Annual Inventory

The UFPA and the PI/Departmental Administrator will work together to conduct an annual inventory of all government-owned property and resolve any discrepancies disclosed by the inventory. Subcontractors are also required to inventory all government-owned property and report the results to the PI/Departmental Administrator using the Subcontractor Equipment Inventory form. UFPA and departmental inventory records will be updated upon completion of the inventory and resolution of discrepancies. Any adjustment to government property will not be made without approval from the agency. The PI/Departmental Administrator will obtain agency approval via the ORSP.

In addition, a yearly inventory of all capital equipment items (both federal and non-federal) is performed by Property Control in conjunction with the department inventory contact person. Property Control generates and inventory list of capital equipment and forwards it to the department. The department inventory contact physically locates each item on the list, notes any changes to location or status and returns the annotated list to Property Control. Property Control then updates the official property record and includes the date of the inventory.

See Section 23 for information on due dates, forms, and other related resources.

Selective Inventory

The UFPA may conduct selective inventories as needed to protect the Government’s interest.

Closeout or Terminal Physical Inventory

The PI/Departmental Administrator shall prepare, with the assistance of the UFPA and ORSP, an inventory of government property in the possession of The University of Mississippi or its subawardees at termination or closeout of an award. The PI/Departmental Administrator (via the ORSP) will contact the awarding agency for disposition instructions.