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acquisition date and cost; source of the property; percentage of Federal funds used <br /> 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 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 practical and result in the highest possible <br /> return. <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—DCARA page 5 of 5 <br /> July 15,2002 <br /> G:\Community Development\CDBG\DCARA\2002-03 <br />