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• • • grantor agency an amount which is computed by applying the percentage of Federal participation in the grant program to the sales proceeds. Fur- ther, the grantee shall be permitted to retain $100 or 10 percent of the pro- ceeds, whichever is greater, for the grantee's selling and handling ex- penses. (4) Where the grantor agency deter- mines that property with an acquisition of $1,000 or more and financed solely with Federal funds is unique, difficult, or costly to replace, it may reserve title to such property, subject to the following provi- sions: (a) The property shall be appro- priately identified in the grant agree- ment or otherwise made known to the grantee. (b) The grantor agency shall issue disposition instructions within 120 days after the completion of the need for the property under the Federal grant for which it was acquired. If the grantor agency fails to issue disposition instruc- tions within 120 days, the grantee shall apply the standards of 4a(1), 4a(2) (b), and 4a(3) (b). b. Federally -owned nonexpendable per- sonal property. Unless statutory authority to transfer title has been granted to an agency, title to Federally -owned property (property to which the Federal Government retains title including excess property made available by the Federal grantor agencies to grantees) remains vested by law in the Fed- eral Government. Upon termination of the grant or need 'for the property, such prop- erty shall be reported to the grantor agency for further agency utilization or, if appro- priate, for reporting to the General Services Administration for other Federal agency utilization. Appropriate disposition instruc- tions will be issued to the grantee after completion of Federal agency review. 5. The grantees' property management standards for nonexpendable personal prop - AC 150/5100 Appendix 3 • arty shall also include the following procedural requirements: a. Property records shall be maintained accurately and provide for: a description of the property; manufacturer's serial number or other identification number; acquisition date and cost; source of the property; percentage of Federal funds used in the liurchase of property; location, use, and condition of the property; and ultimate disposition data including sales price or the method used to determine current fair mar- ket value if the grantee reimburses the grantor agency for its share. h. A physical inventory of property shall be taken and the results reconciled with the property records at least once every two years to verify the existence, current utiliza- tion, and continued need for the property. c. A control system shall be in effect to insure adequate safeguards to prevent loss, damage, or theft to the property. Any loss, damage, or theft of nonexpendable property shall be investigated and fully documented. d. Adequate maintenance procedures shall be implemented to keep the property in good condition. e. Proper sales procedures shall be estab- lished for unneeded property which would 1provide for competition to the extent prac- ticable and result in the highest possible return. 6. When the total inventory value of any unused expendable personal property exceeds $500 at the expiration of need for any Federal grant purposes, the grantee may retain the property or sell the property as long as he compensates the Federal Government for its share in the cost. The amount of compensa- tion shall be computed in accordance with 4a(2) (b). 7. Specific standards for control of intan- gible property are provided as follows: a. If any program produces patents, pat- ent rights, processes, or inventions, in the course of work aided by a Federal grant, such fact shall be promptly and fully re- ported to the grantor agency. The grantor agency shall determine whether protection Page 3