Property Management Standards

A grantee’s property records for nonexpendable personal property (e.g., equipment) acquired under the grant must be retained for three years after the final disposition of the property. Records should include the following:

  • Description of property.
  • Manufacturers’ serial number, model number, Federal Stock Number, National Stock Number, or other identification number.
  • Source of the property, including grant or agreement number.
  • Whether title rests with the grantee or the federal government.
  • Acquisition date and cost.
  • Percentage (at the end of the budget year) of federal participation in the project or program for which the property was acquired.
  • Location, use, condition and the date the information was reported.
  • Unit acquisition cost.
  • Ultimate disposition data, including date of disposal, sales price or method used to determine fair market value where a grantee compensates the agency for its share.

Grantees must take a physical inventory at least every year with the results reconciled with property records. The inventory should:

  • Verify the existence, current use, and continued need for the property.
  • Establish a control system of adequate safeguards and maintenance to prevent loss, damage, or theft.
  • Maintain property in good condition.
  • Use selling procedures that provide for competition that will result in the highest possible return.