What records must an Accountable Official maintain for property under grant awards?

• A. Budget justifications and audit reports.
• B. Employee payroll information and timesheets.
• C. Property records include description, serial/model numbers, acquisition date/cost, location, custodian, depreciation, and physical inventories.
• D. Only the purchase receipts and grant agreement.

Answer: (C)

Maintaining grant-funded property records requires a complete, asset-specific ledger that tracks each item from acquisition through disposition. The records should include a description of the property, unique identifying numbers such as serial or model numbers, the acquisition date and cost, current location, the custodian responsible for the asset, depreciation if applicable, and results from physical inventories. This information ensures you can confirm the asset exists, is under proper control, and is used for grant purposes, while also supporting valuation, audits, and eventual disposition.

Other documents like budget justifications and audit reports pertain to financial aspects rather than the ongoing tracking of physical property. Payroll information and timesheets relate to personnel costs, not assets. Purchase receipts and the grant agreement may support initial purchases but don’t provide the ongoing tracking elements needed to demonstrate accountability for each asset.