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47 <br />ii. If bids or estimates are required, and three (3) bids or estimates cannot <br />be obtained, the contractor shall provide adequate documen tation of <br />the reason(s) why three (3) bids or estimates could not be obtained <br />(e.g., an emergency situation, or the item is only available from a <br />single source). <br />iii. Lease-purchase agreements are subject to the above requirements. <br />G. Obtaining Bids for Equipment Purchases for Public Agencies <br />Public Agencies, as defined in Section X, Definitions, shall comply with the <br />applicable sections of the Public Contract Code. <br />H. Asset Management <br />1. Asset Control System (2 CFR 200.313(d)(3)) <br />A control system must be developed to ensure adequate safeguards to <br />prevent loss, damage, or theft (any loss, damage or theft must be <br />investigated) and adequate maintenance procedures must be developed to <br />keep the equipment in good condition. <br />2. Inventory (2 CFR 200.313 (d)(1)) <br />a. An inventory of all equipment and all non-disposable items with an <br />estimated useful life of more than one year, purchased in whole or in part <br />with childcare and development contract funds, shall be maintained. For <br />more guidance refer to California School Accounting Manual Procedure <br />700. <br />b. Property records must be maintained that include the following: <br />i. Description; <br />ii. Serial number or other identification number; <br />iii. The source of funding; <br />iv. The acquisition date; <br />v. The cost; <br />vi. The location, use and condition; and <br />vii. Any ultimate disposition date including date of disposal and sale price <br />if applicable. <br />c. A physical inventory must be taken at least every two (2) years and <br />reconciled with property records. (2 CFR 200.313(d)(2))