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49 <br /> h) the location, use and condition of the property, and <br /> i) any ultimate disposition data including the date of disposal and sale price of the <br /> property. <br /> 2. The County will conduct a physical inventory of the property and reconcile results with <br /> its property records at least once every two years. <br /> 3. The County will develop a control system to ensure adequate safeguards to prevent <br /> loss, damage, or theft of the property. Any loss, damage, or theft will be investigated by <br /> the County. <br /> 4. The County will develop and implement adequate maintenance procedures to keep the <br /> property in good condition. <br /> 5. If the County is authorized or required to sell the property, it will establish proper sales <br /> procedures to ensure the highest possible return, in accordance with state and federal <br /> law. <br /> Insurance of Equipment: The County must provide the equivalent insurance coverage for <br /> equipment acquired or improved with ARP/CSLFRF funds as provided to property owned by the <br /> County. 2 CFR 200.310. <br /> Disposition of Equipment: When the equipment is no longer needed for its original ARP/CSLFRF <br /> purpose, the County may either make the equipment available for use in other activities funded <br /> by a Federal agency, with priority given to activities funded by US Treasury, dispose of the <br /> equipment according to instructions from US Treasury, or follow the procedures below. 2 CFR <br /> 200.313(e). <br /> 1. Equipment with a per-item fair market value of less than $5,000 may be retained, sold <br /> or transferred by the County, in accordance with state law, with no additional <br /> responsibility to US Treasury; <br /> 2. If no disposal instructions are received from US Treasury, equipment with a per-item fair <br /> market value of greater than $5,000 may be retained or sold by the County. The County <br /> must establish proper sales procedures, in accordance with state law, to ensure the <br /> highest possible return. The County must reimburse US Treasury for its federal share. <br /> Specifically, US Treasury is entitled to an amount calculated by multiplying the current <br /> market value or proceeds from sale by the ARP/CSLFRF funding percentage of <br /> participation in the cost of the original purchase. If the equipment is sold, US Treasury <br /> may permit the County to deduct and retain from the Federal share $500 or ten percent <br /> of the proceeds, whichever is less, for its selling and handling expenses. <br />