Common use of NONEXPENDABLE PROPERTY Clause in Contracts

NONEXPENDABLE PROPERTY. Nonexpendable property means leased or purchased tangible personal property, including, but not limited to, a vehicle, office equipment, etc. having a useful life of more than one (1) year and an acquisition cost of $5,000 or more per unit. Nonexpendable property shall also include, but not be limited to, real property, any interest in real property (including any mortgage or other encumbrance of real property), and funds derived from the sale or disposition of nonexpendable property. Any utilization of funds derived from the sale or disposition of nonexpendable property must have prior approval of the County and otherwise comply with all applicable laws and regulations. In the event that the Contract is terminated or expires, the County reserves the right to determine the final disposition of said nonexpendable property acquired for this project with CDBG funds, including funds derived there from. Said disposition may include taking possession of said nonexpendable property. The Operating Agency shall maintain up-to-date inventory records, listing all non- expendable property purchased with an acquisition cost of $5,000 or more that it has leased or purchased during the term of this Contract. The following items should be included in the list: description of property, serial or ID number, source of funds that purchased the item, including the Federal Award Identification Number (▇▇▇▇), which is B-18-UC-06-0505, owner of the property, date of purchase, total cost, percentage of cost paid with CDBG and/or other Federal monies, location, condition and use of property, date of disposal, sale price or method used to determine the current market value, name of the individual completing the inventory, and the date the inventory was taken or updated. The Operating Agency shall conduct a physical inventory of the nonexpendable property at least once a year, reconcile the inventory with its property records, and maintain these records for five years (5) after the termination or expiration of this Contract. In the event there is a change of use or disposition of the property during the term of the contract, except in the case of real property in excess of $25,000, if the market value of the property is over $5,000, the Operating Agency shall immediately pay to the County a pro-rata share of the current market value of the property, or proceeds from the sale. The pro-rata share shall be calculated by multiplying the current market value by the percentage of the purchase price paid with CDBG funds or program income. If there is a residual inventory of unused supplies, upon termination or completion of the project or termination or expiration of this Contract, with a current aggregate market value exceeding $5,000, and if the supplies are not needed for any other Federally sponsored program(s) or project(s), the Operating Agency shall immediately pay the County for its pro rata share of the current aggregate market value or proceeds from the sale calculated at the percentage of the purchase price paid with CDBG funds. The Operating Agency shall obtain prior approval of the County and otherwise comply with all applicable laws and regulations prior to utilizing the supplies for any other Federally-sponsored program(s) or project(s).

NONEXPENDABLE PROPERTY. Nonexpendable property means leased or and purchased tangible personal property, including, but not limited to, a vehicle, such as office equipment, etc. having a useful life of more than one (1) year and and/or an acquisition cost of $5,000 or more per unit. Nonexpendable property shall also include, but not be limited to, to real property, and any interest in real property (including any mortgage or other encumbrance of real property), and funds derived from the sale or disposition of nonexpendable property. Any utilization of funds derived from the sale or disposition of nonexpendable property must have prior approval of the County LACDA and otherwise comply with all applicable laws and regulations. In the event that the Contract is terminated or expires, the County LACDA reserves the right to determine the final disposition of said nonexpendable property acquired for this project with CDBG BFH funds, including funds derived there from. Said disposition may include taking possession of said nonexpendable property. The Operating Agency shall maintain up-to-date inventory property records, listing all non- expendable property purchased with an acquisition cost of $5,000 or more that it has leased or purchased during the term of this Contract. The following items should be included in the list: description of property, serial or ID number, source of funds that purchased the item, item (including the Federal Award Identification Number (▇▇▇▇contract number), which is B-18-UC-06-0505, owner of the property, date of purchase, total cost, percentage of cost paid with CDBG and/or other Federal BFH monies, location, condition and use of property, date of disposal, and sale price or method used to determine the current market value, name of the individual completing the inventory, and the date the inventory was taken or updated. The Operating Agency shall conduct a physical inventory of the nonexpendable property at least once a year, reconcile the inventory with its property records, records and maintain these records for five years (5) years after the termination or expiration of this Contract. In the event there is a change of use or disposition of the property during the term of the contract, except in the case of real property in excess of $25,000, if the market value of the property is over $5,000, the Operating Agency shall immediately pay to the County a pro-rata share of the current market value of the property, or proceeds from the sale. The pro-rata share shall be calculated by multiplying the current market value by the percentage of the purchase price paid with CDBG funds or program income. If there is a residual inventory of unused supplies, upon termination or completion of the project or termination or expiration of this Contract, with a then current aggregate market value exceeding $5,000, 5,000 and if the supplies are not needed for any other Federally LACDA sponsored program(s) or project(s), the Operating Agency shall immediately pay the County LACDA for its pro rata share of the then current aggregate market value or proceeds from the sale calculated at the percentage of the purchase price paid with CDBG BFH funds. The Operating Agency shall obtain prior approval of the County LACDA and otherwise comply with all applicable laws and regulations prior to utilizing the supplies for any other Federally-LACDA sponsored program(s) or project(s).

NONEXPENDABLE PROPERTY. Nonexpendable property means leased or and purchased tangible personal property, including, but not limited to, a vehicle, such as office equipment, etc. having a useful life of more than one (1) year and and/or an acquisition cost of $5,000 or more per unit. Nonexpendable property shall also include, but not be limited to, to real property, and any interest in real property (including any mortgage or other encumbrance of real property), and funds derived from the sale or disposition of nonexpendable property. Any utilization of funds derived from the sale or disposition of nonexpendable property must have prior approval of the County and otherwise comply with all applicable laws and regulations. In the event that the Contract is terminated or expires, the County reserves the right to determine the final disposition of said nonexpendable property acquired for this project with CDBG FRHS funds, including funds derived there from. Said disposition may include taking possession of said nonexpendable property. The Operating Agency shall maintain up-to-date inventory property records, listing all non- expendable property purchased with an acquisition cost of $5,000 or more that it has leased or purchased during the term of this Contract. The following items should be included in the list: description of property, serial or ID number, source of funds that purchased the item, item (including the Federal Award Identification Number (▇▇▇▇contract number), which is B-18-UC-06-0505, owner of the property, date of purchase, total cost, percentage of cost paid with CDBG and/or other Federal FRHS monies, location, condition and use of property, date of disposal, and sale price or method used to determine the current market value, name of the individual completing the inventory, and the date the inventory was taken or updated. The Operating Agency shall conduct a physical inventory of the nonexpendable property at least once a year, reconcile the inventory with its property records, records and maintain these records for five years (5) years after the termination or expiration of this Contract. In the event there is a change of use or disposition of the property during the term of the contract, except in the case of real property in excess of $25,000, if the market value of the property is over $5,000, the Operating Agency shall immediately pay to the County a pro-rata share of the then current market value of the property, or proceeds from the sale. The pro-rata share shall be calculated by multiplying the then current market value by the percentage of the purchase price paid with CDBG FRHS funds or program income. If there is a residual inventory of unused supplies, upon termination or completion of the project or termination or expiration of this Contract, with a then current aggregate market value exceeding $5,000, 5,000 and if the supplies are not needed for any other Federally County sponsored program(s) or project(s), the Operating Agency shall immediately pay the County for its pro rata share of the then current aggregate market value or proceeds from the sale calculated at the percentage of the purchase price paid with CDBG FRHS funds. The Operating Agency shall obtain prior approval of the County and otherwise comply with all applicable laws and regulations prior to utilizing the supplies for any other Federally-County sponsored program(s) or project(s).

NONEXPENDABLE PROPERTY. Nonexpendable property means leased or and purchased tangible personal property, including, but not limited to, a vehicle, such as office equipment, etc. having a useful life of more than one (1) year and and/or an acquisition cost of $5,000 or more per unit. Nonexpendable property shall also include, but not be limited to, to real property, and any interest in real property (including any mortgage or other encumbrance of real property), and funds derived from the sale or disposition of nonexpendable property. Any utilization of funds derived from the sale or disposition of nonexpendable property must have prior approval of the County and otherwise comply with all applicable laws and regulations. In the event that the Contract is terminated or expires, the County reserves the right to determine the final disposition of said nonexpendable property acquired for this project with CDBG FRHS funds, including funds derived there from. Said disposition may include taking possession of said nonexpendable property. The Operating Agency shall maintain up-to-date inventory property records, listing all non- expendable property purchased with an acquisition cost of $5,000 or more that it has leased or purchased during the term of this Contract. The following items should be included in the list: description of property, serial or ID number, source of funds that purchased the item, item (including the Federal Award Identification Number (▇▇▇▇contract number), which is B-18-UC-06-0505, owner of the property, date of purchase, total cost, percentage of cost paid with CDBG and/or other Federal FRHS monies, location, condition and use of property, date of disposal, and sale price or method used to determine the current market value, name of the individual completing the inventory, and the date the inventory was taken or updated. The Operating Agency shall conduct a physical inventory of the nonexpendable property at least once a year, reconcile the inventory with its property records, records and maintain these records for five years (5) [O1]years after the termination or expiration of this Contract. In the event there is a change of use or disposition of the property during the term of the contract, except in the case of real property in excess of $25,000, if the market value of the property is over $5,000, the Operating Agency shall immediately pay to the County a pro-rata share of the then current market value of the property, or proceeds from the sale. The pro-rata share shall be calculated by multiplying the then current market value by the percentage of the purchase price paid with CDBG FRHS funds or program income. If there is a residual inventory of unused supplies, upon termination or completion of the project or termination or expiration of this Contract, with a then current aggregate market value exceeding $5,000, 5,000 and if the supplies are not needed for any other Federally County sponsored program(s) or project(s), the Operating Agency shall immediately pay the County for its pro rata share of the then current aggregate market value or proceeds from the sale calculated at the percentage of the purchase price paid with CDBG FRHS funds. The Operating Agency shall obtain prior approval of the County and otherwise comply with all applicable laws and regulations prior to utilizing the supplies for any other Federally-County sponsored program(s) or project(s).