Okaloosa County BOCC — December 6, 2016 — Real Property Accountability Manual — reading text

further Federal agency utilization. 2. If the Federal awarding agency has no further need for the property, it must declare the property excess and report it for disposal to the appropriate Federal disposal authority, unless the Federal awarding agency has statutory authority to dispose of the property by alternative methods. The Federal awarding agency must issue appropriate instructions to the County. 3. Exempt federally-owned property means property acquired under a Federal award where the Federal awarding agency has chosen to vest title to the property to the County without further obligation to the Federal Government, based upon the explicit terms and conditions of the Federal award. The Federal awarding agency may exercise this option when statutory authority exists. Absent statutory authority and specific terms and conditions of the Federal award, title to exempt federally-owned property acquired under the Federal award remains with the Federal Government. See 2 C.F.R. §200.312. 6  SECTION 4 RECORD RETENTION AND ACCESS 8. RECORD RETENTION AND ACCESS 1. Records for real property acquired with Federal funds must be retained for 3 years after final disposition. See 2 C.F.R. §200.333 (c). 2. The Federal awarding agency, Inspectors General, the Comptroller General of the United States, and the pass-through entity, if applicable, or any of their authorized representatives, must have the right of access to any documents, papers, or other records which are pertinent to the Federal award, in order to make audits, examinations, excerpts, and transcripts. The right also includes timely and reasonable access to personnel for the purpose of interview and discussion related to such documents. See 2 C.F.R. §200.336 (a). 3. Expiration of right of access. The rights of access in this section are not limited to the required retention period but last as long as the records are retained. See 2 C.F.R. §200.336 (c). 7