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Page 20 <br />of the property; and ultimate disposition data including sales price or the method used to determine <br />current fair market value if the grantee reimburses the grantor agency for its share. <br /> <br />b. A physical inventory of property shall be taken and the results reconciled with the property records <br />are least once every two years to verify the existence, current utilization, and continued need for the <br />property. <br /> <br />c. A control system shall be in effect to insure adequate safeguards to prevent loss, damage, or theft <br />to the property. Any loss, damage, or theft of nonexpendable property shall be investigated and fully <br />documented. <br /> <br />d. Adequate maintenance procedures shall be implemented to keep the property in good condition. <br /> <br />e. Proper sales procedures shall be established for unneeded property which would provide for <br />competition to the extent practicable and result in the highest possible return. <br /> <br />6. When the total inventory value of any unused expendable personal property exceeds $500 at the expiration <br />of need for any Federal grant purposes, the grantee may retain the property or sell the property as long as <br />he compensates the Federal Government for its share in the cost. The amount of compensation shall be <br />computed in accordance with 4.a.(2)(b). <br /> <br />7. Specified standards for control of intangible property are provided as follows: <br /> <br />a. If any program produces patentable items, patent rights, processes, or inventions, in the course of <br />work aided by a Federal grant, such fact shall be promptly and fully reported to the grantor agency. <br />Unless there is prior agreement between the grantee and grantor on disposition of such items, the <br />grantor agency shall determine whether protection on such invention or discovery shall be sought <br />and how the rights in the invention or discovery -- including rights under any patent issued thereon - <br />- shall be allocated and administered in order to protect the public interest consistent with <br />"Government Patent Policy" (President's Memorandum for Heads of Executive Departments and <br />Agencies, August 23, 1971, and Statement of Government Patent Policy as printed in 36 F.R. <br />16889). <br /> <br />b. Where the grant results in a book or copyrightable material, the author or grantee is free to copyright <br />the work, but the Federal grantor agency reserves a royalty-free, non-exclusive and irrevocable <br />license to reproduce, publish, or otherwise use, and to authorize others to use the work for <br />Government purposes. <br /> <br /> <br /> <br />  <br /> <br />  Docusign Envelope ID: 9660A323-E305-4735-8869-A48A2C99B23E