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(a) The division will accept the following methods of determining the value of contributions made under 7 AAC 79.070(a) :
(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 pilot project, during its use by the pilot 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 the depreciation of the building or structure, or part of the building or structure used by the pilot project, located on the real property during its use by the pilot 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 pilot project is located.
(b) A grantee must maintain records of the personal services contributed to the grantee's pilot project which are used to satisfy the contribution requirements of AS 47.65.040 and 7 AAC 79.060. A grantee must also maintain records of the methods used by the grantee to determine the value of contributions made to the grantee's pilot project.
History: Eff. 4/26/81, Register 78
Authority: AS 47.65.040
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Last modified 7/05/2006