Closeout Property Report

Definition

Closeout property reports - documents written at award closeout or at the special request of the granting agencies. These reports list all property purchased under a grant or contract (including property under subcontractors) regardless of ownership.

UW's Equipment Inventory Office prepares the reports and submits them within 60 to 90 calendar days after the date of completion of the award. There are two types of reports:

  • Closeout Positive Property Report: an inventory listing all property purchased or furnished under the grant or contract regardless of ownership.
  • Closeout Negative Property Report: a report indicating that UW bought no property under the grant or contract.

Award closeout is the process of:

  • Documenting and assuring the fulfillment of the terms and conditions of the award,
  • Certifying compliance with applicable regulations, terms and conditions, and
  • Completing all award by-products, such as final vouchers, reports, patent disclosures, and property disposition.

Process Overview 

The Office of Naval Research (ONR) administers closing federal grants and contracts and conducts Property Control System Analysis (PCSA). Some agencies administer their own grants and contracts. For example:

  • Department of Interior
  • National Oceanic Atmospheric Administration (NOAA)
  • National Air and Space Administration (NASA) – those outside ONR administration.
  • National Institute of Health (NIH)
  • Private sponsoring agencies. 

The Equipment Inventory Office (EIO):

  • Helps the departments comply with the Contracting Officers' requirements.
  • Reports the disposition of equipment purchased under federal grants and contracts on closeout reports submitted within 60-90 calendar days of the grant/contract closing.
  • Requests title to any government-titled equipment and excess materials on behalf of the University of Washington for use on additional research projects. 

University departments:

  • Manage their equipment throughout the award and may work with EIO to complete closeout property reports by helping to resolve inventory adjustments, liability determinations, and other property issues required to close the contract.
  • If required, prepare transfer of equipment (e.g., they return it to the agency or place it with another award.)

Equipment Inventory Office Procedures

EIO Prepares and Submits Closeout Reports:

  • Reconciles expenditures. (They match financial records to the property system or OASIS).
  • Works with the department to resolve inventory adjustments, liability determinations, and other property issues required to close the contract.
  • Prepares closeout reports within 60 - 90 calendar days of the grant/contract closing date.
  • Submits the closeout property reports (along with a list identifying all discrepancies disclosed by a physical inventory) to the sponsoring agency on behalf of the department.  

EIO Requests Title to Government Property:

If the federal government retains title to the property at acquisition, during closeout EIO automatically asks the agency to give title to the equipment and excess materials to the University of Washington for use on additional research projects. If they do not give the title to the University, the agency may direct the University to:

  • Return the equipment to the sponsoring agency or other designated points of origin. (The department prepares the equipment for shipment and delivers it as requested.)
  • Dispose of or sell the equipment. EIO credits the net proceeds of any such disposal or sale to the contract or pays it to the Government (as the Contracting Officer directs.)
  • Continue to use the equipment on additional research within the University while the government retains title to the equipment. (In this case, when the subsequent contract ends, EIO works with the department to get the Contracting Officers' approval to transfer the property for use on another UW contract.

Forms

DoD Property in the Custody of Contractors Form 1662 (Form completed by EIO)
NASA Property in the Custody of Contractors Form 1018 (Form completed by EIO)
Comparable forms for other agencies
 

© 2014 Finance & Facilities, University of Washington     PRIVACYTERMS