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16. Title to Equipment: <br /> <br />Title to equipments costing in excess of S500.00 acquired by the Conu'actor with funds from <br />this contract shall vest in the Contractor, subject to the following conditions. <br /> <br />The Contractor shall use the equipment in the project or prog.,"arn ~br which it ~vas <br />Acquired as long as needed. When equipment is no longer needed for the original <br />project or program or if operations are disconnected, then Contractor shall <br />contact Salisbury-Rowan Communim, Sen;ice Council [nc written instructions' <br />regarding disposition of equipment. <br /> <br />B. When acquiring replacemem equipment, the Contractor may use the equipment <br /> to be replaced as trade-in against replacement equipment or may sell equipment <br /> and use the proceeds to offset the costs of replacement equipment subject to <br /> written approval of the Salisbury-Rowan Community Council Inc. <br />C. For equipment costing in excess of 5500.00, equipment controls and procedures <br /> shall include at a minimum the following: <br /> <br />1. Detailed equipment record shall be maintained which accurately, include the: <br /> <br />a. Description and location of the equipment, serial number, <br /> acquisition date/coSt, useful life and depreciation rate: <br /> <br />b. Source/percentage of funding for purchase and restrictions as to use <br /> or disposition; and <br /> <br />c. Disposition data,, which includes date of disposal and sales price or <br /> method used to determine fair market value. <br /> <br />2. Equipment shall be assigned a control number in the accounting re~:ords and <br /> Shall be tagged individually with a permanent identification number. <br /> <br />Biermially, a physical inventoD' of equipment shall be'taken and results <br />Compared to accounting and fixed asset .recOrds. .am,,' discrepancy shall <br />immediately be bro~_ht to the attention of management ~md the government <br />and the board. <br /> <br />A control system shall be in place to ensure adequate safeguards to prevent <br />Loss, dam~e, or theft: of equipment and shall provide for full documentation <br />and investigation of any loss or theft:. <br /> <br />5. Adequate maintenance pr. ocedures shall, be implements to ensure that <br /> equipment is maintained in good condition. <br /> <br />6. Procedures shall be implemented which ensure that adequate insurance <br /> cover~e is maintained on all equipment conditions specified in this section. <br /> <br /> <br />