Reso 1997-021 to 025 - Laserfiche WebLink

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applying the percentage of Federal participation in the grant program to the current fair market value of the property. (3) If the grantee has no need for the property, disposition of the property shall be made as follows: (a) Nonexpendable property with an acquisition cost of $1,000 or less. Except for that property which meets the criteria of (2)(a) above, the grantee shall sell the property and reimburse the Federal grantor agency an amount which is computed in accordance with (iii) below. (b) Nonexpendable propeEtkwith an acquisition cost of over $1,000. The grantee shall request disposition instructions from the grantor agency. The Federal agency shall determine whether the property can be used to meet the agency's requirement. If no requirement exists within that agency, the availability of the property shall be reported to the General Services Administration (GSA) by the Federal agency to determine whether a requirement for the property exists in other Federal agencies. The Federal grantor agency shall issue instructions to the grantee within 120 days and the following procedures shall govern: (i) If the grantee is instructed to ship the property elsewhere, the grantee shall be reimbursed by the benefiting Federal agency with an amount which is computed by applying the percentage of the grantee's participation in the grant program to the current fair market value of the property, plus any shipping or interim storage costs incurred. (ii) If the grantee is instructed to otherwise dispose of the property, she or he shall be reimbursed by the Federal grantor agency for such costs incurred in its disposition. (iii) If disposition instructions are not issued within 120 days after reporting, the grantee shall sell the property and reimburse the Federal grantor agency an amount which is computed by applying the percentage of Federal participation in the grant program to the sales proceeds. Further, the grantee shall be permitted to retain $100 or 10 percent of the proceeds, whichever is greater, for the grantee's selling and handling expense. (4) Where the grantor agency determines that property with an acquisition cost of $1,000 or more and financed solely with Federal funds is unique, difficult, or costly to replace, it may reserve title to such property, subject to the following provisions: (a) The property shall be appropriately identified in the grant agreement or otherwise made known to the grantee.