| (a) Purpose. To protect the public investment in real
property and equipment purchased in whole or in part with state or
federal public transportation funds administered by the department,
subrecipients shall comply with the standards described in this section.
(b) Property records. The subrecipient shall maintain
records that include:
(1) a description of the property;
(2) a serial number or other identification number;
(3) the source of the property;
(4) who holds title;
(5) the acquisition date and cost of the property;
(6) the percentage of state and the percentage of federal
participation in the cost of the property;
(7) the location, use, and condition of the property;
and
(8) any ultimate disposition data, including the date
of disposal and sale price of the property.
(c) Inventory. The subrecipient shall cooperate with
department representatives in performing at least once every two years
a physical inventory of all real property and equipment, as defined
in §31.3 of this chapter, purchased in whole or in part with
state or federal capital funds administered by the department. However,
during the time period between these physical inventories, the subrecipient
shall promptly notify the department in writing of all changes in
the status of that real property and equipment in order that department
records may be kept current. On or before November 1 of each year,
the subrecipient shall provide the department with an accurate inventory,
including the mileage, of all vehicles used in public transportation
service. Property shall remain on the department's and subrecipient's
inventories until such time as the property is formally disposed of
in accordance with the requirements outlined in §31.57 of this
subchapter. Notwithstanding the foregoing, the subrecipient shall,
where applicable, be bound by, and shall comply with, the inventory
requirements specified in 2 C.F.R Part 200 and Part 1201, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements
for Federal Awards.
(d) Control system. The subrecipient must develop a
control system to ensure adequate safeguards to prevent loss, damage,
or theft of the property. The subrecipient shall investigate any loss,
damage, or theft.
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| Source Note: The provisions of this §31.50 adopted to be effective July 6, 1990, 15 TexReg 3643; amended to be effective April 17, 2003, 28 TexReg 3080; amended to be effective December 6, 2017, 42 TexReg 6815 |
