5. Procurement/Property Requirements

Property Management

Federal regulations require that grantees have written procedures which document their system for:

• Maintaining control over assets including assurance against loss, theft, damage, etc.;
• Separation of duties, e.g., control of assets vs. control of records; and
• Inventory process which provides for inventory of Federal equipment every 2 years.

Inventory records must include the following information for all equipment (i.e., acquisition price of $5,000 or above): cost; serial number; source; title holder; acquisition date; description; percent of Federal dollars used for purchase; current location; condition; and disposition data.

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