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b. A physical inventory of property shall be taken and the results <br /> reconciled with the property records at least once very two years to <br /> verify the existence, current utilization, and continued need for the <br /> property. <br /> c. A control system shall be in effect to insure adequate safeguards to <br /> prevent loss, damage, or theft to the property. Any loss, damage, or <br /> theft of nonexpendable property shall be investigated and fully <br /> documented. <br /> d. Adequate maintenance procedures shall be implemented to keep the <br /> property in good condition. <br /> e. Proper sales procedures shall be established for unneeded property <br /> which would provide for competition to the extent practicable and result <br /> in the highest possible return. <br /> 6. When the total inventory value of an unused expendable personal property <br /> exceeds $500 at the expiration of need for any Federal grant purposes, the <br /> Contractor may retain the property or sell the property as long as he <br /> compensates the Federal Government for its share in the cost. The amount of <br /> compensation shall be computed in accordance with 4a(2)(b). <br /> LMR:kag <br /> J:\WPD\MNRSW\I36\OOI\AGREE\I 999\CDBG\Citizens Loan Agreement Final.wpd <br /> 5 <br />