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Page 19 <br />reported to the General Services Administration (GSA) by the Federal agency to <br />determine whether a requirement for the property exists in other Federal agencies. <br />The Federal grantor agency shall issue instructions to the grantee within 120 days <br />and the following procedures shall govern: <br /> <br />(i) If the grantee is instructed to ship the property elsewhere, the grantee shall <br />be reimbursed by the benefiting Federal agency with an amount which is <br />computed by applying the percentage of the grantee's participation in the <br />grant program to the current fair market value of the property, plus any <br />shipping or interim storage costs incurred. <br /> <br />(ii) If the grantee is instructed to otherwise dispose of the property, he shall be <br />reimbursed by the Federal grantor agency for such costs incurred in its <br />disposition. <br /> <br />(iii) If disposition instructions are not issued within 120 days after reporting, the <br />grantee shall sell the property and reimburse the Federal grantor agency <br />an amount which is computed by applying the percentage of Federal <br />participation in the grant program to the sales proceeds. Further, the <br />grantee shall be permitted to retain $100 or 10 percent of the proceeds, <br />whichever is greater, for the grantee's selling and handling expense. <br /> <br />(4) Where the grantor agency determines that property with an acquisition cost of $1,000 or <br />more and financed solely with Federal funds is unique, difficult, or costly to replace, it may <br />reserve title to such property, subject to the following provisions: <br /> <br />(a) The property shall be appropriately identified in the grant agreement or otherwise <br />made known to the grantee. <br /> <br />(b) The grantor agency shall issue disposition instructions within 120 days after the <br />completion of the need for the property under the Federal grant for which it was <br />acquired. If the grantor agency fails to issue disposition instructions within 120 days, <br />the grantee shall apply the standards of 4.a.(1), 4.a.(2)(b) and 4a(3)(b). <br /> <br />b. Federally-owned nonexpendable personal property. Unless statutory authority to transfer title has <br />been granted to an agency, title to Federally-owned property (property to which the Federal <br />Government retains title including excess property made available by the Federal grantor agencies <br />to grantees) remains vested by law in the Federal Government. Upon termination of the grant or <br />need for the property, such property shall be reported to the grantor agency for further agency <br />utilization or, if appropriate, for reporting to the General Services Administration for other Federal <br />agency utilization. Appropriate disposition instructions will be issued to the grantee after completion <br />of Federal agency review. <br /> <br />5. The grantees' property management standards for nonexpendable personal property shall also include the <br />following procedural requirements. <br /> <br />a. Property records shall be maintained accurately and provide for: a description of the property; <br />manufacturer's serial number or other identification number; acquisition date and cost; source of the <br />property; percentage of Federal funds used in the purchase of property; location, use, and condition <br />Docusign Envelope ID: AF0A790E-72BA-4DEC-AEC7-74333D1245D7