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a. Property records shall be maintained accurately and provide for: a description of <br />the property; manufacturer's serial number or other identification number; <br />acquisition date and cost; source of the property; percentage of Federal funds <br />used in the purchase of property; location, use, and condition of the property; and <br />ultimate disposition data including sales price or the method used to determine <br />current fair market value if Recipient reimburses City for its share. <br />b. A physical inventory of property shall be taken and the results reconciled with the <br />property records at least once very two years to verify the existence, current <br />utilization, and continued need for the property. <br />c. A control system shall be in effect to insure adequate safeguards to prevent loss, <br />damage, or theft to the property. Any loss, damage, or theft of nonexpendable <br />property shall be investigated and fully documented. <br />d. Adequate maintenance procedures shall be implemented to keep the property in <br />good condition. <br />e. Proper sales procedures shall be established for unneeded property which would <br />provide for competition to the extent practicable and result in the highest possible <br />return. <br />6. When the total inventory value of an unused expendable personal property exceeds <br />$500 at the expiration of need for any Federal grant purposes, Recipient may retain the <br />property or sell the property as long as he compensates the Federal Government for its <br />share in the cost. The amount of compensation shall be computed in accordance with <br />4a(2)(b). <br />LMR:kag <br />J:\WPD\MNRSW\136\001 WGREE12000\Davis Street CDBG Loan.redline.wpd <br />4 <br />