Property Control System Manual (PCS)

Effective: 3/1/1984

Revised: 7/1/2001

PCS 602–03: Performing Periodic Physical Inventories for Sponsors

Purpose

To properly perform periodic physical inventories requested by sponsors

Source

Office for Research and Sponsored Projects Administration

Policy

ASU is required to perform periodic physical inventories of capital equipment as sponsors request them.

Procedure

Grant and Contract Accounting requests an inventory from the sponsored property coordinator.

The sponsored property coordinator:

1. schedules an appointment with the principal investigator (PI) for a physical inventory of the equipment
2. verifies property control numbers, model and serial numbers, location, and condition of the equipment
3. updates the property control system
4. reconciles the account with changes as required

   and

5. sends the reconciliation form to the PI for verification and signature.

The principal investigator:

1. forwards a photocopy of the documented inventory to the sponsored project officer
2. verifies that the reconciliation is accurate and complete

   and

3. makes needed corrections, signs the reconciliation, and returns a copy of the form to the sponsored property coordinator.

The sponsored property coordinator:

1. updates the property control system
2. files the completed reconciliation in the account file

   and

3. submits a copy to the sponsor as required.

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