Purchased Equipment. 1. Any asset with an acquisition cost in excess of $5,000 must be capitalized. PROVIDER shall make requests for any exceptions to this policy in writing to the Fiscal and Management Services Administrator for COUNTY. These requests shall be made prior to the purchase of any such asset. 2. If COUNTY approves an exception under sub. (1), above, and any assets are expensed to COUNTY, said assets shall become the property of COUNTY upon termination or non-renewal of this or any extension or future Agreement. 3. Any item capitalized on PROVIDER's books and depreciated to COUNTY shall remain the property of PROVIDER. 4. PROVIDER agrees to maintain records that clearly identify all items expensed or depreciated to COUNTY and shall provide those records to COUNTY upon request. Where the records are unclear, it shall be assumed that COUNTY is the owner of the property upon termination or non-renewal of the Agreement.
Appears in 12 contracts
Samples: Purchase of Services Agreement, Authorization of Services Agreement, Comprehensive Community Services Agreement
