22 Property Management Elements – views from DCMA
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 different elements to the Government Property Management requirements in various contracts. To meet the requirements from 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
Does this list look daunting to you? 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 is sort of like the “forgotten system”. Now, DCMA is paying attention to it, by making 2017 “the year of Property Management System”.