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program to the sales proceeds. Further, the grantee shall be <br />permitted to retain $1000 or 10 percent of the proceeds, <br />whichever is greater, for the grantee's selling and handling <br />expenses. <br />iv. Where the City determines that property with an acquisition <br />cost of $1,000 or more and financed solely with Federal <br />funds is unique, difficult, or costly to replace, it may <br />reserve title to such property, subject to the following <br />provisions: <br />aa) The property shall be appropriately identified in the <br />grant agreement or otherwise made know to <br />Contractor. <br />bb) City shall issue disposition instructions within 120 <br />days after the completion of the need for the <br />property under the Federal grant for which it was <br />acquired. If City fails to issue disposition <br />instructions within 120 days, Contractor shall apply <br />the standards of 4(a)(1), 4(a)(2)(b) and 4(a)(3)(b). <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 <br />remains vested by law in the Federal Government. Upon termination of the grant <br />or need for the property, such property shall be reported to the City for further <br />agency utilization, or if appropriate for reporting to the General Services <br />Administration for other Federal agency utilization. Appropriate disposition <br />instructions will be issued to the grantee after completion of Federal agency <br />review. <br />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 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 />Exhibit F — Building Futures page 4 of 5 <br />September 16, 2002 <br />GACommunity Development\CDBG\BuildingFutures\FY2002-03 <br />