Physical Inventories

What is a review campaign?

A review campaign is the actual counting and recording of a particular set of personal property.

What is a physical inventory?

A physical inventory is the actual sighting, counting and recording of all accountable and sensitive non-expendable personal property that NOAA or any other Federal agency possesses.

Why is a physical inventory important?

A physical inventory is important because it determines the completeness and accuracy of the personal property records and the financial accounts. It reconciles and adjusts the accountability records with the general ledger control accounts and reconciles and adjusts the accountability records with the custodial records. It ensures that personal property and financial records are reconciled with the actual property. Property records and related financial records must match the property on hand. The objectives of the physical inventory are:

• determining the useful life of the property;
• determining the property's present physical condition;
• projecting future equipment needs, and
• validating the effectiveness of equipment accountability and control procedures and operations.

What personal property needs to be accounted for?

The types of personal property that needs to be accounted for are all non-expendable personal property with an original acquisition cost of $5,000 or more and all sensitive non-expendable personal property regardless of its cost.

How often are inventories conducted?

Department of Commerce and NOAA conduct their inventories once a year. Refer to the Calendar of Inventories due to the PMO located on the NOAA Personal Property Web site.

Under what special circumstances are additional inventories conducted?

If a Property Custodian must leave or give up their duties, a joint inventory must be conducted with the replacement present in order to ensure that everything is in order. In addition, the Property Custodian, the Property Accountability Officer or the Property Management Officer may call for a special physical inventory at any time.

How is the inventory conducted?

NOAA conducts a wall-to-wall inventory. The Property Custodian or their designee must physically verify the location of every item of accountable property in their Custodial Area. Every piece of accountable property is sighted, scanned, and recorded. During the annual physical inventories, all off-site equipment that is portable (e.g. computers, PDAs, etc.) will be brought on-site for existence verification, and, if necessary, installation of security updates, etc. All Property Custodians are encouraged to use NOAA Form 37-40 (Hand receipts) to monitor accountable personal property maintained both on- and off-site. Property Managers should also ensure that the Sunflower property records are kept current with the property's location and the person the property has been assigned to (the User).

NOAA Found Accountable Personal Property Certification (click on the link to download the form)

Instructions for Found Personal Property

How long does a Property Custodian have to complete the inventory ?

The Property Custodian will be notified prior to the beginning of the process and has 30 days to complete and return the inventory.

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