Acquisition Cost of Equipment [Education] Law and Legal Definition

According to 34 CFR 74.2 [Title 34 – Education; Subtitle A -- Office of the Secretary, Department of Education; Part 74 -- Administration of Grants and Agreements with Institutions of Higher Education, Hospitals, and Other Non-Profit Organizations; Subpart A – General], the term acquisition cost of equipment means “the net invoice price of the equipment, including the cost of modifications, attachments, accessories, or auxiliary apparatus necessary to make the property usable for the purpose for which it was acquired. Other charges, such as the cost of installation, transportation, taxes, duty, or protective in-transit insurance, shall be included or excluded from the unit acquisition cost in accordance with the recipient's regular accounting practices.”