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Lutheran Family Services in the Carolinas <br />3. Biennially, a physical inventory of equipment shall be taken and results compared to <br />accounting and fixed asset records. Any discrepancy shall immediately be brought to <br />the attention of management and the governing board. <br />4. A control system shall be in place to ensure adequate safeguards to prevent loss, <br />damage, or theft of equipment and shall provide for full documentation and <br />investigation of any loss or theft. <br />5. Adequate maintenance procedures shall be implemented to ensure that equipment is <br />maintained in good condition. <br />6. Procedures shall be implemented which ensure that adequate insurance coverage is <br />maintained on all equipment. A review of coverage amounts shall be conducted on a <br />periodic basis, preferably at least annually. <br />D. The Contractor shall ensure all subcontractors are notified of their responsibility to comply with <br />the equipment conditions specified in this section. <br />DHHS (11/OS) ~_ <br />