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47 <br /> financial statement purposes or$5,000, regardless of the length of its useful life. See <br /> also the definitions of computing devices and equipment in this section. <br /> III. REAL PROPERTY <br /> Title to Real Property:Title to real property acquired or improved with ARP/CSLFRF funds vests <br /> with the County. 2 CFR 200.311(a). <br /> Use of Real Property: Real property acquired or improved with ARP/CSLFRF funds must be used <br /> for the originally authorized purpose as long as needed for that purpose, during which time the <br /> County must not dispose of or encumber its title or other interests. 2 CFR 200.311(b). <br /> Insurance of Real Property:The County must provide the equivalent insurance coverage for <br /> real property acquired or improved with ARP/CSLFRF funds as provided to property owned by <br /> the County. 2 CFR 200.310. <br /> Disposition of Real Property: When the County no longer needs real property purchased with <br /> ARP/CSLFRF for ARP/CSLFRF purposes, the County must obtain disposition instructions from US <br /> Treasury. The instructions must provide for one of the following alternatives: <br /> 1. The County retains title after compensating US Treasury. The amount paid to US <br /> Treasury will be computed by applying US Treasury's percentage of participation in the <br /> cost of the original purchase (and costs of any improvements) to the fair market value of <br /> the property. However, in those situations where the County is disposing of real <br /> property acquired or improved with ARP/CSLFRF funds and acquiring replacement real <br /> property under the ARP/CSLFRF, the net proceeds from the disposition may be used as <br /> an offset to the cost of the replacement property. <br /> 2. The County sells the property and compensates US Treasury. The amount due to US <br /> Treasury will be calculated by applying US Treasury's percentage of participation in the <br /> cost of the original purchase (and cost of any improvements) to the proceeds of the sale <br /> after deduction of any actual and reasonable selling and fixing-up expenses. If the <br /> ARP/CSLFRF award has not been closed out, the net proceeds from sale may be offset <br /> against the original cost of the property. When the County is directed to sell property, <br /> sales procedures must be followed that provide for competition to the extent <br /> practicable and result in the highest possible return. <br /> 3. The County transfers title to US Treasury or to a third party designated/approved by US <br /> Treasury. The County is entitled to be paid an amount calculated by applying the <br /> County's percentage of participation in the purchase of the real property (and cost of <br /> any improvements) to the current fair market value of the property. 2 CFR 200.311(c). <br /> IV. EQUIPMENT <br /> Title to Equipment: Title to equipment acquired or improved with ARP/CSLFRF funds vests with <br /> the County. 2 CFR 200.313(a). <br />