NPMA CPPS Certification Exam Questions and Answers

NPMA CPPS Certification Exam Questions and Answers Property Management - Answer- The exercise of a retaining or governing influence over the acquisition, use, and disposition of personal property Property Control Variety of Names - Answer- Property Accounting, Fixed Asset Accounting, Inventory Control, Material, Property Control, Asset Management. Property Management Office PMO - Answer- Department within an org that is responsible for controlling or managing property Property Manager - Answer- PMO is headed by Property Manager is responsible for: - Answer- establishing, guiding, managing, and maintaining an efficient property system, communicating effectively with other departments and functions, and developing and presenting training in property related subjects Property Control System is comprised of - Answer- Property Management Personnel, processes, and mgmt info. systems (MIS). (Written policies, procedures, operational guidelines, and related records, and MIS that facilitates these functions). If org contracts with the government, property manager must - Answer- have a working relationship with all sponsor reps Ownership - Answer- Having legal or rightful title to property either owned by the org or is provided by a sponsor under some kind of agreement (sponsor has ownership). - Answer- Property is either owned by or provided. Ownership of property allows the owner to - Answer- make any and all decisions regarding the property It is the property professional job to support the property owner in - Answer- making and implementing effective decisions regarding the property Duties, responsibilities, and potential penalties should be - Answer- documented in a formal agreement between the provider and the recipient (contract, grant) Accountability - Answer- means to posses and have use of the property of another with delegated duties and responsibilities, subject to penalty in case of default. Those accountable - Answer- do not have legal or rightful title to the property Key elements of property accountability - Answer- provider, recipient, specific duties and responsibilities, and penalties in case of default Who is accountable to who for property? - Answer- Contractor is accountable to government. If gov. provides funding to acquire the property, NASA is accountable to government. Transfer of accountability - Answer- When accountability shifts from one entity to another.... may or may not include physical relocation of assets, but will always include a change in accountability for the property Approvals for giving and accepting orgs - Answer- both must have appropriate levels of mgmt authority approval, and both contracting officers need to approve Approvals for transfers - 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 transfer doc must include - Answer- date of transfer, the purpose of the transfer, description of property, contract numbers Interdepartmental transfers - Answer- These occur routinely within orgs, usually result of org changes, shift of work between departments, or excess assets are needed by another department Interdepartmental transfer occurs when - Answer- property and accountability shift from one org to another confusion results when accountability rests above the department level. This is still sometimes called interdepartment transfer, but - Answer- it is a transfer of responsibility, not accountability Responsibility - Answer- means to be answerable for a trust or obligation. Less formal than accountability While accountability includes responsibility - Answer- Responsibility does not include accountability Key distinction from property professionals standpoint (on accountability and responsibility) is that - Answer- one is accountable to someone for the property, and is responsible for certain actions such as maintenance or storage Property Control System must - Answer- incorporate methods of safeguarding physical assets of an org, periodically verify their existence, status and condition of the property, and ensure accuracy of records enable participants in process to comply with internal rules, and fed state and local regs, and provide audit trail Property Records are - Answer- the foundation of the property control database. An effective, user friendly property system provides - 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 primary drivers behind need for property function include - Answer- fiscal responsibility and stewardship, and investment and resource mgmt, and compliance with org needs and external requirements Property function is responsible for establishing: - Answer- an infrastructure that will facilitate property mgmt through the entire life cycle of an asset.