Contact Jo-Anne Chute with the details. She will arrange to have a new tag number placed on the equipment or make sure the traded-in equipment is removed from the property records.
Surplus furniture is available for transfer at WW15 or you may contact Erin George with specific requests.
Notify Richard Janus in Property. He can help identify the equipment and provide information regarding reporting the loss to campus police and the MIT Insurance Office.
After internal needs are met, MIT equipment may become available for donation to non-profits. Visit our WW15 Equipment Exchange.
No. Normally the Property Office will come and tag all newly received purchased property that requires tagging within 30 days of the last invoice payment. If the equipment needs to be tagged sooner than that for reasons of risk or availability, contact Jo-Anne Chute, Property Manager, to make arrangements. She should also be contacted if, after 30 days, the equipment has not been tagged or if you have received equipment that was acquired by MIT but not purchased.
Certain conditions that need to be met regarding upgrades and components. Briefly summarized:
If these conditions are met, then the upgrade should be assigned 421818 capital equipment.
See the Coding Of Equipment Purchases policy for more information.
For the full rule set for assigning G/Ls, see the Coding Of Equipment Purchases policy.
Briefly stated:
Any item that will last more than a year, is operationally complete and can be identified as stand-alone is considered equipment. Purchases from the following product categories are normally considered equipment: furniture, computer, laboratory, scientific and test equipment, office and service equipment. The difference between Capital and Minor equipment is determined by cost. Computer equipment at MIT is controlled by property record beginning at a cost of $1000 or greater. All Capital equipment is controlled by a property record.
Contact billing-issues@mit.edu.
Contact ur-issues@mit.edu.
Underrecovery may occur in a research WBS element where overhead specifications (F&A rates or direct cost base) are established at less than the current negotiated federal rates. More information can be found on the Research Administration Services (RAS) page on Underrecovery.
Costing sheets are used in SAP to provide the basis and rates for the calculation of Facilities and Administration (F&A) charges. During the monthly close the costing sheet process is run to charge cost objects with the appropriate F&A or fund fees; the costing sheet used for a cost object is displayed on the Summary Statement.
At the end of the fiscal year, all MIT departments should accrue and defer any material expenses and revenues. See the Policies section for more information.
MIT is on a modified accrual basis. At the end of the fiscal year, all obligations incurred but not paid and all revenues earned but not received are recorded, and expenses and revenues relating to subsequent periods are deferred.
MIT’s fiscal year begins July 1 and ends June 30. The general ledger and all financial reports are produced on a fiscal year basis.
In a nutshell, MIT has three main tax areas: sales tax, meals and alcohol tax, and unrelated business income tax. Under each category many activities are exempt. In order to determine whether or not your DLC has taxable activity, please contact Jackie Daniels or Alisha Daley on the VPF Tax team.
It depends on the nature of the item. Massachusetts sales tax is 6.25% percent of the sales price of the item. However, many items are exempt from sales tax. For details, see Massachusetts Department of Revenue – A Guide to Sales & Use Tax. If you believe that your DLC owes sales tax on items that it sells, contact Jackie Daniels or Alisha Daley on the VPF Tax team
Generally, no. Be sure to bring MIT's sales tax form to the vendor if purchase must be made with your own credit card or cash.
The following expenses are taxable:
If you work on Atlas, check the three small dots to the right of the line(s) you want to delete. Then click the Delete Items button. If you work in SAP GUI, click the cursor to the left of line number for the line you want to delete. Then click Edit/Delete item. When you click Document/Complete, for each deleted line you will receive a Warning Message (in yellow): Amount is zero-line item will be ignored. SAP will leave the line as a marker, will zero out the dollar amount and will delete the line completely at the time the document is posted.