OCG is responsible for providing property reports to the sponsor and to the ACO, when required by the terms and conditions of the award. These include annual reports to agencies, national labs and federal flow-through sponsors at federal fiscal year end. Even if there is no property accountable on an award, the university may still be required to provide a report to the sponsor and to the ACO.
Annual reports typically only require the disclosure of Government property under the university’s control, which can include Government titled equipment and materials. Annual inventories are completed prior to submitting these reports but additional information and/or inventory verification may be requested from the department in order to comply with sponsor requirements.
Government Titled Material
Government titled material held by the university must be clearly identified and segregated from university titled materials or supplies available to the department. University records for this material must include a beginning inventory balance, consumption details and dates, and an ending inventory balance. Government titled material purchased for a work-in-progress and immediately consumed rather than placed in inventory is not reported until the end of the project. At that time, a final report is submitted to certify that all purchased materials were consumed and/or to report any residual supplies and their value.
Supplies
Most supplies purchased to support the research objective of an award are consumed as they are used performing the research. However, if there is a residual inventory of unused supplies exceeding $5,000 in total aggregate value at the end of the project and the supplies are not needed for any other federal award, the university needs to disclose the excess inventory and request disposition instructions from the Government. When this occurs, the department completes and submits the Department Closeout Property Report with an attached detailed list that includes descriptions, quantities, and costs of the residual unused supplies to OCG. 2 CFR 200 considers electronic devices, such as computers and electronic devices, to be supplies if their acquisition cost is less than $5,000.
Next Section: Department Property Management Plan
