Agmt 2001 San Leandro Boys and Girls Club

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(4) Where the City determines that property with an acquisition costs of $1,000 or more and financed solely with Federal funds is unique, difficult, or costly to replace, it may reserve title to such property, subject to the following provision (a) The property shall be appropriately identified in the grant agreement or otherwise made know to Contractor. (b) City shall issue disposition instructions within 120 days after the completion of the need for the property under the Federal grant for whip it was acquired. If City fails to issue disposition instructions within 12( days, Contractor shall apply the standards of 4(a)(1), 4(a)(2)(b) and 4(a)(3)(b). b. Federally-owned nonexpendable personal property. Unless statutory authority to transfer title has been granted to an agency, title to Federally-owned property remains vested by law in the Federal Government. Upon termination of the grant or need for t] property, such property shall be reported to the City for further agency utilization, or ij appropriate for reporting to the General Services Administration for other Federal agel utilization. Appropriate disposition instructions will be issued to the grantee after completion of Federal agency review. 5. Contractor's property management standards for nonexpendable personal property sha also include the following procedural requirements. a. Property records shall be maintained accurately and provide for: a description < the property; manufacturer's serial number or other identification number; acquisition date and cost; source of the property; percentage of Federal funds u in the purchase of property; location, use, and condition of the property; and ultimate disposition data including sales price or the method used to determine current fair market value if Contractor reimburses the City for its share. b. A physical inventory of property shall be taken and the results reconciled with property records at least once very two years to verify the existence, current utilization, and continued need for the property. c. A control system shall be in effect to insure adequate safeguards to prevent los damage, or theft to the property. Any loss, damage, or theft of nonexpendable property shall be investigated and fully documented. G:\DS\HOPE\SAN LEANDRO BOYS AND GIRLS CLUB AGMT.(CIP)FY 2001-2002.doc