EQUIMENT PURCHASES

Receipt of Newly-Purchased Equipment and Furniture

All equipment purchased with SCIRE funds are the property of the Corporation. All purchases made with SCIRE funds must have the prior approval of SCIRE and be made through the SCIRE Purchasing Agent. Unless prior approval of SCIRE has been obtained, SCIRE will not guarantee payment to vendors or reimbursement to any individual for purchases made without a SCIRE Purchase Order Number authorization.

At the time of arrival, all newly purchased equipment and furniture shall be looked over for obvious physical damage. If an asset appears to be damaged or is not in working order, it shall be returned to the vendor immediately.

In addition, descriptions and quantities of assets per the packing slip or bill of lading shall be compared to the assets delivered. Discrepancies should be resolved with the vendor immediately. The SCIRE Purchasing Agent is the only party authorized to contact vendors concerning disputed deliveries. In certain cases, the Purchasing Agent will grant

Transfer of Equipment

Transfers of equipment may only be made to another 501(c)(3) nonprofit corporation which supports medical research. Correspondence to the receiving institution as well as their acknowledgement and acceptance must be submitted to the SCIRE Board of Directors before final approval of the transfer will be granted.

Sale of Equipment

The SCIRE Board of Directors must approve the sale of any equipment. Proceeds from any sales will be deposited into the SCIRE unrestricted administration account. In every case, prior to a sale of equipment, notice will be given to other Principal Investigators of the availability of such equipment. The Executive Director may determine the appropriateness of the transfer of equipment from one investigator to another. In no case, will one investigator’s account be debited for the value of the equipment and another’s credited for the value of the equipment, unless approved by the Board.

Equipment Maintenance and Insurance

All equipment belonging to SCIRE must be maintained and insured using SCIRE funds. Maintenance costs are to be paid out of individual research project funds. Insurance will be handled through SCIRE’s Property Insurance Policy and will be paid for out of SCIRE administrative funds.

Property Tags

Equipment and computers that cost over $1,000 will be issued a property tag and entered into the Inventory Tracking system. A biannual audit will be done to ensure all tagged equipment is still in working condition and located on site.