Person Duties 8--Sensitive Property 9--Capitalization Guidelines

Section 3-1: Definitions

Acquisition Cost
The net invoice price of the equipment, including the cost of modifications, testing, attachments, accessories, or auxiliary apparatus necessary to make the property usable for the purpose for which it was acquired. Other charges, such as the cost of installation, shall be included (using an equipment object code) or excluded (using a purchase services object code) from the unit acquisition cost in accordance with UCAR's regular accounting practices.

Except for constructed assets (Section 3-2), it is assumed that an entire fixed asset will be purchased and placed in service within a period not to exceed 6 months. Acquisition over a longer period may signal a constructed asset.

Add-On
A component (1 item) added to a FA more than 6 months after the original acquisition (or completion if a constructed asset) and which can be procured in a 55xx object code and its cost added to the original depreciable cost of the asset. (To determine whether a component qualifies as an Add-On, see Fixed Asset Definition and Types, Add-Ons, Section 3-2.)

ADP
Automated Data Processing.

Asset
(See Fixed Asset.)

Contractor Acquired Property
Property purchased or otherwise provided by UCAR for performing an agreement, title to which is vested according to the terms of the agreement funding the acquisition.

DPA
Division/Department Property Administrator. (See DPA Duties and Responsibilities, Section 5.)

Equipment
(See Fixed Asset.)

Excess
Property under the control of any Federal awarding agency that, as determined by the head thereof, is no longer required for its needs or the discharge of its responsibilities. Such equipment may be transferred to another Federal awarding agency and, through that agency, to an entity funded by them, such as UCAR.

This should not be confused with Government Furnished Equipment (see below).

FA
Fixed Asset.

FAR (Federal Acquisition Regulations)
The Federal Acquisition Regulations (FAR) system was established by the U.S. Government General Services Administration to establish uniform policies and procedures for acquisition by all executive agencies, including their contractors and subcontractors. UCAR agreements that incorporate FAR clauses may require additional, or different, steps in property management. See the individual agreements and the UCAR Property Manual for guidance.

Fixed Asset
Is of a durable nature (nonexpendable) with an expected useful life of at least 1 year, will retain its individual identity (including all component parts) throughout its useful life and, costs $5,000 or more. (In the context of this Manual, "fixed asset", "property" and "equipment" have the same meaning with the exception of use in Sensitive Property discussions).

Government Furnished Equipment (GFE)
Equipment owned by and in the possession of the government and subsequently delivered to or otherwise made available to UCAR for use under specified contracts and grants. Such equipment is returned to the government at the end of the contract or grant through which it is provided.

This should not be confused with acquisitions from government excess which remain with UCAR until no longer needed.

Government Property
All property owned by or leased to the Government or acquired by the Government under the terms of the agreement. It includes both Government-furnished property and contractor-acquired property.

Intrinsic
Of or relating to the essential nature of a thing; inherent.

Inherent
Existing as an essential constituent or characteristic; intrinsic.

Non-Fixed Asset
Equipment which does not meet the definition of a Fixed Asset.

Object Code
An object code is a 4-digit number identifying a type of financial transaction. The 4 places in the number have the following meanings:

• 1st - primary classification (i.e., expense, revenue, etc.)
• 2nd - secondary classification (i.e., tangible matls & supplies, service, or property)
• 3rd & 4th - describe item or type of service
  

Personal Property
Tangible property of any kind except real property.

Prior Approval
Written approval by an authorized official evidencing prior consent.

Property
All property, both real and personal. It includes facilities, material, special tooling, special test equipment, and agency-peculiar property. (See Fixed Asset.)

Real Property
Land, including land improvements, structures and appurtenances thereto, but excludes movable machinery and equipment.

Salvage
Property that, because of its worn, damaged, deteriorated, or incomplete condition or specialized nature, has no reasonable prospect of sale or use as serviceable property without major repairs, but has some value in excess of its scrap value. (FAR 45.501.)

Scrap
Property that has no value except for its basic material content. (FAR 45.501.)

Sensitive Property
As a rule, any item (individual or system) which has an acquisition cost less than $5,000 and is

• easily portable (i.e. laptops, PDAs)
  
  
• expensive new technology
  
  
• adaptable to personal use

Such items are prone to loss or theft and should be labeled with Sensitive Property tags (REDtags) to facilitate tracking, unless extenuating circumstances, such as age or condition, deem otherwise. (See Sensitive Property Procedures, Section 8.)

Surplus
Property not required for the needs and the discharge of the responsibilities of all Federal agencies, as determined by the General Services Administration.

UCAR-Accountable
Property for which UCAR is held accountable. (See Accountability.)

UCAR Property
Property to which title is vested in UCAR, whether secured with general UCAR funds or funds derived from external sources.

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