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AG 2002 09 16 (Regular)
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AG 2002 09 16 (Regular)
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Last modified
3/2/2006 5:01:44 PM
Creation date
11/27/2017 11:44:08 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
9/16/2002
Board
Board of Commissioners
Meeting Type
Regular
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The Contractor shall request the sales/use tax refund from the North Carolina Department of <br />Revenue as permitted under G.S. 105-164.14 and shall ensure all subcontractors request the <br />sales/use tax refund from the North Carolina Department of Revenue as permitted under G.S. <br />105-164.14. The Contractor shall exclude all sales/use tax from all reportable expenditures before <br />they are entered on the monthly report of expenditures submitted to the Office and shall ensure all <br />subcontractors eligible to receive sales/use tax refunds exclude sales/use tax from all reportable <br />expenditures before they are entered on the monthly report of expenditures submitted to the <br />Contractor. <br /> <br />22. Equipment Purchased with Contract Funds: <br /> <br />Title to equipment costing in excess of $500.00 acquired by the Contractor with funds from this <br />contract shall vest in the contractor, subject to the following 'conditions. <br /> <br />A. The Contractor shall use the equipment in the project or program for which it was <br />acquired as long as needed. When equipment is no longer needed for the original project <br />or program or if operations are discontinued, the Contractor shall contact the Department <br />of Health and Human Services, Office of Economic Opportunity, for written instructions <br />regarding disposition of equipment. <br /> <br />B. When acquiring replacement equipment, the Contractor may use' the equipment to be <br />replaced as trade-in against replacement equipment or may sell said equipment and use <br />the proceeds to offset the costs of replacement equipment subject to written approval of <br />the Office of Economic Opportunity. <br /> <br />C. For equipment costing in excess of $500.00, equipment controls and procedures shall <br />include at a minimum the following: <br /> <br />1. Detailed equipment records shall be maintained which accurately include the: <br /> <br />a. Description and location of the equipment, serial number, acquisition <br /> date/cost, useful life and depreciation rate; <br /> <br />b. Source/percentage of funding for purchase and restrictions as to use <br /> or disposition; and <br /> <br />c. Disposition data, which includes date of disposal and sales price or <br /> method used to determine fair market value. <br /> <br />2. Equipment shall be assigned a control number in the accounting records and <br />shall be tagged individually with a permanent identification number. <br /> <br />3. Biennially, a physical inventory of equipment shall be taken and results <br />compared to accounting and fixed asset records. Any discrepancy shall <br />immediately be brought to the attention of management and the governing board. <br /> <br />4. A control system shall be in place to ensure adequate safeguards to prevent <br />loss, damage, or theft of equipment and shall provide for full documentation and <br />investigation of any loss or theft. <br /> <br /> <br />
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