Contract Close or Termination
If the government property was obtained through sponsored research/non-research contract or grant, a closeout process occurs once the grant fund is complete. Once the account administrator has completed the closeout documentation and returned it to the Fiscal Monitor, the Fiscal Monitor will close the grant fund and request a Property Closeout Report via email from UNM Inventory Control for property posted to Capital Equipment Account Code (9000 account code series) or any award that requires a property form.
Inventory Control will submit a "Property Closeout Report" to the requesting fiscal monitor. If Government Property is noted, an inventory list will be sent to the department requesting a physical inventory of the equipment. The results of that inventory will be documented in the Property Closeout Report. The report will then be sent to the CGA fiscal monitor to be included in the final reconciliation package to the respective Government agency.
CGA will review the requirements within the award for all equipment and loaned equipment and verify that the requirements are completed; i.e., are Inventory Reports required. CGA will also verify that the property is classified appropriately (account codes 9000 or 9020 for UNM Titled, 9040 for Non-UNM Titled, 9060 for Fabricated Equipment).
Within ninety (90) days after physical completion of the contract, the Inventory Contact or the PI will enter all Government property listed on that contract by utilizing Government Form 1428 – Inventory Disposal Schedule (within 60 days for NASA property). Once disposition instructions are received from the Government, The PI and Inventory Contact will, within fifteen (15) working days transfer Government property in accordance with the Government instructions. Transfer of Government property will normally be documented on DD Form 1149, “Requisition and Invoice/Shipping Document”. All UNM identification tags or other Government markings will be erased or removed before final disposition. Any excess property will be stored and safeguarded until the physical transfer occurs.
After the disposition of any Government property, the Inventory Contact will provide the RDA along with all the supporting documentation to the Inventory Control Department to remove the item from the inventory database. The Inventory Control Department will, on a monthly basis, update the inventory database and proceed to remove the item from Banner through the monthly deletion batch.
In order for the CGA to close the grant fund, a final reconcilement will need to be done. The department will verify that the expenses in Banner are correct throughout the life of the grant fund. They will return information received via workflow to the CGA. Once this information is received, the grant fund will be closed. No more financial activity will be allowed in Banner when the grant fund has been closed.