Orange County NC Website
Browse       Search
50 <br /> 3. Equipment may be transferred to US Treasury or to a third-party designated by US <br /> Treasury in return for compensation to the County for its attributable compensation for <br /> its attributable percentage of the current fair market value of the property. <br /> V. SUPPLIES <br /> Title to Supplies. Title to supplies acquired with ARP/CSLFRF funds vests with the County upon <br /> acquisition. 2 CFR 200.314(a). <br /> Use and Disposition of Supplies: If there is a residual inventory of unused supplies exceeding <br /> $5,000 in total aggregate value upon termination or completion of the ARP/CSLFRF project and <br /> the supplies are not needed for any other Federal award, the County must retain the supplies <br /> for use on other activities or sell them, but must, in either case, compensate the Federal <br /> Government for its share. The amount of compensation must be computed in the same manner <br /> as for equipment. 2 CFR 200.314(a). <br /> Noncompetition. As long as the Federal Government retains an interest in the supplies, the <br /> County must not use supplies acquired under the ARP/CSLFRF to provide services to other <br /> organizations for a fee that is less than private companies charge for equivalent services, unless <br /> specifically authorized by Federal statute. 2 CFR 200.314(b), <br /> VI. PROPERTY TRUST RELATIONSHIP <br /> Real property, equipment, and intangible property, that are acquired or improved with <br /> ARP/CSLFRF funds must be held in trust by the County as trustee for the beneficiaries of the <br /> project or program under which the property was acquired or improved. US Treasury may <br /> require the County to record liens or other appropriate notices of record to indicate that <br /> personal or real property has been acquired or improved with a Federal award and that use and <br /> disposition conditions apply to the property. 2 CFR 200.316. <br /> VII. IMPLEMENTATION OF POLICY <br /> The Chief Financial Officer shall adopt procedures to track all real property, equipment, and <br /> supplies (collectively, property) acquired or improved in whole or in part with ARP/CLSFRF <br /> funds. At a minimum, those procedures must address the following: <br /> • Ensure proper insurance of property <br /> • Document proper use of property <br /> • Record and maintain required data records for equipment <br /> • Conduct periodic inventories of equipment, at least every two years <br /> • Create processes for replacement and disposition of property <br /> • Establish other internal controls to safeguard and properly maintain property <br />