OSU PRO 904-02: Contract Close-out - Residual Supplies

Purpose

To properly account for and report unconsumed supplies acquired on a federal contract or award.

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Background Information

Federal Acquisition Regulation (FAR) 45.508-1 specifies the reporting requirements for federal contracts.

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Policy

Upon termination or completion of an award, a project's residual (unconsumed) supplies that exceed $5,000 actual cash value (i.e., the value that OSU could receive if they were auctioned off in their current condition) may have to be inventoried and reported if required by the terms of the grant or contract.

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Procedure

Reporting Residual Supplies

Responsible Party	Action
Office of Post Award Administration (OPAA)	Notify Property Management that an award close out is necessary for supplies. Request from the PI the value of minor equipment and residual supplies that were purchased on the award.
Principle Investigator	Furnish this information to OPAA.
Property Management	Prepare appropriate forms (as required by sponsor) and forward to OPAA.
OPAA	Submit the appropriate forms to the sponsor.  Upon receipt of the sponsor's disposition instructions, notify department of necessary action (if any) to be taken.
Department	Follow the disposition instructions provided by OPAA.

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