Equipment Purchased Using Funds from Federal Awards
Equipment records. Equipment records shall be maintained that include the following information.
- A description of the equipment.
- Source of the equipment, including the College’s internal account number and the federal award number.
- Acquisition date and cost.
- Vendor name.
- Location of the equipment.
Physical Inventory. A physical inventory of equipment shall be taken and the results reconciled with the equipment records at least once every two years. Any differences between quantities determined by the physical inspection and those shown in the accounting records shall be investigated to determine the causes of the difference.
Security and maintenance of equipment. When the equipment is not in use, the room that it is located in shall remain locked. Equipment shall be stored in locations with appropriate climate control. The equipment should be inspected at least annually and any normal routine maintenance shall be performed on a timely basis.