Common use of Management Requirements Clause in Contracts

Management Requirements. Procedures for managing Equipment, whether acquired in whole or in part with funds provided pursuant to the Compact, as amended, shall meet the following minimum requirements: (i) Property records shall be maintained which include: (1) a description of the property, (2) a serial number or other identification number, (3) the source of property, (4) who holds title, (5) the acquisition date and cost of the property, (6) the percentage of United States funding used in the purchase, (7) the location, use and condition of the property, and (8) any ultimate disposition data including the date of disposal and sale price. (ii) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (iii) A control system shall be developed to ensure adequate safeguards against property loss, damage or theft. Any loss, damage, or theft shall be investigated. (iv) Adequate maintenance procedures shall be developed to keep the property in good condition. (v) If the property is sold, proper sales procedures shall be established to ensure the highest possible return.