Common use of Equipment purchased Clause in Contracts

Equipment purchased. For all tangible, nonexpendable, personal property having a useful life of more than one year and having an acquisition cost of $500 or more per unit and which is acquired in whole or in part with funds provided under this Agreement, the Grantee must comply with the following requirements for a period of three (3) years, beginning on the acquisition date: A. Maintain records that include the following: i. A description of the property; ii. Manufacturer's serial number or other identification number; iii. Source of the property (Name of Manufacturer, if new, Name and address of seller if used); iv. Identification of the title holder; v. Acquisition date; vi. Cost of the property; and vii. Location of the property; B. A control system shall be developed and implemented to ensure adequate safeguards to prevent loss, damage, improper personal use or theft of the property. Any loss, damage, improper personal use or theft shall be investigated and fully documented and made a part of the official project records. C. Adequate maintenance procedures shall be developed and implemented to keep the property in good condition. D. These requirements are on-going and survive the expiration or termination of this Agreement and will remain in effect until the third (3rd) anniversary of the property’s acquisition date or until the property is properly disposed of in accordance with this Agreement and applicable state and local requirements, whichever date is earlier. E. Personal use of the equipment is not permitted.

Equipment purchased. For all tangible, nonexpendable, personal property having a useful life of more than one year and having an acquisition cost of $500 or more per unit and which is acquired in whole or in part with funds provided under this AgreementAgreement (the “Property”), the Grantee must comply with the following requirements for a period of three (3) years, beginning on the acquisition date: A. Maintain records that include the following: i. A description of the propertyProperty; ii. Manufacturer's serial number or other identification number; iii. Source of the property Property (Name of Manufacturer, if new, Name and address of seller if used); iv. Identification of the title holder; v. Acquisition date; vi. Cost of the propertyProperty; and vii. Location of the propertyProperty; B. The Grantee shall enter the information required under Clause A above into the iGMS (Indiana Grants Management System) Inventory Module within thirty (30) days of acquiring the Property and shall update this information if any changes occur. C. A control system shall be developed and implemented to ensure adequate safeguards to prevent loss, damage, improper personal use or theft of the propertyProperty. Any loss, damage, improper personal use or theft shall be investigated and fully documented and made a part of the official project records. C. D. Adequate maintenance procedures shall be developed and implemented to keep the property Property in good condition. D. E. Personal use of the Property is not permitted. F. These requirements are on-going and survive the expiration or termination of this Agreement and will remain in effect until the third (3rd) anniversary of the property’s acquisition date or until the property Property is properly disposed of in accordance with this Agreement and applicable state and local requirements, whichever date is earlier. E. Personal use of the equipment is not permitted.