Federal Retention of Interest. Title to equipment and/or real property purchased with grant funds resides with the Grantee and assignees and successors approved by ARC, but the equipment and/or real property must be accounted for during and after the end of the project period. Accountability may be satisfied by continued use in the same or other projects related to objectives of the ARC, as approved by ARC. If the equipment and/or real property is disposed of or transferred to a use outside the scope of the ARC objectives, an amount equal to the value of the ARC share at the time of disposal must be refunded to ARC. It shall be Grantee's responsibility to monitor all use to ascertain that the equipment and/or real property is being used primarily for the purposes of the grant and to notify ARC promptly in the event that the equipment and/or real property is no longer being used for such purposes. Xxxxxxx Xxxxxx-9/28/2020 9/28/2020 Xxxxxxx Xxxxxx General Counsel Xxxx Xxxxxx-9/29/2020 Date 9/29/2020 Xxxx Xxxxxx City Manager Date ARC Contract No.: TN-18621-C1-2020 Part II Appalachian Regional Commission Grant Agreement: General Provisions
Federal Retention of Interest. Title to equipment and/or real property purchased with grant funds resides with the Grantee and assignees and successors approved by ARC, but ARC retains a property interest in such equipment and/or real property. The equipment and/or real property must be accounted for during and after the end of the project period according to OMB property standards at 2 C.F.R. 200.310-316. To satisfy accountability, all Grantees and Subgrantees purchasing equipment and/or real property must continue to use the equipment and/or real property in the same or other projects related to objectives of ARC, as approved by ARC. If the Grantee or Subgrantee wishes to change the use of the equipment and/or real property, or dispose of it or transfer ownership, the Grantee or Subgrantee must contact ARC to request disposition instructions. ARC is entitled to an amount equal to the value of the ARC share at the time of the change of use, disposal, or transfer of ownership. Grantees and subgrantees, other than state agencies, that purchase or improve real property with ARC funds, and equipment valued in excess of $100,000, must also file a notice of federal interest (NFI) in such real property or equipment. It is the Grantee's responsibility to monitor all use to verify that the equipment and/or real property is being used primarily for the purposes of the grant and to notify ARC promptly in the event that the equipment and/or real property is no longer being used for such purposes. Xxxxxxx Xxxxxx-3/19/2022 3/19/2022 Xxxxxxx Xxxxxx General Counsel Xxxx Xxxxxxxx-3/22/2022 Date 3/22/2022 Xxxx Xxxxxxxx Town Manager Date ARC Contract No.: MD-20632-2022 Part II Appalachian Regional Commission Grant Agreement: General Provisions
