PCS 1202: Property Closeout for a Completed Contract/Grant
To properly handle the property in a contract termination
Property Control is responsible for performing a final equipment inventory for completed contracts and grants that require a final report.
The sponsored property coordinator reviews the expenditures for capital equipment purchases for the contract or grant.
If zero dollars were spent in the ASU financial system and zero assets appear on the property system, the sponsored property coordinator prepares a Negative Property Report and forwards it to the sponsor.
If dollars were spent on capital assets, the sponsored property coordinator queries the Property Control, Sponsored Projects, and Financial Services databases and submits a final property report to the sponsor.
If government-owned property is on a final property report, the sponsored property coordinator:
When disposition instructions are received from the contracting officer, the sponsored property coordinator disposes of the property in accordance with the contracting officer’s letter and updates the Property Control database.
The sponsored property coordinator updates the Sponsored Projects database to indicate that the report was submitted.
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