b. held for use in the production or supply of goods or services or to produce program outputs;
c. for rental to others;
d. for administrative purposes;
e. expected to be used during more than one reporting period;
f. not intended for resale in the ordinary course of operations; and meets the capitalization threshold of P15,000.00 12. Inspection and Acceptance Report (IAR) – a report submitted by the Property Inspector on the inspection and acceptance of the purchased and delivered property, supplies and materials. This form shall be used to report the result of the inspection made by the Property Inspector on the deliveries and the status of the accepted items by the Supply Officer. II. IMPLEMENTING GUIDELINES A. General Policies 1. Inspection of newly purchased IHC and semi-expendable properties shall be conducted by the Property Inspectors immediately upon receipt of the delivered items with complete supporting documents subject for inspection. The Property Inspectors shall determine and ensure the supplier’s compliance to the item of specification as indicated in the PO / JO / Contract / APR. Unless specifically waived due to unforeseen emergency, all deliveries are subject to inspection. Notwithstanding inspection conducted by NFA Property Inspectors, COA inspection for infrastructures shall be mandatory for first and final payment of 4 projects amounting to more than P25 million for Central Office and P10 million for Field Offices. 2. A pre and post repair inspection shall be undertaken for all repairs and maintenance contracted for all PPE owned by the agency. 3. An inspection shall be undertaken of all PPE for disposition whether unserviceable or serviceable but outmoded. 4. Property Inspectors who shall be tasked with the conduct of inspection, shall be designated by NFA management. B. SPECIFIC POLICIES 1. Property Inspector a. Designation / Assignment a.1. Property Inspectors shall be designated by the Head of Office of concerned office in accordance with the following: For Central Office: