Federal Personal Property Management Act of 2018
The federal government owns almost $2 trillion of personal property. This includes office furniture, scientific equipment, industrial machinery, and other items.
The Federal Personal Property Management Act of 2018 (P.L. 115-419) requires the General Services Administration (GSA) to establish governmentwide capitalization and accountability thresholds. It also requires GSA to issue guidance to agencies on conducting annual inventories and assessments of capitalized personal property to identify items that are no longer needed and are excess. In addition, GSA is to provide guidance on assessing accountable personal property as well.
Effective management of personal property prevents waste, fraud, and loss. Each agency is responsible for implementing policies and procedures to reduce these risks and promote the efficient use of personal property. OMB Circular A-123, Management’s Responsibility for Enterprise Risk Management and Internal Control [PDF - 2 MB] provides additional guidance on establishing internal controls.
When agencies do not efficiently inventory and dispose of excess personal property, they increase federal costs and waste the unused value of their personal property.
Additional information on the Federal Personal Property Act of 2018 requirements can be found here: