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it was acquired. if City fails to issue disposition instructions within 120 <br /> days, Contractor shall apply the standards of 4(a)(l), 4(a)(2)(b) and <br /> 4(a)(3)(b). <br /> • <br /> b. Federally -owned nonexpendable personal property. Unless statutory authority to <br /> transfer title has been granted to an agency, title to Federally -owned property remains <br /> vested by law in the Federal Government. Upon termination of the grant or need for the <br /> property, such property shall be reported to the City for further agency utilization, or if <br /> appropriate for reporting to the General Services Administration for other Federal agency <br /> utilization. Appropriate disposition instructions will be issued to the grantee after <br /> completion of Federal agency review. <br /> 5. Contractor's property management standards for nonexpendable personal property shall <br /> also include the following procedural requirements. <br /> 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 Contractor reimburses the 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 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 practical and result in the highest possible <br /> retum. • <br /> 6. When the total inventory value of an unused expendable personal property exceeds $500 <br /> at the expiration of need for any Federal grant purposes, the Contractor 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 /> Exhibit F Page 4 of 4 <br />