Common use of NONEXPENDABLE PROPERTY Clause in Contracts

NONEXPENDABLE PROPERTY. a. For purposes of this Agreement, “nonexpendable property” is the same as “property” as defined in section 273.02, F.S., (equipment, fixtures, and other tangible personal property of a non-consumable and nonexpendable nature.) b. All nonexpendable property, purchased under this Agreement, shall be listed on the property records of Grantee. Grantee shall inventory annually and maintain accounting records for all nonexpendable property purchased and submit an inventory report to Commerce with the final expenditure report. The records shall include, at a minimum, the following information: property tag identification number, description of the item(s), physical location, name, make or manufacturer, year, and/or model, manufacturer’s serial number(s), date of acquisition, and the current condition of the item. c. At no time shall Grantee dispose of nonexpendable property purchased under this Agreement without Commerce’s written permission; provided further that Grantee shall, at all times, follow Commerce’s instructions regarding such disposition. d. Immediately upon discovery, ▇▇▇▇▇▇▇ shall notify Commerce, in writing, of any property loss with the date and reason(s) for the loss. e. Grantee shall be responsible for the correct use of all nonexpendable property Grantee purchases or Commerce furnishes under this Agreement. f. A formal Agreement amendment is required prior to the purchase of any item of nonexpendable property not specifically listed in the approved Agreement budget. g. Title (ownership) to all nonexpendable property acquired with funds from this Agreement shall be vested in Commerce and said property shall be transferred to Commerce upon completion or termination of this Agreement unless otherwise authorized in writing by Commerce.

NONEXPENDABLE PROPERTY. a. For purposes of this Agreement, “nonexpendable property” is the same as “property” as defined in section s. 273.02, F.S., (equipment, fixtures, and other tangible personal property of a non-consumable and nonexpendable nature.) b. All nonexpendable property, purchased under this Agreement, shall be listed on the property records of Grantee. Grantee shall inventory annually and maintain accounting records for all nonexpendable property purchased and submit an inventory report to Commerce DEO with the final expenditure report. The records shall include, at a minimum, the following information: property tag identification number, description of the item(s), physical location, name, make or manufacturer, year, and/or model, manufacturer’s serial number(s), date of acquisition, and the current condition of the item. c. At no time shall Grantee dispose of nonexpendable property purchased under this Agreement without CommerceDEO’s written permission; provided further that Grantee shall, at all times, follow CommerceDEO’s instructions regarding such disposition. d. Immediately upon discovery, ▇▇▇▇▇▇▇ Grantee shall notify CommerceDEO, in writing, of any property loss with the date and reason(s) for the loss. e. Grantee shall be responsible for the correct use of all nonexpendable property Grantee purchases or Commerce DEO furnishes under this Agreement. f. A formal Agreement amendment is required prior to the purchase of any item of nonexpendable property not specifically listed in the approved Agreement budget. g. Title (ownership) to all nonexpendable property acquired with funds from this Agreement shall be vested in Commerce DEO and said property shall be transferred to Commerce DEO upon completion or termination of this Agreement unless otherwise authorized in writing by CommerceDEO.