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PMM 1.1 Property Management Introduction

Last Revised Date:
July 1, 2026
Responsible Unit(s):
Property Management
Responsible Unit Email(s):
FNSV-PropertyManagement@arizona.edu
Manual:
Property Management Manual
Status:
Active

Purpose and Summary

The Financial Services Property Management Manual (PMM) provides direction for the management and control of property owned by or in the custody of the Arizona Board of Regents (ABOR) for the University of Arizona and to satisfy the requirements of the Federal Government regarding control over Government Property for which the University is responsible and accountable.

Scope

This policy applies to all University locations and units, including all University extensions, satellite locations, and off-site campus units, both domestic and international.

Policy

  1. INTRODUCTION
    1. Property management is an essential University function, as a large portion of the University’s assets are comprised of equipment and other property. Sound and prudent property management practices at the department level must be guided by consistent and articulated property management policies and procedures.  In addition, the University must maintain compliance with Federal property standards as well as the requirements of other sponsors when the acquisition of equipment is authorized under a sponsored award.
  2. TITLE
    1. Unless retained by a sponsor, title to or ownership of all University property is vested in the Arizona Board of Regents.
  3. RESPONSIBILITY
    1. ABOR is responsible for all property to which it holds title. Custodial responsibility for other property rests with ABOR to the extent that it has explicitly agreed to accept responsibility therefor.
    2. The Senior Vice President – Business Affairs has assigned responsibility for the management and control of inventorial equipment to the Office of Research and Partnerships.
    3. Financial Services Financial Management is responsible for the implementation and monitoring of property management policies and procedures.
    4. Sponsored Projects Services (SPS) is responsible for providing sponsor titleholder information to the Property Management team and preparing required property reports to Government agencies and other sponsors.
    5. The University property management system is audited regularly by ABOR and the Federal Office of Naval Research (ONR). These property audits are coordinated and supported by the Office of Research and Partnerships in consultation with SPS, as appropriate.
    6. The head of the department that has custody of the equipment (custodial department) and the Principal Investigator (PI) have the primary responsibility for the care, maintenance, record keeping, physical inventory, and control of equipment and other property. They must maintain up-to-date departmental records and, if Government or other sponsor-owned equipment or property is provided, initiate a Property Management Equipment Receipt Form as necessary to fully inform Financial Services and SPS of the receipt of the equipment. Additionally, they are responsible for notifying SPS when Government or other sponsor-owned equipment, property and deliverables are returned/shipped to the sponsor. Appropriate documentation (e.g., delivery receipts, shipping documents, etc.) must be provided so that SPS and Financial Services may properly carry out their functions regarding equipment and other property.
    7. Financial Services and the custodial department are responsible for identifying, marking and recording property in the custody, possession or control of the University. In general, all inventorial equipment is marked with a property number, and a property record is created in the Capital Asset Management (CAM) module. It shall remain so identified as long as it is in the custody, possession, or control of the University. Assigned property numbers are recorded on all applicable receiving, shipping, and retirement documents, and any other records that may be a part of the CAM module. Such markings and identification are removed or obliterated from the equipment only when it is sold, scrapped, cannibalized or otherwise retired.
    8. Custodial departments are to take physical inventories at least every two years (biennially). The Department Head or Principal Investigator should verify the existence, current utilization, and continued need for the equipment inventoried. These physical inventories are to be completed within 60 days (per PMM 3.5.1). Property Management will verify the departmental inventories on the basis of statistical sampling, with all departments being sampled at least once every two years. Physical inventories are also performed by the custodial department and the Principal Investigator, upon termination or completion of a Government contract. Disposition instructions are requested from the agency by SPS, as required under the contract. If the equipment used on a terminating contract has been authorized for use in a follow-on contract, the requirement for a final inventory may be waived by the Government Property Administrator. The Arizona Board of Regents is responsible for all property to which it holds title. Custodial responsibility for other property rests with The Arizona Board of Regents to the extent that it has explicitly agreed to accept responsibility therefor.
  4. SCOPE
    1. The Property Management Manual applies to property acquisitions belonging to or in the custody of ABOR for The University of Arizona, including property acquired/provided through sponsor funded contracts and grants for research, training, and public service. The Federal regulations and requirements cited in the PMM apply to property acquired with Government funds and to equipment furnished by the Government in support of contract performance or of a grant or cooperative agreement research program.
  5. ORDER OF AUTHORITY
    1. In the event of an inconsistency or conflict, applicable law and ABOR policies supersede University policies and University policies supersede college, department or similar unit bylaws, policies, or guidelines.
    2. Property policies, rules, or regulations set forth in grants or contracts to which property was acquired or accountable to supersede the policies and procedures contained within the PMM.
    3. The University reserves the right to add, amend, or revoke any of the contained rules, policies, regulations, and instructions or incorporate additional ones, with or without notice, as circumstances or the good of the University community may require.

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