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5 <br /> Page 4 of 12 <br /> 13. The Department shall have an annual audit performed in accordance with The Single Audit <br /> Act of 1984 as implemented by OMB Circular A-128. The audit report should be submitted <br /> to the Office of the Controller within (six) 6 months following the close of the contract. Audit <br /> findings and resolution of said findings shall be handled by the Office of the Controller. <br /> 14. Equipment is a type of fixed asset consisting of specific items of property that: (1) are <br /> tangible in 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. Women, 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. FI;;AL 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 />