Some capital assets are classified as government-owned property. Each government-owned capital asset is identified with a Property of Michigan State University asset tag label with a unique tag number, as well as a Property of the U.S. Government label that will indicate federal ownership.
Asset records and maintenance
Government-owned capital assets will be assigned either a 6498 or 6500 object code when the asset record is created by CAM, after the Gift/Loan form and supporting documentation has been submitted by the receiving department or Contracts and Grant Administration (CGA).
Like all other capital assets, government-owned assets are managed by an assigned department on behalf of the university, including annual inventory and certification, updating the asset record, and asset transfers or retirement, as needed.
Transferred ownership
When asset ownership is transferred from the U.S. government to Michigan State University, the owning department is responsible for:
- Ensuring changes to the title or disposition instructions are approved by an authorized agency official and verified by CGA. Documentation must be attached to the asset record.
- Removal of the Property of the U.S. Government tag.
- Verifying that a Property of Michigan State University tag is affixed to the asset and that the asset tag number is accurate in the asset record.
- Updating the asset’s object code to a federally-funded object code via a Distribution of Income and Expense (DI) eDoc.
Review Section 224 of the Manual of Business Procedures for additional information on government-owned capital assets.
