Policies and Procedures
This site presents Capital Assets Management (CAM) Office policies and procedures as they relate to federal requirements to have a system to manage Government property in its possession. These procedures relate to Principal Investigator and CAM responsibilities for the maintenance of the property management system (PSAM) for Government-owned equipment where title remains with the Federal Government.
As required by FAR 52.245-1(b)(4), Contractor Self-Assessment Process, the Office of Internal Audit conducts periodic reviews of the procedures and policies of Capital Assets Management. The scope and purpose of the review is to address the basic requirements of Government property:
- Is Federally titled property properly identified and recorded?
- Do records and processes comply with Federal property regulations?
- Are property purchases, with Federal funds accurately recorded?
- Is a physical inventory of Federal assets conducted as required?
- Are asset management records periodically reconciled to the general ledger and to the actual Federal property?
For information regarding the acquisition and ownership of University of Iowa-titled equipment, please see CAM University-Owned Equipment Procedures.
University of Iowa
U.S. Office of Management and Budget
Federal Acquisition Regulation
- FAR Section 52.245-1; Government Property
- 52.245-1(f)(1)(viii), Utilizing Government Property
- 52.245-1(f)(1)(v), Sub-contractor Control