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The Control, Safeguards, and Disposal of Equipment Purchased with State and Federal Consolidated Application Funds.   

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(a) Equipment, as defined in the California State Accounting Manual, purchased with state consolidated application funds, and expendable and nonexpendable personal property, as defined in Title 45, Code of Federal Regulations, Part 100.1, purchased with federal consolidated application funds, shall be retained by the recipient district as long as there is a need for such property to accomplish the purpose of the project.

(b) All equipment purchased with consolidated application funds provided under consolidated application programs shall be subject to property management standards maintained by the recipient district, including, but not limited to, the following controls:

(1) Records.

An up to date inventory of each item of equipment shall be kept at the district office and at the appropriate school site. The inventory shall include:

(A) A description.

(B) Identification number.

(C) Acquisition date and original cost.

(D) Funding source.

(E) Location.

(F) Ultimate disposition, including the price or method used to determine current fair market value.

(2) Labeling.

Each equipment item shall have a label that contains the name of the project, the number, and the name of the district.

(3) Disposal.

Equipment purchased with federal or state funds and no longer needed for project purposes may be taken off the consolidated application inventory list in accordance with existing federal regulations governing the disposal of equipment purchased with federal consolidated application funds.