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A. Property records shall be maintained accurately and provide for: A description of the <br />property; manufacturer's serial number of other identification number; acquisition date <br />and cost; source of the property; percentage of block grant funds used in the purchase of <br />property; location, use, and condition of the property. <br />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 veriff 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. lf 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 othenryise 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 othenruise 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.