Common use of School Furniture, Fixtures, Equipment, and Funds Clause in Contracts

School Furniture, Fixtures, Equipment, and Funds. Any property and improvements, furnishings, and equipment purchased with public funds shall automatically revert to full ownership by the Sponsor, subject to complete satisfaction of any lawful liens or encumbrances. If the School’s accounting records fail to clearly establish whether a particular asset was purchased with public funds or non-public funds, then it shall be presumed public funds were used and ownership of the assets shall automatically revert to the Sponsor. Property and assets purchased with public funds shall be defined as those goods purchased with grants and funds provided by a governmental entity. Funds provided by the School and used by the management company to purchase property and assets for the School are considered public funds.