Inventory disposal reports
Prompt and accurate inventory disposal reporting using SF1424 is essential for accountability and compliance after government property disposition.
Overview
FAR 45.605 outlines the requirements for preparing and submitting inventory disposal reports after government property has been disposed of. The plant clearance officer is responsible for promptly completing Standard Form 1424 (SF1424), Inventory Disposal Report, once the property listed on the inventory disposal schedule has been disposed of and any proceeds have been credited. The report must detail any lost or unaccounted-for property, as well as any changes in quantity or value made by the contractor after the initial schedule was submitted. The completed report is then provided to the administrative contracting officer or, in the case of termination inventory, to the termination contracting officer, with a copy also sent to the property administrator.
Key Rules
- Preparation of SF1424
- The plant clearance officer must prepare an SF1424 promptly after property disposition and crediting of proceeds.
- Reporting Changes and Losses
- The report must identify lost/unaccounted-for property and any changes in quantity or value made by the contractor after the initial schedule.
- Distribution of Report
- The report is sent to the appropriate contracting officer and the property administrator.
Responsibilities
- Contracting Officers: Receive and review the inventory disposal report for accuracy and completeness.
- Contractors: Accurately report any changes in property quantity or value and ensure all property is accounted for.
- Agencies: Oversee the process and ensure compliance with reporting requirements.
Practical Implications
- Ensures accountability and transparency in the disposal of government property.
- Helps prevent loss or misappropriation of assets.
- Contractors must maintain accurate records and promptly report any changes or losses to avoid compliance issues.