Chapter 6: Physical Inventory
48 Code of Federal Regulations, 45.505-14, 45-508.1; 45.508 AND 45.508-1 through 45.508-3, Office of Management and Budget Circular A-110
Physical Inventory
Capital equipment is inventoried at least every two years. In some cases a federal agency or other sponsoring organization may require an annual or more frequent inventory of equipment.
During inventory, department equipment coordinators receive a list of capital equipment assigned to their unit. Departments shall research the present status of each missing item and physically inspect each item.
Physical inventory must be completed by staff other than those in possession of the equipment.
The Department of Defense, NASA and the Department of Energy require inventory according to their specific regulations. Summary reports will be completed by Accounting Services.
- Department of Defense (TACOM): Summary reports are submitted on DD form 1662 to the Office of Naval Research (ONR). The DD 1662 is used for government owned property on Department of Defense contracts, and is not used for DoD grants.
NASA: Reports of various NASA-owned property categories on NASA form 1018 are submitted to ONR in Chicago (or to the appropriate national lab, if specified). This form is used for NASA contracts or sub-contracts with NASA-owned property, but is not used for grants.
There is no specific form for NASA grants. A memo and a complete inventory list is sent to the NASA office in charge of the award. Negative reports are not required as of the 2001 update to the NASA Grant Handbook.
DOE: Annual reports are required for contracts and grants, submitted to the NETL property administrator. NETL F580.1-8 – Annual Report of Property in the Custody of Contractors, NETL F580.1-25 – High risk property report.