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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 — Building Futures <br />September 16, 2002 <br />GACommunity Development\CDBG\BuildingFutures\FY2002-03 <br />page 5 of 5 <br />