Common use of Inventory of the Assets Clause in Contracts

Inventory of the Assets. The Grant Recipient shall agree in advance with the Authority any plans to purchase or improve any Fixed Assets at a cumulative cost exceeding £10,000 and must keep a register of all Fixed Assets and Major Assets acquired or improved at a cost exceeding £10,000, wholly or partly using the Grant provided under the Grant Funding Agreement. Where the cost of purchasing or improving the Fixed Assets and Major Assets is less than £10,000 authorisation is not required, but the Asset should be recorded on the fixed asset register. For the avoidance of doubt, IPR developed during the Funding Period is not considered to be an Asset subject to this condition 18. The Grant may be used for the depreciation of any Assets only insofar as they are used for delivery of the Funded Activity and only as set out in Annex 5 of the Grant Funding Agreement. . For each entry in the register the following particulars must be shown where appropriate: date of acquisition or improvement; description of the Asset; cost, net of recoverable VAT; location of the Asset; serial or identification numbers; location of the title deeds; date of any Disposal; depreciation/amortisation policy applied; proceeds of any Disposal net of VAT; and the identity of any person to whom the Asset has been transferred or sold. The Authority reserves the right to require the Grant Recipient to maintain the above particulars as set out in 18.3.1-18.3.10 for any additional items which the Authority considers material to the overall Grant.