Resolution 9320 - Laserfiche WebLink

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4. When equipment is no longer needed for a Federal program, it may be retained or sold with the Federal agency having a right to a proportionate amount of the current fair market value. Proper sales procedures shall be used that provide for competition to the extent practicable and result in the highest possible return. Procedures for Disposition of Equipment: a. The city will keep, sell, or otherwise dispose of the equipment with no further obligation unless disposal requirements are specifically detailed in the grant. b. A record of the date, reason, and method of disposal or sale will be maintained withthe equipment inventory. Equipment purchased will be identified and kept in a capital asset listing. An equipment listing shall be maintained that includes the following: 1. Asset number and description of the equipment 2. Location of the equipment 3. Depreciation method & years of expected life 4. Acquisition date 5. Cost of the equipment 6. Equipment classification (land, building, equipment, etc.) 7. Make, Model, & Serial number or other identification number 8. Vendor and invoice number to purchase equipment 9. Disposition data including date and sale price of the equipment A physical inventory of the property will be conducted periodically, and the results will be reconciled with the capital asset listing. A control system will be developed to ensure adequate safeguards to prevent loss, damage, or theft of the property. Any loss, damage, or theft will be investigated. Maintenance procedures are in place to keep the equipment in good condition. Matching, Level of Effort and Earmarking Source of Governing Requirements — The requirements for matching are contained in the A-102 Common Rule (§ .24), OMB Circular A-133 (2 CFR section 215.23), program legislation, Federal awarding agency regulations, and the terms and conditions of the award. The requirements for level of effort and earmarking are contained in program legislation, Federal awarding agency regulations, and the terms and conditions of the award. The city defines "matching", "level of effort", and "earmarking" consistent with the definitions of the OMB UGG - Uniform Grant Guidance Compliance Supplement: Matching or cost sharing includes requirements to provide contributions (usually non -Federal) or a specified amount or percentage of match Federal awards. Matching may be in the form of allowable costs incurred or in -kind contributions (including third -party in -kind contributions). Level oeffort includes requirements for (a) a specified level of service to be provided from period to period, (b) a specified level of expenditures from non -Federal or Federal sources for specified activities to be maintained from period to period, and (c) Federal funds to supplement and not supplant non- Federal funding of services. Earmarking includes requirements that specify the minimum and/or maximum amount of percentage of the program's funding that must/may be used for specified activities, including funds provided to sub- recipients. Earmarking may also be specified in relation to the types of participants covered. In order to ensure compliance with these requirements, the city has implemented the following policies and procedures: Page 12