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• • 4/13/76 AC 150/5100-10A Appendix 3 APPENDIX 3. FEDERAL AVIATION REGULATIONS, PART 152, AIRPORT AID PROGRAM, APPENDIX L, PROPERTY MANAGEMENT STANDARDS APPENDIX L There is set forth below property manage- ment standards applicable to grants under the Airport and Airway Development Act of 1970. PROPERTY MANAGEMENT STANDARDS 1. This' Appendix prescribes uniform stand- ards governing the utilization and disposition of property furnished by the Federal Govern- ment or acquired in whole or in part with Federal funds by State and local governments. The grantees shall be authorized to use their own property management standards and pro- cedures as long as the provisions of this Ap- pendix are included. 2. The following definitions apply for the purpose of this Appendix. a. Real property. Real property means land, land improvements, structures and appurtenances thereto, excluding movable machinery and equipment. b. Personal property. Personal property means property of any kind, except real property. It may be tangible —having physical existence, or intangible —having no physical existence, such as patents, inven- tions, and copyrights. c. Nonexpendable personal property. Non - expendable personal property means tan- gible property having a useful life of more than one year and an acquisition cost of $300 or more per unit. A grantee may use its own definition of nonexpendable personal property provided that such definition would at least include all tangible personal prop- erty as defined above. d. Expendable personal property. Ex- pendable personal property refers to all tangible personal property other than non - expendable property. e. Excess property. Excess property means property under the control of any Federal agency which, as determined by the head thereof, is no longer required for its needs. 3. Each Federal grantor agency shall pre- scribe requirements for grantees concerning the use of real property funded partly or wholly by the Federal Government. Unless otherwise provided by statute, such require- ments, as a minimum, shall contain the fol- lowing: a. The grantee shall use the real property for the authorized purpose of the original grant as long as needed. b. The grantee shall obtain approval by the grantor agency for the use of the real property in other projects when the grantee determines that the property is no longer needed for the original grant purposes. Use in other projects shall be limited to those under other Federal grant programs, or programs that have purposes consistent with those authorized for support by the grantor. c. When the real property is no longer needed as provided in a. and b., above, the grantee shall return all real property fur- nished or purchased wholly with Federal, grant funds to the control of the Federal grantor agency. In the case of, property purchased in part with Federal grant funds, the grantee may be permitted to take title to the Federal interest therein upon com- pensating the Federal Government for its fair share of the property. The Federal share of the property shall be the amount computed by applying the percentage of the Federal participation in the total cost of the grant program for which the property was acquired to the current fair market value of the property. 4. Standards and procedures governing own- ership, use, and disposition of nonexpendable Page 1