Exchange/Sale Best Practices
The guidance on this webpage is intended to summarize the best practices employed by agencies in using the exchange/sale authority to acquire replacement personal property assets. This page will continually evolve as new “best practices” are identified or recognized by individual agencies or the Interagency Committee on Property Management (ICPM).
The content on these pages is not official policy; it is intended to provide guidance to agencies. We do not expect all best practices to be helpful to all agencies in all situations. Click here to view a short informational video on exchange/sale on GSA's Official YouTube channel.
General Best Practices
- Ensure assets acquired and exchanged/sold meet one of the four definitions for “similar” in FMR 102-39.2.
- Particularly for your first few exchange/sale transactions, work with your General Counsel to ensure compliance with federal and agency policies and to define action offices/employees.
- Exchange/sale procurements may be easier to manage at the agency (national) level under a single contract with a reference to FMR 102-39 in the Performance Work Statement. Centralizing the process results in:
- Compliance with GSA Bulletins B-34 and B-48
- Uniform decision/process
- Specialization of work
- Economy (brings efficiency/smoothness)
- No duplication of work
- Quick decision making
- Greater Flexibility/Control
- Provides financial auditors with a central focal point or Point-of-Contact (POC)
Exchange Best Practices
- Be clear and specific on what is being exchanged and what is being acquired.
- Establish a timeline for the exchange process for the internal management of this activity.
Sale Best Practices
- Confirm that your agency Sales Center is authorized to conduct sales for exchange/sales items.
- Determine the sales fee structure for exchange/sales.
- Ensure your agency Finance Office is involved in the accounting structure to capture the sales proceeds in accordance with your agency processes.
- Use complete descriptions and photographs of items to be sold to enhance sales proceeds. Include both exterior and interior photos of all motor vehicles and aircraft.
- All aircraft should include a “Buyer Be Aware Statement” detailing any additional costs or unique details associated with the aircraft i.e. additional cost to the purchaser to remove a fence or additional time and costs needed to remove an aircraft from a classified location.
- Prior to the sale of aircraft, ensure the following are accurate in the system of record:
- Location of Aircraft (i.e. may need to be transferred)
- Serial Number/Part Number (i.e. review identification markings/Tail Numbers for accuracy)
Model Year (i.e. Year of Manufacture)
- Acquisition Code (i.e. how was the plane acquired)
- Condition Code (i.e. does the condition reflect the Aircraft Engine/Maintenance Data Memo)
- Status (i.e. ensure the plane isn’t in any Report of Survey or Litigation Status)
- Property Code (Federal Stock Class) (i.e. ensure the plane is properly classified)
- GSA will normally only sell a few like aircraft at a time, to avoid “flooding” the market.
Additional exchange/sale guidance and insight may be found at the Frequently-Asked-Questions (FAQs) at www.gsa.gov/exchangesale.