To ensure that purchases or contributions of tangible property are appropriately safeguarded and properly recorded, the following guidelines apply in addition to the contractual requirements above for purchases of $5,000 or more and the quote requirements for purchases of $25,000 or more.
Assets purchased with USM Foundation funds or contributed to the USM Foundation, must benefit the university and usually become university property when acquired. The USM Foundation reports all purchases, and contributions, to the appropriate USM University office so the item(s) can be inventoried.
Note: There are occasional unique circumstances when ownership of equipment / furnishings is retained by the USM Foundation. Also, equipment/furnishings obtained by the USM Foundation for the purpose of conducting Foundation business is retained and owned by the USM Foundation.
In such cases, the USM Foundation tags the equipment and provides insurance and maintenance as per USM Foundation policy. Equipment / furnishings owned by the USM Foundation are capitalized and depreciated on a straight-line basis over five years using a half-year convention.