Can a non-federal organization use an equipment?

The recipient can’t provide services to non-Federal organizations using the equipment at a cost lower than a private company would offer similar services unless the activity is specifically authorized by Federal statute.

What does it mean when equipment is personal property?

Personal property doesn’t mean for personal use, it just means that is equipment is not real property, like a building and land. To meet the definition of equipment, the property must have a useful life of more than a year and an acquisition cost of more than $5,000 per unit.

When is equipment titled with the federal government?

When the equipment is titled with the Federal Government, the recipient still has responsibilities to manage and care for the federally owned property. One of these responsibilities is that the grantee must submit an annual listing of federally owned property which includes the location and condition of the property.

Who is responsible for the purchase of equipment?

Like the kid that won’t leave home after college, equipment purchases are one area of grants management that make you responsible for it from the purchase until the ultimate disposal. The responsibilities don’t stop just because the grant is over.

Which is true about the ownership of equipment?

Customer represents and warrants that it either owns all Equipment or has all necessary rights to locate the Equipment in the Premises. Ownership of Equipment. As between the Parties, each Party will own the Equipment it pays for or reimburses the other Party for, whether pursuant to Section 3.01 or Section 3.03.

When do you have to report ownership of equipment?

Annually, Contractor shall submit to the County the Equipment Report. This report is due by July 31 each year and will cover the period from the inception of this Agreement through June 30 of the preceding fiscal year. Ownership of Equipment.

How does it work to lease equipment for your business?

If you decide to lease equipment for your business rather than purchase it, you enter into a lease agreement with the equipment owner or vendor. Similar to how a rental agreement works, the equipment owner drafts an agreement, laying out how long you’ll lease the equipment and how much you’ll pay each month.