Common use of Equipment and Inventory Reporting Clause in Contracts

Equipment and Inventory Reporting. BB.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 Contract term. Grantee must ensure that equipment items are used only to benefit the Abstinence Education Program or that costs are properly allocated.