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§3015.169 Equipment management requirements.
Recipient procedures for managing equipment shall, as a minimum, meet the following requirements (including replacement equipment) until such actions as transfer, replacement or disposal takes place:
(a) Property records shall be maintained accurately. (Subpart D of this part contains retention and access requirements for these records.) The records shall include for each item of equipment the following:
(1) A description of the equipment including manufacturer's serial numbers.
(2) An identification number, such as the manufacturer's serial number.
(3) Identification of the grant under which the recipient acquired the equipment.
(4) The information needed to calculate the Federal share of the equipment (see §3015.172).
(5) Acquisition date and unit acquisition cost.
(6) Location, use and condition of the equipment and the date the information was reported.
(7) All pertinent information on the ultimate transfer, replacement, or disposal of the equipment.
(b) Every two years, at a minimum, a physical inventory shall be conducted and the results reconciled with the property records to verify the existence, current utilization, and continued need for the equipment. Any discrepancies between quantities determined by the physical inspection and those shown in the accounting records shall be investigated to determine the causes of the differences.
(c) In order to insure adequate safeguards to prevent loss, damage or theft of equipment, a control system shall be used. Any loss, damage or theft of equipment shall be investigated and fully documented. The awarding agency may require a report of the circumstances involving the loss, damage, or theft of equipment.
(d) In order to keep the equipment in good condition, adequate maintenance procedures shall be implemented.
(e) Where equipment is to be sold and the Federal government is to have a right to part or all of the proceeds, selling procedures shall be established which will provide for competition to the extent practicable and result in the highest possible return.