Common use of Annual Inventory Report Clause in Contracts

Annual Inventory Report. For all NSF-owned equipment and real property having an original acquisition cost of $5,000 or more, the awardee must submit an annual inventory report to the NSF Property Administrator, Division of Administrative Services (DAS). The report must include all NSF owned equipment and real property purchased or constructed, including land and buildings, under one or more NSF awards or acquired by screening excess through the General Services Administration (GSA); and specify the award number, the type of equipment or property, serial number, acquisition price, acquisition date, current book value, and condition of the NSF owned equipment and real property. The report also should include a description of Construction-in-Progress (CIP) and Work-in- Progress (WIP) items and construction costs incurred to date. CIP is defined as real property that is in the process of being manufactured or fabricated but is not yet complete. WIP is defined as equipment that is in the process of being manufactured or fabricated but is not yet complete. CIP and WIP consist of the costs of direct materials, direct labor, direct purchased services and indirect costs, including general and administrative and overhead costs. Costs coded as such should not be depreciated. The inventory report should be submitted electronically to xxxxxx@xxx.xxx with a copy to the cognizant NSF Grants and Agreements Officer and must be received no later than August 15 each year.