10 things to know for managing Government Assets
Government Assets include not only the government assets used in government agencies by government employees, but also the government assets in the custody of non-government agencies, used by non-government employees.
Managing government assets is not only the responsibility of government employees but also the employees of many government contractors and non-profit organizations. These private entities receive federal contracts or federal grants and often have the responsibility of managing government assets in their custody.
Managing government assets needs to be compliant to various regulations from federal government (FAR/DFARS, CFR, Uniform Guidance) and state authorities. These regulations can vary in specifics, but overall, they want to encourage best practices in managing physical assets.
Here the 10 things to know for managing government assets:
- Always keep track of “what” assets you have and “where”.
- Keep track of the minimum required fields for “What”: Description, Barcode, Condition, Usage
- Keep the minimum required fields for “Where”: Location, Building, Floor, Room
- Track the funding source of the equipment: Contract, Project, Cost, Percentage of federal participation, who holds the title
- Maintain an auditable trail of the asset movement, including change in asset location, condition, usage, and change in custody with approval record.
- Keep records of equipment maintenance activities
- Keep track of loss, damages of assets
- Keep track of asset disposal activities, including timing and methods for the disposal, and record of disposed assets
- Make sure you fill the required forms when transfer the custody of assets.
- Make sure you keep the assets within the contract for which they are approved for use. Restrict the access to the assets to only those authorized within this contract