BC 1983 09 19 - Laserfiche WebLink

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388 (1) If so instructed or if disposition instructions are not issued with 120 calendar days after the Grantee's request, the Grantee shall sell the property and reimburse the Grantor agency an amount computed by applying to the sales proceeds the percentage of Federal participation in the cost of the original project or program. However, the Grantee shall be permitted to deduct and retain from the Federal share $100 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 benefitting Federal agency with an amount which is computed by applying the percentage of the Grantee participation in the cost of the original grant project or program to the current fair market value of the property, plus any reasonable shipping or interim storage costs incurred. (3) If the Grantee is instructed to otherwise dispose of ~he 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 which accurately provide for: a description of the property; manufacturer's serial number or other identification number; acquisition date and cost; source of the property; percentage (at the end of budget year) of Federal participation in the cost of the proj. ect for which the property was acquired; location, use and condition of the property and the date the information was reported; and ultimate disposition data including sales price or the method used to determine current fair market value if the Grantee reimburses the Grantor for its share. (b) A physical inventory of property shall be taken and the results reconciled with the property records at least once every 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 safeguards to prevent loss, damage, or theft of the proper~y. Any loss, damage, or theft of nonexpendable property shall be investigated and fully documented. (d) Adequate maintenance procedures shall be implemented to keep the property in good condition. (e) Proper sales procedures shall be established for unr~eded property which would provide for competition to the extent practicable and result in the highest possible return. This Grant Agreement covers the following described nonexpendable property. Ail hydrants, pumping stations, pumps, motors, etc., necessary to obtain an operational water system as provided in connection with this phase of improvements. M. Provide ~inancial Management Systems which will include: 1. Accurate, current, and complete disclosure of the financial results of each grant. Financial reporting will be on an accrual basis. 2. Records 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, unobligated balances, assets, liabilities, outlays, and income. 3. Effective control over and accountability for all funds, property and other assets. Grantees shall adequately safeguard all such assets and shall assure that they are used solely for authorized purposes. 4. Accounting records supported by source documentation. N. Retain financial records, supporting documents, statistical records, and all other records pertinent to the grant for a period of at least three years after grant closing except that the records shall be retained beyond the three-year period if audit findings have not been resolved. Microfilm copies may be substituted in lieu of original records. The Grantor and the Comptroller General of the United States, or any of their duly authorized representatives, shall have access to any books, documents, papers, and records of the Grantee's government which are pertinent to the specific grant program for the purpose of making audits, examinations, excerpts and transcripts.