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<br /> Property Management Standards (Continued) <br /> Page 3 <br /> provided for above and reimburses th~ grantee for its <br /> share of the equipment. <br /> (3) If it is determtned that a recipient of equipment costing <br /> in excess of $1,000 has no further need for the equipment <br /> in any of the grant programs, projects, or criminal <br /> justice activities, the CJO will make one of the following <br /> determinations. <br /> a. The CJO may permit the grantee to retain the property <br /> for other uses provided compensation is made to the <br /> CJO. The amount of compensation will be computed by <br /> applying the percentage of CJO participation in the <br /> grant program to the current fair market value of the <br /> property. <br /> b. The CJO may instruct the grantee to ship the property <br /> elsewhere. The grantee will be reimbursed by the <br /> benefiting agency with an amount which is computed by <br /> applying the percentage of the grantee's <br /> participation in the grant program to the fair market <br /> value of the property. <br /> c. The CJO may instruct the grantee to sell the property <br /> and reimburse the CJO for its share of the equipment. <br /> (4) A biennial equipment inventory is required on equipment <br /> with a unit cost in excess of $1,000. This requirement is <br /> applicable beginning two years after the completion of the <br /> grant period. <br /> O. Replacement of Equipment -- When an item of equipment with an <br /> acquisitlon cost of $1,000 or more is no longer efficient or <br /> serviceable but the grantee continues to need the equipment in <br /> its criminal justice activities, the recipient may replace the <br /> property through trade-in or sale and purchase of new property, <br /> provided the following requirements are met. <br /> (1) Grantees must obtain the written permission of CJO to use <br /> the provisions of this section prior to entering into the <br /> negotiation for the replacement or trade-in of equipment. <br /> (2) Value credited for the property, if the property is a <br /> trade-in, must be related to its fair market value. <br /> ( 3) The equipment must be purchased soon after the sale to <br /> show that the sale and purchase are related. <br /> ( 4) Replacement of equipment is not a disposition of such <br /> equipment and CJO's interest in the equipment will be <br /> transferred to the replacement equipment. The CJ 0 sha re <br /> of the replacement equipment shall be computed as follows: <br />