Identification of Excess Personal Property
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, Public Law (P.L.) 115-419 [pdf] requires agencies to use GSA guidance to assess the utilization and ongoing need for personal property.
All agencies’ policies or processes should reflect the requirement to continuously review and identify unneeded personal property. Without such policies or processes, agencies may not be routinely identifying unneeded property that could be used elsewhere, and efforts to maximize federal personal property use and minimize unnecessary storage costs may not be effective.
To the greatest extent practical, an agency should establish or designate an individual or office to manage the agency’s asset management program from a strategic perspective. In addition to the guidance on this website, agencies should be familiar with the provisions of voluntary consensus standards addressing overall quality management systems (ISO 9000 series), and asset management (ISO 55000 series and ASTM standards (as directed by OMB Circular A-119 [pdf]).
The ICPM has developed an Agency Asset Management Guide to identify the policy and guidance deemed most pertinent to our Federal agency asset management programs. The guide is frequently reviewed and updated by the ICPM membership and is available here.