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Page 18 <br />by applying the percentage of the Federal participation in the total cost of the grant program for which <br />the property was acquired to the current fair market value of the property. <br /> <br />4. Standards and procedures governing ownership, use, and disposition of nonexpendable personal property <br />furnished by the Federal Government or acquired with Federal funds are set forth below: <br /> <br />a. Nonexpendable personal property acquired with Federal funds. When nonexpendable personal <br />property is acquired by a grantee wholly or in part with Federal funds, title will not be taken by the <br />Federal Government except as provided in paragraph 4.a.(4), below, but shall be vested in the <br />grantee subject to the following restrictions on use and disposition of the property: <br /> <br />(1) The grantee shall retain the property acquired with Federal funds in the grant program as <br />long as there is a need for the property to accomplish the purpose of the grant program <br />whether or not the program continues to be supported by Federal funds. When there is no <br />longer a need for the property to accomplish the purpose of the grant program, the grantee <br />shall use the property in connection with other Federal grants it has received in the following <br />order of priority: <br /> <br />(a) Other grants of the same Federal grantor agency needing the property. <br /> <br />(b) Grants of other Federal agencies needing the property. <br /> <br />(2) When the grantee no longer has need for the property in any of its Federal grant programs, <br />the property may be used for its own official activities in accordance with the following <br />standards: <br /> <br />(a) Nonexpendable property with an acquisition cost of less than $500 and used four <br />years or more. The grantee may use the property for its own official activities without <br />reimbursement to the Federal Government or sell the property and retain the <br />proceeds. <br /> <br />(b) All other nonexpendable property. The grantee may retain the property for its own <br />use provided that a fair compensation is made to the original grantor agency for the <br />latter's share of the property. The amount of compensation shall be commuted by <br />applying the percentage of Federal participation in the grant program to the current <br />fair market value of the property. <br /> <br />(3) If the grantee has no need for the property, disposition of the property shall be made as <br />follows: <br /> <br />(a) Nonexpendable property with an acquisition cost of $1,000 or less. Except for that <br />property which meets the criteria of (2)(a) above, the grantee shall sell the property <br />and reimburse the Federal grantor agency an amount which is computed in <br />accordance with (iii) below. <br /> <br />(b) Nonexpendable property with an acquisition cost of over $1,000. The grantee shall <br />request disposition instructions from the grantor agency. The Federal agency shall <br />determine whether the property can be used to meet the agency's requirement. If <br />no requirement exists within that agency, the availability of the property shall be <br />Docusign Envelope ID: AF0A790E-72BA-4DEC-AEC7-74333D1245D7