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termination of the grant or need for the property, such property shall be <br />reported to the grantor agency for further agency utilization or, if <br />appropriate, for reporting to the General Services Administration for other <br />Federal agency utilization. Appropriate disposition instructions will be <br />issued to the grantee after completion of Federal agency review. <br />5. The grantees' property management standards for nonexpendable personal <br />property shall also include the following procedural requirements. <br />a. Property records shall be maintained accurately and provide for: a <br />description of the property; manufacturer's serial number or other <br />identification number; acquisition date and cost; source of the property; <br />percentage of Federal funds used in the purchase of property; location, use, <br />and condition of the property; and ultimate disposition data including sales <br />price or the method used to determine current fair market value if the <br />grantee reimburses the grantor agency for its share. <br />b. A physical inventory of property shall be taken and the results reconciled <br />with the property records are least once every two years to verify the <br />existence, current utilization, and continued need for the property. <br />c. A control system shall be in effect to insure adequate safeguards to prevent <br />loss, damage, or theft to the property. Any loss, damage, or theft of <br />nonexpendable property shall be investigated and fully documented. <br />d. Adequate maintenance procedures shall be implemented to keep the <br />property in good condition. <br />e. Proper sales procedures shall be established for unneeded property which <br />would provide for competition to the extent practicable and result in the <br />highest possible return. <br />6. When the total inventory value of any unused expendable personal property <br />exceeds $500 at the expiration of need for any Federal grant purposes, the <br />grantee may retain the property or sell the property as long as he compensates <br />the Federal Government for its share in the cost. The amount of compensation <br />shall be computed in accordance with 4.a.(2)(b). <br />7. Specified standards for control of intangible property are provided as follows: <br />Page 28 <br />Docusign Envelope ID: 33CB29C8-7F00-4973-826F-FE9B0CEAAEFB