15A NCAC 18B .0102 ALLOWABLE CREDITS
(a) In computing the monetary value of local funds and facilities provided by the applicant, in order to determine the amount of state aid that can be given on a matching basis, credit will be allowed for labor, materials, and general operating expenses. Depreciation credit will be allowed on equipment that has been approved for use in the program by the Department.
(b) The schedule for allowable equipment depreciation credits will be established by the Department, by taking into consideration the cost of equipment, its projected life, and its anticipated hourly usage on an annual basis.
(c) No credit will be allowed for local money spent to repay loans or to pay interest, purchase equipment or real estate, nor for overhead expenses such as office and storage space, rental, etc.
(d) No credit will be allowed for equipment repair when, in the professional opinion of the representative of the Department, the equipment has become uneconomical to operate as a result of excessive repairs and related costs.
History Note: Authority G.S. 130A‑347;
Eff. February 1, 1976;
Readopted Eff. December 5, 1977;
Amended Eff. September 1, 1990; January 1, 1986; January 1, 1980.