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Space and Movable Equipment Inventory - Instructions, process and definitions

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equipment_survey The equipment inventory is required per OMB Circular A-110 Subpart C,
Equipment Property Standards. It states:

(f) The recipient's property management standards
for equipment acquired with Federal funds and
federally-owned equipment shall include all
of the following:

(1) Equipment records shall be maintained accurately
and shall include the following information.

         ( i ) A description of the equipment.
(ii) Manufacturer's serial number, model number,
Federal stock number, national stock number,
or other identification number.
   (iii) Source of the equipment, including the award number.
      (iv) Whether title vests in the recipient or the Federal
Government.
     (v) Acquisition date (or date received, if the equipment
was furnished by the Federal Government) and cost.
     (vi) Information from which one can calculate the percentage
   of Federal participation in the cost of the equipment
not applicable to equipment furnished by the Federal
   Government).
        (vii) Location and condition of the equipment and the date
the information was reported.
      (viii) Unit acquisition cost.
         (ix) Ultimate disposition data, including date of disposal and
sales price or the method used to determine current fair
    market value where a recipient compensates the Federal
awarding agency for its share.

(2) Equipment owned by the Federal Government shall be identified
to indicate Federal ownership.

(3) A physical inventory of equipment shall be taken and
the results reconciled with the equipment records at
least once every two years.
Any differences between quantities determined by the physical
inspection and those shown in the accounting records shall be
investigated to determine the causes of the difference. The
recipient shall, in connection with the inventory, verify the
existence, current utilization, and continued need for the
equipment.

(4) A control system shall be in effect to insure adequate
safeguards to prevent loss, damage, or theft of the equipment.
Any loss, damage, or theft of equipment shall be investigated
and fully documented; if the equipment was owned by the
Federal Government, the recipient shall promptly notify the
Federal awarding agency.

(5) Adequate maintenance procedures shall be implemented to
keep the equipment in good condition.

(6) Where the recipient is authorized or required to sell the
equipment, proper sales procedures shall be established
which provide for competition to the extent practicable and
result in the highest possible return.

Last modified February 25 2004 07:46 AM