| (a) "Equipment" means tangible, nonexpendable personal
property (including information technology systems) having a useful
life of more than one year and an acquisition cost of $5,000 or more
per unit.
(b) The grantee may use equipment paid for with OOG
funds for any purpose consistent with the teaching and research mission
of the institution, as long as the primary use of such equipment remains
for grant-related purposes.
(c) The grantee shall not give any security interest,
lien or otherwise encumber any item of equipment purchased with grant
funds. The grantee shall permanently identify all equipment purchased
under the grant by appropriate tags or labels affixed to the equipment.
The grantee shall maintain a current inventory of all equipment, which
shall be available to the OOG at all times upon request, however,
the title for equipment will remain with the grantee.
(d) The grantee will operate, maintain, repair, and
protect all equipment purchased in whole or in part with grant funds
so as to ensure the full availability and usefulness of such equipment
for the purposes of the GURI grant award. In the event the grantee
is indemnified, reimbursed, or otherwise compensated for any loss
of, destruction of, or damage to the equipment purchased with grant
funds, it shall use the proceeds to repair or replace said equipment.
|
