Management and Oversight of Equipment
Equipment and sensitive minor equipment must be reported on the Project Equipment Summary Report. This report is due every October 31 and sent via email to your CVAD contact person.
Agencies must have procedures for managing equipment and sensitive minor equipment (including replacement). Agency inventory records must identify the source(s) of funding used to purchase equipment and include at a minimum, the following:
Equipment and sensitive minor equipment records must include:
- Purchasing federal grant award number
- Description of the property
- Serial number or other identification number
- Identification of who holds the title
- Acquisition date
- Cost of the property
- Percentage of Federal participation in the cost of the property
- Location of property
- Use and condition of property
- Disposition data including the date of disposal and sale price and justification
A physical inventory of the property must be taken, and the results reconciled with the property records at least once every two years.
A control system must exist to ensure adequate safeguards to prevent loss, damage or theft of property.
Subrecipients must notify CVAD within 30 business days of discovery when there is loss, damage or theft of equipment or sensitive minor equipment if grant funds paid for the equipment or minor equipment.
Any loss, damage, or theft shall be investigated by the subrecipient, as appropriate. Subrecipients are responsible for replacing or repairing property that is willfully or negligently lost, stolen, damaged, or destroyed. Any loss, damage, or theft of the property must be investigated and fully documented and made part of the official project records.
Adequate maintenance procedures must exist to keep the property in good condition.
If the subrecipient is authorized or required to sell the property, proper sales procedures must ensure the highest possible return; see Disposition.
