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(a) A grantee shall maintain accurate property records as well as effective inventory, control, and maintenance procedures for non-expendable personal property acquired with the grant. Records must include the following information:
(1) a description of the property and the manufacturer's serial number or other identification number;
(2) the grant project under which the property was acquired;
(3) the acquisition date and cost of the property;
(4) the percentage of the total cost of the property paid by the grant;
(5) the location, use, and condition of the property and the date on which that information was recorded;
(6) if the grantee disposes of the property, the disposition of the property, including the date of its disposal and its sales price or the method used to determine its fair market value at disposition.
(b) A grantee shall maintain a control system to insure adequate safeguards to prevent loss, damage, or theft of non-expendable personal property of the grant project. A grantee shall provide for the investigation and full documentation of a loss, damage, or theft of non-expendable personal property of the grant project.
(c) Unless the terms of the grant provide otherwise, after closure of a grant the grantee may retain non-expendable property purchased under the grant by paying to the authority the current fair market value of the property, adjusted by the percentage of the total cost of the property that was paid from the grant. If the grantee does not wish to retain the property, the grantee shall request disposition instructions from the authority.
History: Eff. 10/24/2004, Register 172
Authority: AS 37.14.045
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The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.
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Last modified 7/05/2006