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.