22 Property Management Elements to Achieve DCMA Audit Compliance
The DCMA, the agency that audits government contractors for their compliance to business system requirements, recently shared their updated views on Government Property Management elements.
Until now, government contractors have been following the 10 outcome framework outlined in FAR 52-245, which was first published in 2007. In the past 10 years, different contracting officers have added new elements to the Government Property Management requirements in various contracts.
To meet the requirements for DCMA audits, contractors not only need to make sure they have government property management policy and procedures in place to meet the 10 outcomes specifically, they also need to review all the relevant contracts to ensure additional compliance.
We believe the latest edition, 22 elements in Government Property Management, has done a good job in summarizing all these various requirements in addition to “10 outcomes in FAR 52-245-1”.
The following is the list of the elements in Government Property Management (4 of the elements are embedded in others):
- Property Management (Written Procedures)
- Self Assessments
-Discrepancies Incident to Shipment
-Receipt and Issue System
- Physical Inventory
- Relief of Stewardship
-Declaration of excess
- Subcontractor- Awards and Flow down
- Subcontractor- Reviews
- Property Closeout
The Department of Defense requires its contractors to have 6 compliant business systems, with Government Property Management system. In the past, the Government Property Management system was the “forgotten system.” Now the DCMA is paying more attention to Government Property Management by making 2017 “The Year of the Property Management System.”
Did this list of property management elements look daunting to you? No need to worry; our team can make achieving compliance and passing a DCMA audit much easier.
If you would like to talk to our experts about becoming compliant with these 22 Government Property Management elements, you can give us a call at 1-866-845-2416. For more information on how we help government contractors, click here.