[Code of Federal Regulations]

[Title 32, Volume 1]

[Revised as of July 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 32CFR34.23]



[Page 217]

 

                       TITLE 32--NATIONAL DEFENSE

 

              CHAPTER I--OFFICE OF THE SECRETARY OF DEFENSE

 

PART 34_ADMINISTRATIVE REQUIREMENTS FOR GRANTS AND AGREEMENTS WITH 

FOR-PROFIT ORGANIZATIONS--Table of Contents

 

                    Subpart B_Post-award Requirements

 

Sec.  34.23  Property management system.



    The recipient's property management system shall include the 

following, for property that is Federally owned, and for equipment that 

is acquired in whole or in part with Federal funds, or that is used as 

matching share:

    (a) Property records shall be maintained, to include the following 

information:

    (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 date 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) Federally owned equipment shall be marked, to indicate Federal 

ownership.

    (c) A physical inventory shall 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 shall be investigated to determine the causes 

of the difference. The recipient shall, in connection with the 

inventory, verify the existence, current utilization, and continued need 

for the property.

    (d) A control system shall be in effect to insure adequate 

safeguards to prevent loss, damage, or theft of the property. Any loss, 

damage, or theft of property shall be investigated and fully documented; 

if the property was owned by the Federal Government, the recipient shall 

promptly notify the Federal agency responsible for administering the 

property.

    (e) Adequate maintenance procedures shall be implemented to keep the 

property in good condition.