AG 2002 09 16 (Regular) - Laserfiche WebLink

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The Contractor shall request the sales/use tax refund from the North Carolina Department of Revenue as permitted under G.S. 105-164.14 and shall ensure all subcontractors request the sales/use tax refund from the North Carolina Department of Revenue as permitted under G.S. 105-164.14. The Contractor shall exclude all sales/use tax from all reportable expenditures before they are entered on the monthly report of expenditures submitted to the Office and shall ensure all subcontractors eligible to receive sales/use tax refunds exclude sales/use tax from all reportable expenditures before they are entered on the monthly report of expenditures submitted to the Contractor. 22. Equipment Purchased with Contract Funds: Title to equipment costing in excess of $500.00 acquired by the Contractor 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 operations are discontinued, the Contractor shall contact the Department of Health and Human Services, Office of Economic Opportunity, for written instructions regarding disposition of equipment. B. When acquiring replacement equipment, the Contractor may use' the equipment to be replaced as trade-in against replacement equipment or may sell said equipment and use the proceeds to offset the costs of replacement equipment subject to written approval of the Office of Economic Opportunity. 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 purchase 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 control 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.