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(1) Activities sponsored by the FmHA. {2) Activities sponsored by other Federal agencies. (b) During the time that nonexpendable personal property is held for use on the project for which it was acquired, the Grantee shall make it available for use on other projects if such Other use will not interfere with the work off the project for which the property was oti~nally acquired. First preference for such other use shall be given to FmHA sponsored projects. Second preference svill be given to other Federally sponsored projects. 2. Disposition of nonexpendable property. When the Grantee no longer needs the property as provided in paragraph (a) above, the property may he used for otb.er acti~,ities in accordance w~th the following stands;ds: (a) Nonexpendable property with a unit acquisition cost of less than St,000. The Grantee may use the pro ~erty for othe~ activities without reimbursement to the Federal Government or sell the property and retain the proceeds. (b) Nonexpendable personal property with a unit acquisition cost of SI,O00 or more. The Grantee may retain the ~roperty for other uses provided that compensation is made to the original Grantor agency or its successor. The amount of co~npensation shall be computed by a ~plylng the percentage of Federal participation in the cost of the otiglnal project or pro.am to the cu~ent fair market value of the property. If the Grantee has no need for the property and the property has further use value, the Grantee shall request disposition instructions flora the original Grantor agency. The Grantor agency shall determine whed~er the property can be used to meet the agency's requirements. If no requirement exists within that agency, the availability of the property shall be reported, in accordance with the gtfide- nes of the Federal Property Management Re~ladons (FPMR), to the General Services Administration by the Grantor agency to determine whether a requirement for the property exists in other Federal agencies. The Grantor agency shall issue instructions to the Grantee no late~ than 120 days after the Grantee request and the following procedures shall govern: (1) If so instructed or if disposition instructions are not issued within t20 calendar days after the Grantee's request, the Grantee shall sell the property and reimburse the Grantor ~gency an amount computed by applying to the sales proceeds the percentage of Federa~ participation in the cost of the ori~nal project or program. However, d~e Grantee shall hepernfitted to deduct and retain from tl~e Federal almre S100 or ten percent of the proceeds, whichever is greater, for the Grantee's selling and handling expenses. (2) If the Grantee is instructed to ship the property elsewhere the Grantee shall be reimbursed by the benefi'tting Federal agency with an amount which is coniputed by applying the percentage of the Grantee participation in the cost of the original grant project or program to d~e cm rent fair market value of fl~e property, plus any reasonable shipping or interim storage costs incurred. (3) If the Grantee is h~structed to othenvise dispose of the property, the Grantee shall be reimbursed by the Grantor agency for such costs incurred in its disposition. 3. The Grantee's property management standards for nonexpendable personal property shall also include: (a) Property records wliich accurately provMe for: a description of the property; manufacturer's serial number or other identification number; acquisition date and cost; source of the property; percemage (at the end of budget y-cart) of Federal mrticipation in fl~e cost of. the project for which thean~rOu~tmate, erty was. acquired', location~ , use and .... did .... f the property and the date tl .... I ...... ti ...... as reported; aisposition data including sales price or the method used to determine curretit fair market value if the Grantee reimburses the Grantor for its share. (b} A physical inventory of property shall be ~aken and the results reconciled with the property record* at lea~t once eveq' two years to verify the existence, current utilization, and continued need for the property. (c) A Control system shall be in effect to insure adequate safe.aids to prevent loss, damage, or theft of thc property. Any lbss. damage, or theft of nonexpendable property shall be investigaged and full}, documented. (d} Adequate maintenance procedures shall be implemented to keep the property in good condition. (e Proper sales procedures shall be established for unneeded property which would provide for competition to the extent practicable and result in the highest possible return. All hydr~ts, p~p~ stations, pumpo, motors, etc., necessa~ to obta~ an operational uatar systm as provided tn connection ~th this phase of ~prov~ents. M. Provlde Financial Management Systems which will inchxde: 1. Accurate. current, and complete dlsclosure ofthcfinancialresultsofeachg~ant. Financial reporting will be on an accrual basis. 2. P. ecords which identify adequately the source and application of funds for grant-supported activities. Those records shall contain information pertaining to grant awards and authorizations, obligations, nnobligated balances, assets, liabilities, outlays, and income.