Non-Expendable Property (Reference Inventory Sample Clauses
The Non-Expendable Property (Reference Inventory) clause defines the requirements for tracking and managing property that is not intended to be consumed or disposed of during the course of a contract. It typically requires the contractor to maintain an up-to-date inventory of all non-expendable items, such as equipment or durable goods, and to provide this inventory to the contracting agency for reference and accountability. This clause ensures that valuable assets are properly accounted for, reducing the risk of loss or misuse and facilitating the return or transfer of property at the end of the contract.
Non-Expendable Property (Reference Inventory. Procedures Attachment IV)
1. Non-expendable property is defined as tangible personal property of a non-consumable nature that has a unit acquisition cost of $1,000 or more and an expected useful life of at least one year; and hardback books that are not circulated to students or the general public, the value or cost which is $250 or more. Hardback books with a value of $25 or more should be classified as Operating Outlay expenditure if they are circulated to students or to the general public.
2. All such property, purchased under this contract, shall be listed on the property records of the Sub-recipient and shall include documentation listed in Attachment IV such as the physical location and description of the property, the model number, manufacturer’s serial number, date of acquisition, funding source, unit cost, property inventory number, and information on the condition, transfer, or disposition of the property and the contract number from which the property purchase was made.
3. All such property, purchased under this contract, shall be inventoried annually and a signed inventory report shall be submitted to the Coalition along with a final expenditure report for the period in which it was purchased and within the fiscal year applicable to this contract.
4. At no time shall the Sub-recipient dispose of non-expendable property purchased under this contract except with the permission of the Coalition and in accordance with instructions stated in the Coalition’s policies and procedures.
5. In case of losses or theft and immediately upon discovery, the Sub-recipient shall notify the Coalition, in writing, of any equipment loss or theft in accordance with FOEL’s Tangible Personal Property Guidance (Attachment IV). This report shall include the date and suspected reason(s) for the loss.
6. Prior approval is required for the purchase of any item of non-expendable property not specifically listed in the approved budget but within the funds disclosed in the approved budget for the current fiscal year. Prior approval shall be requested utilizing the format specified in Attachment V, in accordance with 2 CFR, Part 230, Cost Principles for Non- Profit Organizations.
7. Title (ownership) to all property (not limited to purchases exceeding $1,000) acquired with funds from this contract shall be vested in the Coalition and said property shall be transferred to the Coalition upon completion or termination of the contract unless otherwise authorized in writing by the ...