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5 <br /> Page 4 of 12 <br /> 14. Equipment is a type of fixed asset consisting of specific items of property that: (1) are tangible in <br /> nature; (2) have a life longer than one year, and (3) have a significant value. <br /> a. For Budgeting and Reporting Purposes <br /> 1. Equipment purchases meeting the above definition and having an <br /> acquisition cost of$500 or more must be budgeted and reported in Line Item <br /> 5000. <br /> b. For Inventory Purposes <br /> 1. Equipment must be accounted for in accordance with Local Government <br /> Accounting System Procedure No. 15. <br /> 2. Wcmen, Infants and Children Program <br /> All equipment with an acquisition cost of$500.00 or more must be <br /> inventoried with the Division of Maternal and Child Health. <br /> C. For Prior Approval Purposes <br /> 1. Equipment purchased or equipment leased where there is an option to <br /> purchase with State/Federal funds must receive prior written approval from <br /> the appropriate Division, Section, or Branch when the acquisition cost <br /> exceeds $500.00. <br /> 2. Women, Infants and Children Program <br /> All medical equipment and computer equipment, regardless of cost and all <br /> other equipment with an acquisition cost of$500.00 or more must receive <br /> prior approval from the program office. - <br /> 3. Equipment purchased with program income generated by the expenditure of <br /> Title X Family Planning Funds with an acquisition cost of$500.00 or more <br /> must receive prior written approval from the program. <br /> 4. The use of Maternal and Child Health program generated Medicaid fees for <br /> capital improvements requires prior written approval from the program. <br /> C. FISCAL CONTROL <br /> 1. The Department shall comply with the Local Government Budget and Fiscal Control Act, <br /> North Carolina General Statute Chapter 159, Article 3. <br /> a. The Department shall maintain a purchasing and procurement system in <br /> accordance with generally accepted accounting practices and procedures set forth <br /> by the Local Government Commission. <br /> b. The Department shall execute written agreements with all parties who invoice the <br /> Department for payment for the provision of services to patients. <br /> C. When subcontracting, the following conditions must be met: <br />