AG 2007 06 18 - Laserfiche WebLink

Home Browse Search

3. Notwithstanding the provisions of 9 N.C.A.C. Subchapter 3M, a grantee may satisfy the reporting requirements of Part (a)(3)(B) of this Rule by submitting a copy of the report required under the federal law with respect to the same funds. 4. All grantees and subgrantees shall use the forms of the Office of State Budget and Management and the Office of the State Auditor in making reports to the awarding agencies and the Office of the State Auditor. F,quipment Purchased with Conh•act Funds: Title to equipment costing in excess of $500.00 acquired by the ConU'actor with funds from this contract shall vest in the Contractor, subject to the following conditions. A. The Contractor shall use the equipment in the project or program for which it was acquired as long as needed. When equipment is no longer needed for the original project or program or if operatiats are discontinued, or at the termination of this contract the Contractor shall contact the Division for written instructions regarding disposition of equipment. B. With the prior written approval of the Division, the Contractot• may use the equipment to be replaced as trade- inagainst replacement equipment or may sell said equipment and use the proceeds to offset the costs of replacement equipment. C. For equipment costing in excess of $500.00, equipment controls and procedures shall include at a minimum the following: 1. Detailed equipment records shall be maintained which accurately include the: a. Description and location of the equipment, serial number, acquisition date/cost, useful life and depreciation rate; b. Source/percentage of funding for pw'chase and restrictions as to use or disposition; and c. Disposition data, which includes date of disposal and sales price or method used to determine fair market value. 2. Equipment shall be assigned a conh•ol number in the accounting records and shall be tagged individually with a permanent identification number. 3. Biennially, a physical inventory of equipment shall be taken and results compared to accounting and fixed asset records. Any discrepancy shall immediately be brought to the attention of management and the governing board. 4. A control system shall be in place to ensure adequate safeguards to prevent loss, damage, or theft of equipment and shall provide for full documentation and investigation of any loss or theft. 5. Adequate maintenance procedures shall be implemented to ensure that equipment is maintained in good condition. 6. Procedures shall be implemented which ensure that adequate insurance coverage is maintained on all equipment A review of coverage amounts shall be conducted on a periodic basis, preferably at least annually. D. The Contractor shall ensure all subcontractors are notified of their responsibility to comply with the equipment conditions specified in this section. DHHS (Contract) (General) (03!07) ~ ~ Iq