Property management system.

CFR · 2024-01-01 · US · Title 10

The recipient's property management system must include the following: (a) Property records must be maintained, to include the following information for property that is Federally owned, equipment that is acquired in whole or in part with Federal funds, or property or equipment that is used as cost sharing or matching: (1) A description of the property. (2) Manufacturer's serial number, model number, Federal stock number, national stock number, or any other identification number. (3) Source of the property, including the award number. (4) Whether title vests in the recipient or the Federal Government. (5) Acquisition date (or date received, if the property was furnished by the Federal Government) and cost. (6) Information from which one can calculate the percentage of Federal participation in the cost of the property (not applicable to property furnished by the Federal Government). (7) The location and condition of the property and the date the information was reported. (8) Ultimate disposition data, including data of disposal and sales price or the method used to determine current fair market value where a recipient compensates the Federal Government for its share. (b) Federal owned equipment must be marked to indicate Federal ownership. (c) A physical inventory must be taken and the results reconciled with the property records at least once every two years. Any differences between quantities determined by the physical inspection and those shown in the accounting records mus

official document · source cfr-2024 · id 10:§ 600.323