Policy and Procedure
RESEARCH POLICY SERIES
POLICY AND PROCEDURE FOR FEDERAL PROPERTY
AT
MISSISSIPPI STATE UNIVERSITY
1. FEDERAL PROPERTY
1.1 Reference
The State of Mississippi has stringent requirements with regard to property. In addition, the Federal Acquisition Regulations (FAR) - Part 45 impose additional requirements for property furnished by, owned by, or purchased with federal funds.
1.2 Definitions
Appropriate definitions are provided for in the attached "Property Manual for Government Property" revised August 2006, included in this policy by reference.
2. PROCESS
Specific processes for the purchase, inventory, reporting and disposal are required under FAR Part 45. These processes are detailed in the attached policy manual.
3. APPROVALS
The attached Procedures Manual has been reviewed and approved by the Mississippi State University's Cognizant Audit Agency, the Office of Naval Research, 101 Marietta Tower, Suite 2805, 101 Marietta Street, Atlanta, GA 30303, as a part of the Property Systems Survey concluded on June 16, 1993 and approved by reference on October 1, 1993.
4. PURPOSE
This policy shall provide by reference, Mississippi State University with procedures for the purchase, inventory, reporting and disposal of Federal Property.
5. NON-COMPLIANCE
Non Compliance with the processes and procedures detailed in the Policy Manual can result in Property Audit exceptions, fines for serious or repeated non-compliance, and suspension of Mississippi State University from receiving federal funds.
REVIEW
This policy and procedure will be reviewed every four years or as needed by the Vice President for Research and Economic Development and the Vice President for the Division of Agriculture, Forestry, and Veterinary Medicine.
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ATTACHMENTS
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Attachment A
Property Manual for Government Property (PDF)
OP 70.05
11/26/07
For information about this policy, contact the responsible/reviewing department hyperlinked above.
