Inventory Requirements and Monitoring Schedule

1. Equipment Under $300

An inventory list must be kept for one year on equipment with a unit value under $300. These equipment purchases will be monitored at the end of the grant period. No further monitoring inventories will be made of equipment with a unit purchase price of under $300. Title to this equipment will be turned over to the Center following a satisfactory inventory after the end of the grant period.

2. Equipment Ranging from $300-$1,000

Equipment with a unit purchase price of $300 to $1,000 will be considered as non-expendable. A monitoring inventory will be conducted at the end of the grant period. The second and third inventories of all equipment in this range will be made at two year intervals following the first inventory. If all is in order after five years, title to those items of equipment will be released to the Center.

3. Equipment $1,000 or More

Equipment with a unit price of $1,000 or more will be monitored during the reasonable life expectancy as determined by DVR. It is understood that, during that time, the state agency shall retain vested interest of all equipment with a unit purchase price of $1,000 or more. The depreciation schedule shall be at the discretion of the state agency. After such items have been depreciated according to their reasonable life expectancy, DVR will retain no further vestment of title. If the Center ceases to use the equipment, the Center is required to contact DVR for approval and appropriate disposition instructions.