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XX. Program Property <br /> Any personal property having a useful life of more than one year and purchased wholly or in part <br /> with sub-grant funds from this Agreement at a cost of three hundred dollars ($300) or more per item <br /> shall upon its purchase or receipt become the property of the City. The Subrecipient shall be <br /> responsible for all such property, including its care and maintenance, and shall comply with the <br /> following procedural requirements: <br /> A. Property records shall be maintained accurately and provide for: A description of the property; <br /> manufacturer's serial number of other identification number; acquisition date and cost;source of <br /> the property; percentage of block grant funds used in the purchase of property; location, use, <br /> and condition of the property. <br /> B. A physical inventory of property shall be taken, and the results reconciled with the property <br /> records at least once every two years to verify the existence, current utilization, and continued <br /> need for the property. <br /> C. A control system shall be in effect to insure adequate safeguards to prevent loss, damage, or <br /> theft to the property. Any loss, damage, or theft of the property shall be investigated and fully <br /> documented. <br /> D. Adequate maintenance procedures shall be implemented to keep the property in good condition. <br /> E. If the Subrecipient elects to capitalize and depreciate such non-expendable personal property in <br /> lieu of claiming the acquisition cost as a direct item of cost, title to such property shall remain <br /> with the Subrecipient. An election to capitalize and depreciate or claim acquisition cost as a <br /> direct item of cost shall be irrevocable. <br /> F. Non-expendable personal property purchased by the Subrecipient under the terms of this <br /> Agreement, in which title is vested in the City or Federal Government, shall not be rented, <br /> loaned, or otherwise passed to any person, partnership, corporation, association or organization <br /> without the prior express approval of the Department. <br /> G. Any non-expendable personal property furnished to, or purchased by,the Subrecipient,title to <br /> which is vested in the City or federal government, shall, unless otherwise provided herein or <br /> approved by the City, be used only for the performance of activities defined in this Agreement. <br /> H. The Subrecipient shall be responsible for any loss or damage to the property of the City of Everett <br /> or federal government(including expenses entered thereunto)which results from negligence, <br /> willful misconduct, or lack of good faith on the part of the Subrecipient to maintain and <br /> administer in accordance with sound management practices that property, to ensure that the <br />