Section 20 AAC 40.360 - Value of contributions(a) The authority will accept the following methods of determining the value of contributions made under 20 AAC 40.355: (1) for real property, the grantee must determine the value of the contribution by using (A) the fair rental value of the real property, or of that part of the real property used by the grant project, during use of the real property for the grant project; or(B) if the real property is developed and the grantee elects not to use the method described in (A) of this paragraph, the amount of depreciation of the building or structure, or part of the building or structure used for the grant project that is located on the real property during use of the building or structure by the grant project, using the straight-line method of depreciation with an assumed life of the building or structure of 20 years;(2) for personal property, the grantee must determine the value of the contribution by using (A) the fair market value of the personal property; or(B) if the fair market value of the personal property is greater than $1,000, the fair rental value of the personal property; and(3) for personal services, the grantee must determine the value of the contribution by using the prevailing rate of pay for similar services in the area in which the grant project is located.(b) A grantee shall maintain records of any personal services that are used to satisfy the contribution requirements of the grant. A grantee shall also maintain records of the methods used by the grantee to determine the value of contributions made to grant projects.Eff. 10/24/2004, Register 172; am 3/12/2016, Register 217, April 2016Authority:AS 37.14.045
AS 47.30.031
AS 47.30.051
AS 47.30.056