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<br /> <br />D. Procurement <br /> <br />1. Compliance: The Subrecipient shall comply with current City policy concerning the <br />purchase of equipment or procurement of contractors, and shall maintain inventory <br />records of all non-expendable personal property as defined by such policy as may be <br />procured with funds provided herein. All program assets (unexpended program income, <br />property, equipment, etc.) shall revert to the City upon termination of this Agreement. <br /> <br />2. OMB Standards: Unless specified otherwise within this agreement, the Subrecipient <br />shall procure all materials, property, or services in accordance with the requirements of <br />2 CFR 200 Uniform Administrative Requirements. <br /> <br />3. Travel: The Subrecipient shall obtain written approval from the City for any travel outside <br />the Seattle/Everett area with funds provided under this Agreement. <br /> <br /> <br />E. Use and Reversion of Assets <br /> <br />The use and disposition of real property and equipment under this Agreement shall be in <br />compliance with the requirements of 2 CFR 200 Uniform Administrative Requirements as <br />applicable, which include but are not limited to the following: <br /> <br />1. The Subrecipient shall transfer to the City any unused funds on hand and any accounts <br />receivable attributable to the use of funds under this Agreement at the time of expiration, <br />cancellation, or termination. <br /> <br />2. Real property under the Subrecipient’s control that was acquired or improved, in whole or <br />in part, with funds under this Agreement in excess of $25,000 shall be used to meet <br />accomplishments as established under Grant Agreement B -22-CP-WA-0948 until five (5) <br />years after expiration of this Agreement [or such longer period of time as the City deems <br />appropriate]. If the Subrecipient fails to use HUD-assisted real property in a manner that <br />meets requirements for the prescribed period of time, the Subrecipient shall pay the City <br />an amount equal to the current fair market value of the property less any port ion of the <br />value attributable to expenditures of non-HUD funds for acquisition of, or improvement to, <br />the property. Such payment shall constitute program income to the City. The Subrecipient <br />may retain real property acquired or improved under this Agreem ent after the expiration <br />of the five-year period [or such longer period of time as the Grantee deems appropriate]. <br /> <br />3. In all cases in which equipment acquired, in whole or in part, with funds under this <br />Agreement is sold, the proceeds shall be program income (prorated to reflect the extent <br />to that funds received under this Agreement were used to acquire the equipment). <br />Equipment not needed by the Subrecipient for activities under this Agreement shall be (a) <br />transferred to the City or (b) retained after compensating the City [an amount equal to the <br />current fair market value of the equipment less the percentage of non-HUD funds used to <br />acquire the equipment].