Common use of Equipment and Inventory Reporting Clause in Contracts

Equipment and Inventory Reporting. 4.3.1 Equipment is defined as tangible, non-expendable property with an acquisition cost that equals or exceeds the lesser of the capitalization level established by Grantee for financial statement purposes or $5,000, and a useful life of more than one year. Title to all equipment purchased from funds provided herein will be in the name of Grantee throughout the Grant Agreement term. Grantee must ensure that equipment items are used only to benefit the Family Violence Program or that costs are properly allocated. 4.3.2 Grantee must obtain prior written approval from HHSC for equipment purchases meeting the above definition. For each equipment item requested, Grantee must submit a detailed justification, which includes description of features, make and model, and cost. 4.3.3 Grantee will maintain a complete, accurate, and detailed property inventory listing. For equipment purchased with HHSC funds during the Grant Agreement period, Grantee must submit an inventory report to HHSC on a form prescribed by HHSC by the 15th day after the state fiscal year end date. 4.3.4 Grantee will administer a program of maintenance, repair, and protection of assets under this Grant Agreement so as to assure their full availability and usefulness. In the event Grantee is indemnified, reimbursed, or otherwise compensated for any loss of, destruction of, or damage to the assets provided under this Grant Agreement, it will use the proceeds to repair or replace said assets. 4.3.5 Upon termination or expiration of Grant Agreement, title to any remaining equipment purchased from funds under this Grant Agreement reverts to HHSC or any other party designated by HHSC. HHSC may, at its option and to the extent allowed by law, transfer title of such property to Grantee. 4.3.6 Grantee must follow the American Hospital Association's “Estimated Useful Lives of Depreciable Assets” for equipment disposition purposes, except when federal or statutory requirements supersede. After each item's end of its useful life, approval for disposition is not required. However, Grantee must ensure that disposition of any equipment and/or controlled asset is in accordance with the terms of the Grant Agreement such as compliance with Generally Accepted Accounting Principles. Failure to submit complete and accurate reports, submission of reports after the established due dates, and/or failure to respond to HHSC inquiries within the specified timelines may result in HHSC initiating one or more of the following actions: provide technical assistance, require a corrective action plan or improvement plan, revise contract terms and/or provisions, withhold or reduce payments, or apply additional adverse actions as allowed under and described in Attachment C, Article IX, of this Grant Agreement.

Equipment and Inventory Reporting. 4.3.1 BB.1 Equipment is defined as tangible, tangible non-expendable property with an acquisition cost that equals or exceeds the lesser of the capitalization level established by Grantee for financial statement purposes or $5,000, and a useful life of more than one year. Title to all equipment purchased from funds provided herein will be in the name of Grantee throughout the Grant Agreement Contract term. Grantee must ensure that equipment items are used only to benefit the Family Violence Abstinence Education Program or that costs are properly allocated. 4.3.2 BB.2 Grantee must obtain prior written approval from HHSC for equipment purchases meeting the above definition. For each equipment item requested, Grantee must submit a detailed justification, justification which includes a description of features, make and model, and cost. 4.3.3 BB.3 Grantee will maintain a complete, accurate, and detailed property inventory listing. For equipment purchased with HHSC funds during the Grant Agreement Contract period, Grantee must submit an inventory report to HHSC on a form prescribed by HHSC by the 15th day after the state fiscal year year-end date. 4.3.4 BB.4 Grantee will administer a program of maintenance, repair, and protection of assets under this Grant Agreement Contract so as to assure their full availability and usefulness. In the event Grantee is indemnified, reimbursed, or otherwise compensated for any loss of, destruction of, or damage to the assets provided under this Grant AgreementContract, it Grantee will use the proceeds to repair or replace said assets. 4.3.5 BB.5 Upon termination or expiration of Grant Agreementthe Contract, title to any remaining equipment purchased from funds under this Grant Agreement Contract reverts to HHSC or any other party designated by HHSC. HHSC may, at its option and to the extent allowed by law, transfer title of to such property to Grantee. 4.3.6 BB.6 Grantee must follow the American Hospital Association's ’s “Estimated Useful Lives of Depreciable Assets” for equipment disposition purposes, except when federal or statutory requirements supersede. After each item's ’s end of its useful life, approval for disposition is not required. However, Grantee must ensure that disposition of any equipment and/or controlled asset is in accordance with the terms of the Grant Agreement Contract such as compliance with Generally Accepted Accounting Principles. Failure to submit complete and accurate reports, submission of reports after the established due dates, and/or failure to respond to HHSC inquiries within the specified timelines may result in HHSC initiating one or more of the following actions: provide technical assistance, require a corrective action plan or improvement plan, revise contract terms and/or provisions, withhold or reduce payments, or apply additional adverse actions as allowed under and described in Attachment C, Article IX, of this Grant Agreement.

Equipment and Inventory Reporting. 4.3.1 Equipment is defined as tangible, non-expendable property with an acquisition cost that equals or exceeds the lesser of the capitalization level established by Grantee for financial statement purposes or $5,000, and a useful life of more than one year. Title to all equipment purchased from funds provided herein will be in the name of Grantee throughout the Grant Agreement term. Grantee must ensure that equipment items are used only to benefit the Family Violence Program or that costs are properly allocated. 4.3.2 Grantee must obtain prior written approval from HHSC for equipment purchases meeting the above definition. For each equipment item requested, Grantee must submit a detailed justification, which includes description of features, make and model, and cost. 4.3.3 Grantee will maintain a complete, accurate, and detailed property inventory listing. For equipment purchased with HHSC funds during the Grant Agreement period, Grantee must submit an inventory report to HHSC on a form prescribed by HHSC by the 15th day after the state fiscal year end date. 4.3.4 Grantee will administer a program of maintenance, repair, and protection of assets under this Grant Agreement so as to assure their full availability and usefulness. In the event Grantee is indemnified, reimbursed, or otherwise compensated for any loss of, destruction of, or damage to the assets provided under this Grant Agreement, it will use the proceeds to repair or replace said assets. 4.3.5 Upon termination or expiration of Grant Agreement, title to any remaining equipment purchased from funds under this Grant Agreement reverts to HHSC or any other party designated by HHSC. HHSC may, at its option and to the extent allowed by law, transfer title of such property to Grantee. 4.3.6 Grantee must follow the American Hospital Association's ’s “Estimated Useful Lives of Depreciable Assets” for equipment disposition purposes, except when federal or statutory requirements supersede. After each item's ’s end of its useful life, approval for disposition is not required. However, Grantee must ensure that disposition of any equipment and/or controlled asset is in accordance with the terms of the Grant Agreement such as compliance with Generally Accepted Accounting Principles. Failure to submit complete and accurate reports, submission of reports after the established due dates, and/or failure to respond to HHSC inquiries within the specified timelines may result in HHSC initiating one or more of the following actions: provide technical assistance, require a corrective action plan or improvement plan, revise contract terms and/or provisions, withhold or reduce payments, or apply additional adverse actions as allowed under and described in Attachment C, Article IX, of this Grant Agreement.