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AG 2007 06 18
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AG 2007 06 18
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Last modified
9/26/2007 2:40:23 PM
Creation date
11/27/2017 11:30:53 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
9/26/2007
Board
Board of Commissioners
Meeting Type
Regular
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3. Notwithstanding the provisions of 9 N.C.A.C. Subchapter 3M, a grantee may satisfy the reporting requirements of <br />Part (a)(3)(B) of this Rule by submitting a copy of the report required under the federal law with respect to the <br />same funds. <br />4. All grantees and subgrantees shall use the forms of the Office of State Budget and Management and the Office of <br />the State Auditor in making reports to the awarding agencies and the Office of the State Auditor. <br />F,quipment Purchased with Conh•act Funds: <br />Title to equipment costing in excess of $500.00 acquired by the ConU'actor with funds from this contract shall vest in the <br />Contractor, subject to the following conditions. <br />A. The Contractor shall use the equipment in the project or program for which it was acquired as long as needed. <br />When equipment is no longer needed for the original project or program or if operatiats are discontinued, or at <br />the termination of this contract the Contractor shall contact the Division for written instructions regarding <br />disposition of equipment. <br />B. With the prior written approval of the Division, the Contractot• may use the equipment to be replaced as trade- <br />inagainst replacement equipment or may sell said equipment and use the proceeds to offset the costs of <br />replacement equipment. <br />C. For equipment costing in excess of $500.00, equipment controls and procedures shall include at a minimum the <br />following: <br />1. Detailed equipment records shall be maintained which accurately include the: <br />a. Description and location of the equipment, serial number, acquisition date/cost, useful life and <br />depreciation rate; <br />b. Source/percentage of funding for pw'chase and restrictions as to use or disposition; and <br />c. Disposition data, which includes date of disposal and sales price or method used to determine <br />fair market value. <br />2. Equipment shall be assigned a conh•ol number in the accounting records and shall be tagged <br />individually with a permanent identification number. <br />3. Biennially, a physical inventory of equipment shall be taken and results compared to accounting and <br />fixed asset records. Any discrepancy shall immediately be brought to the attention of management and <br />the governing board. <br />4. A control system shall be in place to ensure adequate safeguards to prevent loss, damage, or theft of <br />equipment and shall provide for full documentation and investigation of any loss or theft. <br />5. Adequate maintenance procedures shall be implemented to ensure that equipment is maintained in <br />good condition. <br />6. Procedures shall be implemented which ensure that adequate insurance coverage is maintained on all <br />equipment A review of coverage amounts shall be conducted on a periodic basis, preferably at least <br />annually. <br />D. The Contractor shall ensure all subcontractors are notified of their responsibility to comply with the equipment <br />conditions specified in this section. <br />DHHS (Contract) (General) (03!07) ~ ~ Iq <br />
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