Field Guide for Administering Library Services and Technology Act Grants

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PROPERTY MANAGEMENT "Equipment" means tangible personal property having a useful life of more than one year and an acquisition cost of $1,000 or more per unit. Equipment purchased for a specific project is to be used in the project for which it was acquired until the project is discontinued whether or not the project is supported by Federal funds. If the equipment is no longer needed for the original project, it may be transferred to any other currently sponsored or previously sponsored LSTA or LSCA project. If no such projects exist, disposal must be handled as described in the following section entitled "Disposition of Equipment." Records for equipment purchased in whole or in part by Federal funds must be maintained. This information should be reported to the State and Federal Grants Office on the Annual Report form. At a minimum, the records shall contain: A description of the equipment, including a serial or other identification number; Source of the equipment such as name of vendor or purchase point; The project number under which the property was originally purchased; The acquisition date and unit cost, giving the amount in Federal and local funds spent if the unit was not purchased entirely with Federal funds; The location, use and condition of equipment and the date this information was reported; All pertinent information on the ultimate transfer, replacement, or disposition of the equipment including the date of disposal and sale price of the property. Any loss, damage or theft of equipment should be investigated and fully documented. As part of project monitoring, periodic reviews of property management procedures and records are made.