[Code of Federal Regulations]
[Title 34, Volume 1]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 34CFR74.33]

[Page 115-116]
 
                           TITLE 34--EDUCATION
 
PART 74_ADMINISTRATION OF GRANTS AND AGREEMENTS WITH INSTITUTIONS OF 
 
                    Subpart C_Post-Award Requirements
 
Sec. 74.33  Federally-owned and exempt property.

    (a) Federally-owned property. (1) Title to federally-owned property 
remains vested in the Federal Government. Recipients shall submit 
annually an inventory listing of federally-owned property in their 
custody to the Secretary. Upon completion of the award or when the 
property is no longer needed, the recipient shall report the property to 
the Secretary for further ED utilization.
    (2) If ED has no further need for the property, it shall be declared 
excess and reported to the General Services Administration, unless the 
Secretary has statutory authority to dispose of the property by 
alternative methods (e.g., the authority provided by the Federal 
Technology Transfer Act (15 U.S.C. 3710 (I)) to donate research 
equipment to educational and non-profit organizations in accordance with

[[Page 116]]

E.O. 12821--Improving Mathematics and Science Education in Support of 
the National Education Goals. Appropriate instructions shall be issued 
to the recipient by the Secretary.
    (b) Exempt property. When statutory authority exists, the Secretary 
may vest title to property acquired with Federal funds in the recipient 
without further obligation to the Federal Government and under 
conditions the Secretary considers appropriate. This property is 
``exempt property.'' Should the Secretary not establish conditions, 
title to exempt property upon acquisition vests in the recipient without 
further obligation to the Federal Government.

(Authority: 20 U.S.C. 1221e-3, 3474; OMB Circular A-110)