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(1) Activities sponsored by the FmHA. (2) Activities sponsored by other Federal agencies. (b) During the time that noncxpendable personal property is held for use on the project for which it was acquired, the Grantee shall make it available for use on other pr0Jects 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 FmHA sponsored projects. Second preference will be given to other Federally sponsored projects. 2 Disposition of noncxpendable property. When the Grantee no longer needs the property as provided in paragraph (a) above, the property may be used for other activities in accordance with the following standards: (a) Nonexpendable property with a unit acquisition cost of less than 51,000. The Grantee may use the property for other activities without reimbursement to the Federal Government or sell the property and retain the proceeds. (b) Nonexpendable personal property with a unit acquisition cost of SI,O()O or more. The Grantee may retain the property for other uses provided that compensation is made to the original Grantor agency or its successor. The amount of compensation shall be computed by applying the percentage of Federal participation in the cost of the original project or program to the current fair market value of the property-. If ti -e Grantee has no nced, for clic property and the property has further use value, the Grantee shall request disposition instructions from the original Grantor agency. The Grantor agency shall determine whether the property can be used to meet the agency's requirements. if no requirement exists within that agency, the availability of the property shall be reported, in accordance with the guide- lines of the Federal Property Management Regulations (FPMR), to the Generai Services Administration by ti►e Grantor agency to determine whether a requirement for the property exists in other Federal agencies. The Grantor agency shall issue instructions to the Grantee no later than 120 days after the Grantee request and the following procedures shall govern: (1) if so instructed or if disposition instructions are not issued within 120 calendar days after -the Grantee's request, the Grantee shall sell the property and reimburse the Grantor agency 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 bemitted to deduct and retain from the Federal share S 100 or ten percent of the proceeds, whichever is greater, Zrfothe Grantee's selling and handling expenses. (2) If the Grantee is instructed to ship the property elsewhere the Grantee shall be reimbursed by the benefitting Federal agency with an amount which is computed by applying the percentage of the vrantce participation in the cost of the original grant project or program to the current fair market value of the property, plus any reasonable shipping or interim storage costs incurred. (3) If the Grantee is instructed to otherwise dispose of the property, the Grantee shall be reimbursed by the Grantor agency for such costs incurred in its disposition.' 3. The Grantee's property management standards for noncxpendable personal property shall also include: (a) Property records which accurately provide for:'a description of the property; manufacturer's serial number or other identification number; ac�tiisition date and cost; source of the property; percentage (at the end of budget year) of Federal participation in tl►e cost of the project for which the property was acquired; location, use and condition of the property and the date the information was reported; an 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. (b) A physical inventory of property shall be taken and the results reconciled with the property records at least once every two years to verify the existence, current utilization, and continued need for the property. (c) A control system shall be in effect to insure adequate safeguards to prevent loss, damage, or theft of the property. Any lass, damage, or theft of noncxpendable property shall be investiganed and fully documented. (d) Adequate maintenance procedures shall be implemented to keep the property in good condition. (e) Proper sales procedures shall be established for unneeded property.whicl► would provide for competition to the extent practicable and result in the highest possible return. 71ris Grant Agreement covers the followbig described nonexperulable property (use continuation sheets as necessary). M. Provide Financial Management Systems which will include: 1. Accurate, current, and complew disJusure Vf the finamlal results of eaC 1 grant. Financial reporting will be on an accrual basis. 2. Records which identify adequately the source and application of funds for grant -supported activities. Those records shall contain information pertaining to grant awards and authorizations, obligations, unobligated balances, assets, liabilities, outlays, and income.