Property Control System Manual (PCS)

Effective: 3/1/1984

Revised: 7/15/1999

PCS 1301: Property Closeout for a Completed Contract/Grant

Purpose

To properly handle the property in a contract termination

Source

Property Control

Policy

Property Control is responsible for performing a final equipment inventory for completed contracts and grants that require a final report.

Procedure

Grant and Contract Accounting forwards to the sponsored property coordinator an expense budget summary noting the expenditures on the contract or grant.

The sponsored property coordinator reviews the expenditures for capital equipment purchases.

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 Grant and Contract Accounting.

If dollars were spent on capital assets, the sponsored property coordinator:

1. prepares a Property Control Report for the contract or grant
2. reconciles the Expense Budget Summary and the Property Control Report

   and

3. submits the final property report to Grant and Contract Accounting.

Grant and Contract Accounting submits the final property report to the appropriate government/sponsor agencies.

If government-owned property is on a final property report, the sponsored property coordinator:

1. schedules an appointment with the PI for a physical inventory of the equipment
2. verifies property control numbers, model and serial numbers, location, and condition of equipment
3. updates the property control system

   and

4. reconciles the account with both the property control system and the university financial system.

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.

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