PCS 602–03: Periodic Inventories for Sponsors

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Effective: 3/1/1984

Revised: 7/1/2001

PCS 602–03: Performing Periodic Physical Inventories for Sponsors

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Purpose [horizontal rule]

To properly perform periodic physical inventories requested by sponsors

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Source [horizontal rule]

Office for Research and Sponsored Projects Administration

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Policy [horizontal rule]

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

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ProcedureD [horizontal rule]

Responsibility	Action
Grant and Contract Accounting	Request an inventory from the sponsored property coordinator.
Sponsored property coordinator	Schedule an appointment with the principal investigator (PI) for a physical inventory of the equipment. Verify property control numbers, model and serial numbers, location, and condition of equipment. Update the property control system. Reconcile the account with changes as required. Send the reconciliation form to the PI for verification and signature.
Principal investigator	Forward a photocopy of the documented inventory to the sponsored project officer. Verify that the reconciliation is accurate and complete. Make needed corrections, sign the reconciliation, and return a copy of the form to the sponsored property coordinator.
Sponsored property coordinator	Update the property control system, file the completed reconciliation in the account file, and submit a copy to the sponsor as required.

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