Common use of PROPERTY ACCOUNTING Clause in Contracts

PROPERTY ACCOUNTING. The Agency shall keep a written inventory, which shall be readily available upon inspection by the Recipient or its designee, of all equipment valued at Five- Hundred Dollars ($500.00) or more purchased with Xxxx Xxxxx Part A Grant Funds. The Agency must seek and gain Recipient approval prior to the purchase of any equipment valued at an amount greater than Five-Hundred Dollars ($500.00). The Agency further agrees to protect, insure, and maintain such equipment for its useful life. Such equipment shall be deemed as property of the Recipient and shall not be sole, leased, lent, encumbered, or in any other way disposed of by the Agency without Recipient’s prior written approval. Upon termination of this Contract, the Agency shall return all equipment, purchased with Xxxx Xxxxx Part A Grant Funds, to the Recipient unless directed by the Recipient otherwise.

PROPERTY ACCOUNTING. The Agency shall keep a written inventory, which shall be readily available upon inspection by the Recipient or its designee, of all equipment valued at Five- Five-Hundred Dollars ($500.00) or more purchased with Xxxx Xxxxx Part A Grant Funds. The Agency must seek and gain Recipient approval prior to the purchase of any equipment valued at an amount greater than Five-Hundred Dollars ($500.00). The Agency further agrees to protect, insure, and maintain such equipment for its useful life. Such equipment shall be deemed as property of the Recipient and shall not be sole, leased, lent, encumbered, or in any other way disposed of by the Agency without Recipient’s prior written approval. Upon termination of this Contract, the Agency shall return all equipment, purchased with Xxxx Xxxxx Part A Grant Funds, to the Recipient unless directed by the Recipient otherwise.