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DHS-FEMA-SLCGP-FY22 Page 5 of 36 City of Everett, E24-156 <br />iii. Inventory system records shall include: <br />A. Description of the property; <br />B. Manufacturer’s serial number, model number, or other identification number; <br />C. Funding source for the property, including the Federal Award Identification Number <br />(FAIN) (Face Sheet, Box 11); <br />D. Assistance Listings Number (Face Sheet, Box 13); <br />E. Who holds the title; <br />F. Acquisition date; <br />G. Cost of the property and the percentage of federal participation in the cost; <br />H. Location, use and condition of the property at the date the information was reported; <br />I. Disposition data including the date of disposal and sale price of the property. <br />iv. The Subrecipient shall take a physical inventory of the equipment, and supplies as <br />applicable, and reconcile the results with the property records at least once every two years. <br />Any differences between quantities determined by the physical inspection and those shown <br />in the records shall be investigated by the Subrecipient to determine the cause of the <br />difference. The Subrecipient shall, in connection with the inventory, verify the existence, <br />current utilization, and continued need for the equipment. <br />v. The Subrecipient shall be responsible for any and all operational and maintenance <br />expenses and for the safe operation of the equipment and supplies including all questions <br />of liability. The Subrecipient shall develop appropriate maintenance schedules and <br />procedures to ensure the equipment, and supplies as applicable, are well-maintained and <br />kept in good operating condition. <br />vi. The Subrecipient shall develop a control system to ensure adequate safeguards to prevent <br />loss, damage, and theft of the property. Any loss, damage, or theft shall be investigated, <br />and a report generated and sent to the Department’s Key Personnel. <br />vii. The Subrecipient must obtain and maintain all necessary certifications and licenses for the <br />equipment. <br />viii. If the Subrecipient is authorized or required to sell the property, proper sales procedures <br />must be established and followed to ensure the highest possible return. For disposition, if <br />upon termination or at the Grant Agreement End Date, when original or replacement <br />supplies or equipment acquired under a federal award are no longer needed for the original <br />project or program or for other activities currently or previously supported by a federal <br />awarding agency, the Subrecipient must comply with the following procedures: <br />A. For Supplies: If there is a residual inventory of unused supplies exceeding $5,000 in <br />total aggregate value upon termination or completion of the project or program and the <br />supplies are not needed for any other federal award, the Subrecipient must retain the <br />supplies for use on other activities or sell them, but must, in either case, compensate <br />the federal government for its share. The amount of compensation must be computed <br />in the same manner as for equipment. <br />B. For Equipment: <br />1) Items with a current per-unit fair-market value of five thousand dollars ($5,000) or <br />less may be retained, sold, transferred, or otherwise disposed of with no further <br />obligation to the federal awarding agency. <br />2) Items with a current per-unit fair-market value in excess of five thousand dollars <br />($5,000) may be retained or sold. The Subrecipient shall compensate the federal <br />awarding agency in accordance with the requirements of 2 CFR 200.313 (e) (2).