Disposition of Equipment purchased with Perkins funds
Any loss, damage or theft of equipment is to be reported to the Office of the Dean of Instructional Services at once. The Dean of Instructional Services makes the final determination of disposition of equipment that has outlived its usefulness in accordance with the Federal awarding agency disposition instructions.
Equipment that is no longer required or needed for the original project/program for which it was purchased will be required to follow one of the following guidelines:
- Items of equipment with a current per unit fair market value of $5,000 or less may be retained, sold or otherwise disposed of with no further obligation to the Federal awarding agency.
- Except as provided in Uniform Grant Guidance, §200.312 Federally-owned and exempt property, paragraph (b), or if the Federal awarding agency fails to provide requested disposition instructions within 120 days, items of equipment with a current per-unit fair-market value in excess of $5,000 may be retained by Vernon College or sold. The Federal awarding agency is entitled to an amount calculated by multiplying the current market value or proceeds from sale by the Federal awarding agency’s percentage of participation in the cost of the original purchase. If the equipment is sold, the Federal awarding agency may permit Vernon College to deduct and retain from the Federal share $500 or ten percent of the proceeds, whichever is less, for its selling and handling expenses.
- Vernon College may transfer title to the property to the Federal Government or to an eligible third party provided that, in such cases, Vernon College must be entitled to compensation for its attributable percentage of the current fair market value of the property.
- In cases where Vernon College fails to take appropriate disposition actions, the Federal awarding agency may direct Vernon College to take disposition actions.