Agmt 2001 Stepping Stones Growth Center

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(b) City shall issue disposition instructions within 120 days after the completion of the need for the property under the Federal grant for which it was acquired. If City fails to issue disposition instructions within 120 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 bylaw in the Federal Government. Upon termination of the grant or need for the property, such property shall be reported to the City for further agency utilization, or if appropriate for reporting to the General Services Administration for other Federal agency utilization. Appropriate disposition instructions will be issued to the grantee after completion of Federal agency review. Contractor's property management standards for nonexpendable personal property shall also include the following procedural requirements. a. Property records shall be maintained accurately and provide for: a description of the property; manufacturer's serial number or other identification number; acquisition date and cost; source of the property;. percentage of Federal funds used 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 the 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 loss, damage, or theft to the property. Any loss, damage, or theft of nonexpendable property shall be investigated and fully documented. d. Adequate maintenance procedures shall be implemented to keep the property in good condition. e. Proper sales procedures shall be established for unneeded property which would provide for competition to the extent practical and result in the highest possible return. 6. When the total inventory value of an unused expendable personal property exceeds $500 at the expiration of need for any Federal grant purposes, the Contractor may retain the property or sell the property as long as he compensates the Federal Government for its share in the cost. The amount of compensation shall be computed in accordance with 4a(2)(b). G:\DS\HOPE\Stepping Stones CIP Agreement (CDGB),FY 2001-2002.doc ~ -/