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PMM 3.5.2 Final Inventory on Government Grants and Contracts

Last Revised Date:
July 1, 2026
Responsible Unit(s):
Property Management
Responsible Unit Email(s):
FNSV-PropertyManagement@arizona.edu
Manual:
Property Management Manual
Status:
Active

Purpose and Summary

To provide direction to university departments regarding the performance of final physical inventories of government owed property on government grants, contracts and subawards with the University.

Scope

This policy applies to all University locations and units, including all University extensions, satellite locations, and off-site campus units, both domestic and international.

Policy

  1. A final physical inventory of government owned property shall be performed by the custodial department on completed government grants, contracts and subawards with the University, as requested by the Sponsored Projects Services Property Administrator.

Procedures

ResponsibilityAction
SPS Property Administrator
  1. Prepare a property inventory schedule on capital equipment accountable to the particular government grant, contract, or sub-contract and forward to the custodial department with inventory instructions. 
Custodial Department
  1. The department has complete and return the inventory to SPS Property Administrator by the deadline provided.
  2. 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.
  3. 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.
  4. For those items verified with inaccurate or unlocated descriptive or location information, check off on the property inventory schedule and provide correct information on the property inventory schedule and make the corrections online using the Capital Asset Module.
  5. If an item is not found, indicate "UNLOCATED" by the item on the property inventory schedule. A thorough search is expected to be made for any unlocated items. Unlocated items require an explanation. If the item was delivered to the government, a copy of a receipt of delivery needs to be attached to the returned property inventory report. If the items were retired through the University's Surplus Property Office attach a copy of the Request for Authorization to Dispose of Movable Assets. If items are lost, unlocated or stolen, a police report needs to be filed with the University Police Department and a copy attached to the property inventory report. No discrepancies can remain unresolved.
  6. Return the completed property inventory schedule to the SPS Property Administrator.  
SPS Property Administrator
  1. 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 Report to be lost, unlocated, 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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