CPPS - Module 1 2023/2024 Graded A+

Accountability - ANSWER-To possess and have use of the property of another with delegated duties and responsibilities, subject to penalty in case of default. Note those "accountable do not have legal or rightful title to the property. Ownership - ANSWER-Having legal or rightful title to property. Responsibility - ANSWER-To be answerable for a trust or obligation. Two key decisions when defining the "control" population of property within an organization. - ANSWER-1. What will be controlled 2. To what level of detail will it be controlled. Cornerstone of property control - ANSWER-Communication and training Property Management - ANSWER-The exercise of a restraining or governing influence over the acquisition, use, and disposition of personal property. Property Management Office (PMO) - ANSWER-The department within an organization that is responsible for controlling or managing property. Ensures assets are controlled, preserved, protected, and maintained. Records - ANSWER-Generally established during the receiving process and modified throughout the property life cycle. Includes asset identification, description, manufacturer, model number, serial number, date of receipt, location, financial codes, acquisition code, assignment of responsibility, and acquisition method. Acquisition - ANSWER-The act of acquiring; the acquiring of property or services by contract with appropriated funds through purchase or leas, whether the property or services are already in existence or must be created, developed, demonstrated or evaluated. Significant function of a property management system - ANSWER-Ensuring proper authority to acquire property is obtained. Acquisition - ANSWER-Some acquisitions may bypass the review, approval, receiving, and record-keeping steps of the purchasing process. Examples include loans, donations, purchase credit cards, petty cash, payment without purchase order. Acquisition Methods - ANSWER-Re-utilization, purchase new used lease or rent, fabricate, gifts