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B. A physical inventory of property shall be taken and the results reconciled with the <br /> property records at least once every two years to verify the existence, current utilization, <br /> and continued need for the property. <br /> C. A control system shall be in effect to insure adequate safeguards to prevent loss, <br /> damage, or theft to the property. Any loss, damage, or theft of the property shall be <br /> investigated and fully documented. <br /> D. Adequate maintenance procedures shall be implemented to keep the property in good <br /> condition. <br /> E. If the Subrecipient elects to capitalize and depreciate such non-expendable personal <br /> property in lieu of claiming the acquisition cost as a direct item of cost, title to such <br /> property shall remain with the Subrecipient. An election to capitalize and depreciate or <br /> claim acquisition cost as a 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 <br /> organization without the prior express approval of the Department. <br /> G. Any non-expendable personal property furnished to, or purchased by, the Subrecipient, <br /> title to which is vested in the City or federal government, shall, unless otherwise provided <br /> herein or approved by the City, be used only for the performance of activities defined in <br /> this Agreement. <br /> H. The Subrecipient shall be responsible for any loss or damage to the property of the City <br /> of Everett or federal government (including expenses entered thereunto) which results <br /> from negligence, willful misconduct, or lack of good faith on the part of the Subrecipient to <br /> maintain and administer in accordance with sound management practices that property, <br /> to ensure that the property will be returned to the City or federal government in like <br /> condition to that in which condition the property was acquired by purchase, fair wear and <br /> tear accepted. <br />