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Federal participation in the total cost of the grant program for which the property was <br />acquired to the current fair market value of the property. <br />4. Standards and procedures governing ownership, use, and disposition of nonexpendable <br />personal property furnished by the Federal Government or acquired with Federal funds are set <br />forth below: <br />a. Nonexpendable personal property acquired with Federal funds. When nonexpendable <br />personal property is acquired by a grantee wholly or in part with Federal funds, title will <br />not be taken by the Federal Government except as provided in paragraph 4(a)(4), but <br />shall be vested in the grantee subject to the following restrictions on use and disposition <br />of the property. <br />(1) Recipient shall retain the property acquired with Federal funds in the grant <br />program as long as there is a need for the property to accomplish the purpose of <br />the grant program whether or not the program continues to be supported by <br />federal funds. When there is no longer a need for the property to accomplish the <br />purpose of the grant program, the grantee shall use the property in connection <br />with other Federal grants it has received in the following order of priority. <br />(a) Other grants of the same Federal grantor agency needing the property. <br />(b) Grants of other Federal agencies needing the property. <br />(2) When Recipient no longer has need for the property in any of its Federal grant <br />programs, the property may be used for its own official activities in accordance <br />with the following standards: <br />(a) Nonexpendable property with an acquisition cost of less than $500 and <br />used four years or more. Recipient may use the property for its own <br />official activities without reimbursement to City or sell the property and <br />retain the proceeds. <br />(b) All other nonexpendable property. Recipient may retain the property for <br />its own use provided that a fair compensation is made to City for the <br />tatter's share of the property. The amount of compensation shall be <br />computed by applying the percentage of Federal participation in the grant <br />program to the current fair market value of the property. <br />(3) If Recipient has no need for the property, disposition of the property shall be <br />made as follows: <br />(a) Nonexpendable property with an acquisition cost of $1,000 or less. Except for <br />that property which meets the criteria of (2)(a) above, Recipient shall sell the <br />property and reimburse City an amount which is computed in accordance with (iii) <br />below. <br />(b) Nonexpendable property with an acquisition costs of over $1,000. Recipient <br />2 <br />