To provide direction to university departments regarding the performance of final physical inventories of government owed property on government grants and contracts and on government-contractor sub-contracts with the University.
Powers and duties of the University President, ABOR Policy 3-801 and 3-802
Authority below applies ONLY to Federal Property (acquisition dollars or title):
- 48 Code of Federal Regulations (CFR) Part 45
- 2 Code of Federal Regulations (CFR) Part 200 (“Uniform Guidance”)
A final physical inventory of government owned property shall be performed by the custodial department on completed government grants and contracts and on completed government-contractor sub-contracts with the University, as requested by the Sponsored Projects Property Administrator.
SPS PROPERTY ADMINISTRATOR
- Prepare a property inventory schedule on capital equipment accountable to the particular government grant or contract, or government-contractor sub-contract and forward to the custodial department with inventory instructions.
- The department has ten (10) days to complete and return the inventory.
- The physical inventory involves verifying the physical existence, condition and accuracy of the description (manufacturer, model number, and serial number), and location of each listed property item.
- As each item is verified, check off those that are listed accurately on the property inventory schedule and indicate its current condition as defined in the inventory conditions.
- For those items verified, but with inaccurate or missing descriptive or location information, check off on the property inventory schedule and print the correct information below the printed information on the property inventory schedule and make the corrections on line using the Capital Asset Module. Also, indicate the current condition of each item on the inventory schedule.
- If an item is not found, print the notation "NOT FOUND" by the item's A-tag on the property inventory schedule. A thorough search is expected to be made for any Not Found items. All Not Found items require an explanation. If the item was delivered to the government, a copy of a receipt of delivery needs to be attached to the returned property inventory report. If the items were retired through the University's Surplus Property Office attach a copy of the Request for Authorization to Dispose of Movable Assets. If items are lost, missing or stolen, a police report needs to be filed with the University Police Department and a copy attached to the return copy of the property inventory report. No discrepancies can remain unresolved.
- Return the completed property inventory schedule to the SPS Property Administrator. If any items were Not Found, include with the inventory schedule an explanation of each Not Found item and supporting documents, such as police report, authorization to retire, or delivery receipt.
SPS PROPERTY ADMINISTRATOR
- Pursuant to the Final Report and Closeout procedures, prepare and submit to the government sponsor or contractor, a final property report requesting disposition instructions for all items physically located in the final property inventory. For items determined by the final inventory to be lost, missing, stolen or disposed of, submit a request for relief of accountability with a description of corrective action taken by the University.