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P Y (2) A h sisal inventory of the property must been and the results <br />reconciled with the property records at least once every two years. <br />(3) A control system must exist to ensure adequate safeguards to prevent: <br />(a) Loss, <br />(b) Damage, or <br />(c) Theft of the property <br />Any loss, damage, or theft shall be investigated by the recipient and <br />subrecipient, as appropnate <br />(4) Adequate maintenance procedures must exist to keep the property in good <br />condition. <br />4 Disposition. <br />a. A State recipient shall dispose of its equipment acquired under the award in <br />accordance with State laws and procedures. <br />b Other government recipients and subrecipients shall dispose of the equipment <br />when onginal or replacement equipment acquired under the award or subaward <br />is no longer needed for the original project or program or for other activities <br />currently or previously supported by a Federal agency Disposition of the <br />equipment will be made as follows <br />(1) Items with a current per unit fair market value of less than $5,000 may be <br />retained, sold, or otherwise disposed of with no further obligation to the <br />awarding agency <br />(2) Items with a current per unit fair market value in excess of $5,000 may be <br />retained or sold and the awarding agency shall have a right to an amount <br />calculated by multiplying the current market value or proceeds from sale <br />by the awarding agency's share of the equipment. Seller is also eligible for <br />sale costs. <br />(3) <br />1004. Dom.. TIT Chnnrrr A <br />If the recipient or subrecipient is authorized or required to sell the <br />property, proper sales procedures must be established to ensure the highest <br />possible return. <br />In cases where a recipient or subrecipient fails to take appropriate <br />disposition actions, the awarding agency may direct the recipient or <br />subrecipient to take other disposition actions <br />50 <br />