Section 144-2-1.8 - Financial Policies and ProceduresA.Procurement. When purchasing materials, equipment, property or services with CSBG funds, the community action agency shall follow the requirements of Attachment A, "Procurement" , which is hereby incorporated by reference.B.Property Management Requirements1. Federal Requirements. The CAA shall be bound by, and the Division shall use in its review, general federal property management requirements set out in Attachment N to OMB Circular A-110. Reference to the "Federal sponsoring agency" shall be interpreted to read "Division of Community Services".2. Inventory. Each CAA shall maintain and update an accurate listing of all property, tools and equipment retained in its inventory which have a unit cost of more than $300 and are purchased in whole or in part with CSBG funds.3. Property Purchase. Each CAA shall secure prior approval from the Division for the purchase of any vehicle, equipment, single inventory item or tool with an acquisition cost of $10,000 or more, at least a portion of which is CSBG funded.4. Property Disposition a. The CAA shall request and receive approval for disposition of any equipment, single inventory item or tool with a unit acquisition cost of $1000 or more purchased in whole or in part with CSBG funds or any vehicle regardless of acquisition cost purchased in whole or in part with CSBG funds. All requests shall be submitted to the Division. The Division reserves the right to require reprogramming the entire resale amount.b. Prior to the sale of any vehicle approved for disposition purchased in whole or in part with CSBG funds, the CAA shall: (i) Prepare a bid announcement which identifies each vehicle, describes its condition and states that the high bid on each vehicle will be accepted;(ii) Place an advertisement in a local newspaper for three days announcing a public sale with sealed bids to be submitted no later than a specified date and hour with the bid announcement to be mailed in advance upon request.(iii) Prepare a notice of bid award to be mailed to all bidders;(iv) Prepare title transfer documents;(v) Reprogram the proceeds from the vehicle sale into the current CSBG budget;(vi) Retain documentation for all bid solicitation, award and title transfer for no less than three years from the date of sale.c. Public Sale of Other Materials, Equipment or Property. The CAA shall follow identical procedures as in 4(b) above in the case of the sale of any other property purchased in whole or in part with CSBG funds, with the qualification that like equipment or materials may be sold and listed in the bid announcement in lots, with quantities identified.C.Records1. Retention of Records a. Financial records, supporting documents, statistical records, and all other records pertinent to a CSBG sub-grant are covered by these requirements.b. The retention period for each year's records starts from the end date of the CAA's program year.c. Records shall be retained for a minimum of three years. If any litigation, claim or audit has not been fully resolved before the expiration of the three-year period, all relevant records shall be retained until one year after resolution.2. Access to Records a. CAA's and CAA delegate agency(ies) shall provide the following agencies and persons with access to all books, records, documents and compilations of data relating to the CSBG program: (i) The Division and its authorized representatives;(ii) The United States Comptroller General or his/her designee; and(iii) Department of Health and Human Services.10- 144 C.M.R. ch. 2, § 1.8