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acquisition date and cost; source of the property; percentage of block grant <br /> funds used in the purchase of property; location, use, and condition of the <br /> property. <br /> B. A physical inventory of property shall be taken, and the results reconciled with <br /> the property records at least once every two years to verify the existence, <br /> 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 the property <br /> shall be investigated and fully documented. <br /> D. Adequate maintenance procedures shall be implemented to keep the property <br /> in good condition. <br /> E. If the Subrecipient elects to capitalize and depreciate such non-expendable <br /> personal property in lieu of claiming the acquisition cost as a direct item of cost, <br /> title to such property shall remain with the Subrecipient. An election to capitalize <br /> and depreciate or claim acquisition cost as a direct item of cost shall be <br /> irrevocable. <br /> F. Non-expendable personal property purchased by the Subrecipient under the <br /> terms of this Agreement, in which title is vested in the City or Federal <br /> Government, shall not be rented, loaned, or otherwise passed to any person, <br /> partnership, corporation, association or organization without the prior express <br /> approval of the Department. <br /> G. Any non-expendable personal property furnished to, or purchased by, the <br /> Subrecipient, title to which is vested in the City or federal government, shall, <br /> unless otherwise provided herein or approved by the City, be used only for the <br /> performance of activities defined in this Agreement. <br /> H. The Subrecipient shall be responsible for any loss or damage to the property of <br /> the City of Everett or federal government (including expenses entered <br /> thereunto) which results from negligence, willful misconduct, or lack of good <br /> faith on the part of the Subrecipient to maintain and administer in accordance <br /> with sound management practices that property, to ensure that the property will <br /> be returned to the City or federal government in like condition to that in which <br /> condition the property was acquired by purchase, fair wear and tear accepted. <br /> XXI. Rule of Construction <br /> In the event of an inconsistency in this Agreement/grant award, unless otherwise <br /> provided herein, the inconsistency shall be resolved by giving precedence in the <br /> following order: <br />