Common use of ANNUAL PHYSICAL INVENTORY Clause in Contracts

ANNUAL PHYSICAL INVENTORY. Each State/LEA is required to conduct an annual physical inventory of all property on the active property book and provide certification in the property accounting system. DEMIL “A” and “Q6” property records will not be closed during the annual physical inventory period. a) Provide training to LEAs to properly conduct the annual physical inventory and complete the certification of property in the property accounting system. b) Ensure an approved and current SPO is uploaded in the property accounting system for each LEA. c) Validate the annual physical inventory certifications submitted by LEAs. d) Adhere to annual physical inventory certification requirements as identified by the LESO. Physical inventories and certification statements will be maintained on file IAW the DLA records schedule. e) Annually certify property is utilized and is within allocation limits IAW the MOA between the Federal Government and the State/U.S. Territory and this SPO . f) Recommend suspension of program participants who fail to complete or submit the certified annual physical inventory.

ANNUAL PHYSICAL INVENTORY. Each State/LEA is required to conduct an annual physical inventory of all property on the active property book and provide certification in the property accounting system. DEMIL “A” and “Q6” property records will not be closed during the annual physical inventory period. a) Provide training to LEAs to properly conduct the annual physical inventory and complete the certification of property in the property accounting system. b) Ensure an approved and current SPO is uploaded in the property accounting system for each LEA. c) Validate the annual physical inventory certifications submitted by LEAs. d) Adhere to annual physical inventory certification requirements as identified by the LESO. Physical inventories and certification statements will be maintained on file IAW the DLA records schedule. e) Annually certify property is utilized and is within allocation limits IAW the MOA between the Federal Government and the State/U.S. Territory and this SPO SPO. f) Recommend suspension of program participants who fail to complete or submit the certified annual physical inventory.