Accountability - CORRECT ANSWER - means to posses and have use of
the property of another with delegated duties and responsibilities,
subject to penalty in case of default.
Acquisition cost includes - CORRECT ANSWER - all costs associated
with an item including shipping, taxes, and installation.
Activity Reports - CORRECT ANSWER - provide info by which the
performance of the property function is evaluated.
-provide mgmt tools for monitoring the effectiveness of the processes.
-early detection of a problem
Ad Hoc Reports - CORRECT ANSWER - useful when impact studies are
conducted in prep for business process changes.
-Effective tool for responding in a timely manner to unique or new
queries that use data on record but which are not addressed by an
existing report.
adequate authority - CORRECT ANSWER - Property must have this to
define, implement, and maintain business processes that may touch
every level of the org.
,An effective, user friendly property system provides - CORRECT
ANSWER - a mechanism through which an org can define and plan for
its property needs and be able to acquire, manage and dispose of
property to meet them in a cost effective and efficient manner
Approvals for giving and accepting orgs - CORRECT ANSWER - both
must have appropriate levels of mgmt authority approval, and both
contracting officers need to approve
Approvals for transfers - CORRECT ANSWER - must be obtain before
the transfer occurs, in writing, either within award doc, a letter, or email,
and made part of the file for audit trail
Benefits of an effective property function - CORRECT ANSWER - -
Maximize return on investment
-Facilitate compliance
-Maximize reutilization
-Depreciation expense
Characteristics to consider when implementing the structure of a
property system - CORRECT ANSWER - Centralized vs decentralized
Combo of central with support from decentralized network of property
custodians
, single individual responsibility vs fully staffed property division or
department
Functional groupings within the department by business process,
support to business team, area of specialty, type of property, etc
Communication and training are - CORRECT ANSWER - the
cornerstone of effective property control system
Compliance refers to - CORRECT ANSWER - satisfactorily following the
orgs established policies, procedures and operational guidelines.
Compliance reports - CORRECT ANSWER - -specifically required by
senior mgmt within the org, or by sponsor
-or in response to regulatory requirements (legislative activity)
-NOT optional
confusion results when accountability rests above the department level.
This is still sometimes called interdepartment transfer, but - CORRECT
ANSWER - it is a transfer of responsibility, not accountability
Data Summary Reports for Tax Purposes - CORRECT ANSWER -
Detailed property records which provide audit-able back-up for
depreciation expense, an important component of cost used in reporting
federal and state taxes. In addition, aid assessors in determining
property taxes based on where assets are located.