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12 <br /> 9 <br /> with requirements in 2 CFR Part 200, subpart F. Audit requirements apply to the <br /> Years in which grant funds are received and the years in which work is accomplished <br /> that will be paid for with grant. funds. If grant expenditures are less than $750,000, <br /> then a Recipient is exempt from Federal audit requirements for that year, except as <br /> noted in 2 CFR 200.503 in relation to other audit requirements; but records must be <br /> available for review o r audit by appropriate officials of the Agency, pass-through <br /> entity, and the rn nt Accountability Office. <br /> A Recipient will be responsible for any additional requirements set forth by the <br /> Agency as they pertain to the certification of the expenditure of grant funds when the <br /> Recipient expends less.than$750,000 in Federal ids during its fiscal year. <br /> 20. GRANT AGREEMENT, PROCUREMENT, AND PROPERTY <br /> MANAGEMENT <br /> jnt Agree/men!: Form RD 4280-2 Grant Agreement will be attached to Form RD <br /> 1940-1, f eque t for Obligation of Funds." Recipient must comply with the <br /> requirements set forth in RD Instruction 4280-E,and Form RD 4280-2. <br /> Recipient must comply with all applicable laws, regulations, uti rders, and <br /> other generally applicable requirements, including those contained in 2 CFR 200 and <br /> 2 CFR 400 in effect on the date of grant approval, and all requirements in the Agency <br /> Letter of Conditions. <br /> Recipient must comply with the procurement requirements of 2 CFR Part 200, Subpart <br /> D. as required in 2 CFR . 4 , and maintain compliance with all applicable <br /> State, Local, and Tribal laws and regulations relating to contracting and procurement <br /> as identified in 2 CFR Part 200.318. <br /> Procurement r a Disposi i : Recipient must comply <br /> with procurement, property management, and disposition standards established by <br /> CFR Part 200 for real an personal property. The Recipient must not dispose of or <br /> encumber the property and must file a Notice of Federal Interest on real property and <br /> a UCC on equipment with a unit acquisition cost of$5,000 or more and a useful life <br /> of one year or more. When real or personal property is no longer needed for originally <br /> authorized purposes, including unused supplies with an aggregate value exceeding <br /> $5,000 upon completion o f the project, the Recipient must obtain disposition <br /> instructions from the Agency. <br /> Equipment must be used by the Recipient in the project for which it was acquired as <br /> long as needed, whether or not the project continues to be supported by the Federal <br /> award. Property records must be maintained that include a description of the property, <br /> a serial number or other identification number, the source of funding for the property, <br /> Recipient name on title, the acquisition date, cost of the property, p r nta e of <br /> Federal participation in the project costs for the Federal award under which the <br /> property was acquired, the location, use and condition of the property, and any <br />