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5 <br /> Page 4 of 12 <br /> 11. The Department shall have an annual audit performed in accordance with <br /> The Single Audit Act of 1984 as implemented by OMB Circular A-128. <br /> Audit findings and resolution of said findings shall be handled by the <br /> Division of Fiscal Management, Budget & Analysis Section. <br /> 12. Equipment is a type of fixed asset consisting of specific items of <br /> property that: (1) are tangible in nature; (2) have a life longer than <br /> 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 <br /> in Line Item 5000. <br /> b. For Inventory Purposes <br /> 1. Equipment must be accounted for in accordance with Local <br /> Government 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 <br /> be 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 <br /> option to purchase with State/Federal funds must receive prior <br /> written approval from the appropriate Division, Section, or <br /> Branch when the acquisition cost exceeds $500.00. <br /> 2. Women, Infants and Children Program <br /> All medical equipment and computer equipment, regardless of <br /> cost and all other equipment with an acquisition cost of <br /> $500.00 or more must receive prior approval from the program <br /> office. ' <br /> 3. Equipment purchased with program income generated by the <br /> expenditure of Title X Family Planning Funds with an <br /> acquisition cost of $500.00 or more must receive prior written <br /> approval from-the program. <br /> C. FISCAL CONTROL <br /> 1. The Department shall comply with the Local Government Budget and Fiscal <br /> Control Act, North Carolina General Statute Chapter 159, Article 3. <br /> a. The Department shall maintain a purchasing and procurement system <br /> in accordance with generally accepted accounting practices and <br /> procedures set forth by the Local Government Commission. <br />