12 - PHYSICAL INVENTORIES OF EQUIPMENT

12.20 FINAL INVENTORY ON GOVERNMENT GRANTS AND CONTRACTS EFFECTIVE 6/1/00 LAST UPDATE 12/01/02

RESPONSIBILITY	ACTION
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.
CUSTODIAL DEPARTMENT	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 Fixed Asset (FFX) screen 535. 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 need to be attached to the returned property inventory report. If the items were disposed of through the University's Surplus Property Office attach a copy of the Request for Authorization to Dispose of Property. 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 dispose, 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.

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