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Panoptic Enterprises' FEDERAL CONTRACTS DISPATCH

DATE: May 2, 2003

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

SOURCE: Federal Register, May 2, 2003, Vol. 68, No. 85, page 23424

AGENCIES: National Aeronautics and Space Administration (NASA)

ACTION: Final Rule

SYNOPSIS: NASA is finalizing, without changes, the interim rule that amended NFS 1845.7101, Instructions for Preparing NASA Form 1018 [NASA Property in the Custody of Contractors], to provide policies and procedures for proper reporting of heritage assets as part of contractor annual reports of NASA property in its custody.

EDITOR'S NOTE: For more on the interim rule being finalized, see the November 12, 2002, FEDERAL CONTRACTS DISPATCH "National Aeronautics and Space Administration Federal Acquisition Regulation (FAR) Supplement (NFS); Instructions for Preparing NASA Form 1018."

EFFECTIVE DATE: May 2, 2003.

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

On November 12, 2002, NASA issued an interim rule amending paragraph (a) of NFS 1845.7101-1, Property Classification, to provide policies and procedures for proper reporting of heritage assets as follows:

      "(1) Contractors shall report costs in the classifications on NF 1018, as described in this section. The cost of heritage assets will be reported on the NF 1018 under the appropriate classification. Supplemental reporting may also be required. Heritage assets are property, plant and equipment that possess one or more of the following characteristics: (i) historical or natural significance; (ii) cultural, educational or aesthetic value; or (iii) significant architectural characteristics.
      "(2) Examples of NASA heritage assets include buildings and structures designated as National Historic Landmarks as well as aircraft, spacecraft and related components on display to enhance public understanding of NASA programs. Heritage assets which serve both a heritage and government operation function are considered multi-use when the predominant use is in general government operations. Multi-use heritage assets will not be considered heritage assets for NF 1018 supplemental reporting purposes."

NFS 1845.7101-1 was also revised as follows to clarify other property classifications:

Finally, the last two sentences of paragraph (a) of NFS 1845.7101-2, Transfers of Property, were revised to read, "Shipping and receiving contractors shall promptly submit copies of shipping and receiving documents to the Center Deputy Chief Financial Officer, Finance, responsible for their respective contracts when accountability for NASA property is transferred to, or received from, other contracts, contractors, NASA Centers, or government agencies."

No public comments were received on the interim rule, so NASA is converting the interim rule to a final rule without change.

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

Copyright 2003 by Panoptic Enterprises. All Rights Reserved.

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