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Panoptic Enterprises' FEDERAL CONTRACTS DISPATCH

DATE: October 31, 2003

SUBJECT: National Aeronautics and Space Administration Federal Acquisition Regulation (FAR) Supplement (NFS); Instructions for Preparing NASA Form 1018

SOURCE: Federal Register, October 31, 2003, Vol. 68, No. 211, page 62023

AGENCIES: National Aeronautics and Space Administration (NASA)

ACTION: Interim Rule

SYNOPSIS: NASA is amending NFS 1845.7101, Instructions for Preparing NASA Form 1018 [NASA Property in the Custody of Contractors], to provide policies and procedures related to obsolete property, contractor validation of NASA Form (NF) 1018 data, and proper reporting of software to which NASA has title.

DATES: This interim rule is effective October 31, 2003. Comments on the interim rule must be submitted no later than December 30, 2003.

ADDRESSES: Lou Becker, NASA Headquarters, Office of Procurement, Contract Management Division (Code HK), Washington, DC 20546.

FOR FURTHER INFORMATION CONTACT: Lou Becker, NASA Headquarters, Office of Procurement, Contract Management Division (Code HK), Washington, DC 20546; 202-358-4593, e-mail: lou.becker@nasa.gov.

SUPPLEMENTAL INFORMATION: NASA must account for and report assets in accordance with Title 31 of the U.S. Code, Section 3515 (31 U.S.C. 3515), Federal Accounting Standards, and Office of Management and Budget (OMB) Bulletin No. 01-09, Form and Content of Agency Financial Statements. Since contractors maintain NASA's official records for NASA-owned assets in contractors' possession, NASA must obtain annual data from those records to facilitate proper accounting and control over the assets. NASA Form 1018 is used for this purpose.

To provide for consistent reporting of NASA property by contractors, this interim rule makes the following changes to NFS 1845.7101:

In addition, paragraph (c)(1) of NFS 1852.245-73, Financial Reporting of NASA Property in the Custody of Contractors, is revised to change the date of submission for annual property reports from October 31st to October 15th, and to address contractor validation of NF 1018 data: "Contractors shall validate the reasonableness of the estimates and associated methodology by comparing them to the actual activity once that data is available, and adjust them accordingly. In addition, differences between the estimated cost and actual cost must be adjusted during the next reporting period. Contractors shall have formal policies and procedures, which address the validation of NF 1018 data, including data from subcontractors, and the identification and timely reporting of errors. The objective of this validation is to ensure that information reported is accurate and in compliance with the NASA FAR Supplement. If errors are discovered on NF 1018 after submission, the contractor shall contact the cognizant NASA Center Industrial Property Officer (IPO) within 30 days after discovery of the error to discuss corrective action."

FOR FURTHER INFORMATION CONTACT: Panoptic Enterprises at 703-451-5953 or by e-mail to Panoptic@FedGovContracts.com.

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