- Depreciation expense - answer✔Benefits of an Effective Property Function
Other names of Property Accounting - answer✔- Fixed asset accounting
- Inventory Control
- Material/Property Control
Three key concepts of Property Management - answer✔- Ownership
- Accountability
- Responsibility
Records - answer✔- Crucial element of Property Control Management
Begin during acqusition process, continues through every related transaction to include
protection, preservation, utilization, maintenance and disposition - answer✔Records
Cornerstone of effective Property Control - answer✔Communication, to include routine or
special purpose reports, and Training
Benefits gained by efficient property management - answer✔- Return of Investment (ROI)
-Reutilization of excess property
-Compliance of internal and external procedures
-Value of organization
What is Process? - answer✔The series of steps taken to produce a desired result
What is Procedure? - answer✔Steps that must be followed to produce results
Having legal/rightful title to property either by organization or sponsor under certain terms -
answer✔Ownership
Means to possess and have use of company property with delegated duties and responsibilties -
answer✔Accountability
Key elements of Property Accountabilty - answer✔- Provider
- Recipient
- Specific duties and responsibilities
- Specific penalties in case of default
Transfer of accountability - answer✔When accountability shifts from one entity to another....
may or may not include physical relocation of assets
Transfer approval must be coordinated when, how, and why? - answer✔When? In advance
How? in writing
Why? To be made of historical file and audit trail of assets
Transfer document must include three things? - answer✔1. Effective date of transfer
2. Purpose of transfer
3. Description of property to be transferred
Bottom line... transfers occur when property and accountability shift from what? - answer✔From
the using organization to another
An organization with multiple sites with multiple subunits, change in location is a
______________ and not an _____________________________ - answer✔Change in location
is a movement not an interdepartmental transfer
What is responsibility? - answer✔to be answerable for a trust or obligation
Property Professional Key distinction Standpoint - answer✔One is accountable to someone for
the property while being responsible for certain actions ie maintenance/storage related to the
property or asset
Interdepartmental transfers of property occurs when? - answer✔When property and
accountability shift from the using organization to another
What does FAR 52.245-1-Government Property (FAC 2005-56, April 2012) (Ref, (b) (2)
Property Management pertain to? - answer✔The Contractor's responsibility extending from the
initial acquisition and receipt of property, through stewardship, custody, and until use formally
relieved of responsibility by means, including delivery, consumption, expanding, sale (as surplus
property), or other disposition, or via completed investigation, evaluation, and final
determination for loss property.
What is the Property Control System comprised of? - answer✔- Written policies
- Procedures
- Operational Guidelines
- Related Records
- The Management Information System (MIS)
What defines the roles and responsibilities of each participant in Property Management? -
answer✔The Property Control System
The careful and responsible management of operations and property within one's care is what? -
answer✔Stewardship
How many functional areas of Property Management are they to control property and what are
they? - answer✔15
- Acquisition
- Receiving
- Identification
- Records
- Reports
- Storage
- Movement
- Audits
- Physical Inventory
- Consumption
- Utilization
- Maintenance
- Subtractor Control
- Dispostion
What are the foundation of the property control base? - answer✔Property records
Satisfactory performance of the steps defined in the processes that support the organization's
mission and objectives is what? - answer✔Compliance
What are the seven factors that influence where the property function would most be effectively
reside? - answer✔1. The type and size of the organization
2. The type, volume, and value of property that must be managed
3. Compliance requirements and related risk to the organization
4. Management groupings of functional areas within an organization
5. The level and type of interface needed with key stakeholders
6. The resources available to staff the function
7. The geographical layout of the organization
Who are the key participants in Property Management? - answer✔- Chief Financial Officer or
Provost
- Controller's Office
- Program/Project Manager
- The Property Management Office (PMO)
- Departmental Property Administrator
- Property Custodian
-Asset/End Users
Responsible for ensuring all property related policies and procedures are followed, usually the
authority behind the Property Manager - answer✔Chief Financial Officer (CFO)
Working with the Property Manager, publishes policy as it relates to financial records of an
organization - answer✔Controller's Office
Identifies the need for property - answer✔Program/Project Manager
Property Management Office (PMO) - answer✔Has the responsibility and role of ensuring and
effective property control system is established/maintained while ensuring all property is
controlled and managed IAW sound business practices
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