18.20(b)(3) Internal Control. "Effective control and accountability must be maintained for all grant and subgrant cash, real and personal property, and other assets." Specifically with respect to fixed asset records, 49 CFR 18.32(d) requires that grantees and subgrantees maintain a fixed asset control system providing detailed property records for assets acquired under a grant or subgrant, and include procedures to provide reasonable assurance that safeguards are present to prevent or detect unauthorized acquisition, use, or disposition of the property, and that maintenance procedures are implemented for such assets.
2005 - Federal Transit Administration