RES 034 Draft 01 2012-2014 - Laserfiche WebLink

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Form RD 3570-3 Page 4 (b)During the time that equipment is held for use on the project for which it was acquired,the Grantee shall make it available for use on other projects if such other use will not interfere with the work on the project for which the property was originally acquired.First preference for such other use shall be given to Grantor sponsored projects.Second preference will be given to other federally sponsored projects. 2.Disposition of equipment.When the Grantee no longer needs the property as provided in paragraph 1 (a)and(b)above,the equipment may be sold or used for other activities in accor- dance with the following standards: (a)Equipment with a current fair market value of less than$5,000.The Grantee may use the property for other activities without reimbursement to the Federal government or sell the property and retain the proceeds. (b)Equipment with a current fair market value of$5,000 or more.The Grantee may retain the property for other uses provided that compensation is made to the Grantor.The amount of compensation shall be computed by applying the percentage of Federal participation in the cost of the original Project to the current fair market value of the property. If the Grantee has no need for the equipment and the equipment has further use value,the Grantee shall request disposition instructions from the Grantor. (c)The Grantor shall determine whether the equipment can be used to meet RI-IS or its successor agency's requirements.If no such requirements exist,the availability of the property shall be reported,in accordance with the guidelines of the Federal Property Man- agement Regulations(FPMR),to the General Services Administration by the Grantor to determine whether a requirement for the equipment exists in other Federal agencies.The Grantor shall issue instructions to the Grantee no later than 120 days after the Grantee's request and the following procedures shall goon;. (i)If so instructed or if disposition instructions are not issued within 120 calendar days after the Grantee's request,the Grantee shall sell the equipment and reimburse the Grantor 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 10 percent of the proceeds or$500,whichever is less,for the Grantee's selling and handling expenses. (ii)If the Grantee is instructed to ship the property elsewhere,the Grantee shall be reimbursed by the benefiting 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 equipment plus any reasonable shipping or interim storage costs incurred. (ii)If the Grantee is instructed to otherwise dispose of the equipment,the Grantee shall be reimbursed by the Grantor for such costs incurred in its disposition. 3.The Grantee's property management standards for equipment shall include: (a)Property records which accurately provide for a description of the equipment;manufacturer's serial number or other identification number,acquisition date and cost;source of the equipment;percentage(at the end of budget year)of Federal participation in the cost of the Project for which the equipment was acquired;location,use,and condition of the equipment 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. •