Property Management
The exercise of a restraining or governing influence over the acquisition , use , and disposition of personal
... [Show More] property
Property control function names
Property control, Asset Management, fixed-asset accounting, inventory control, material
PMO
Property Management Office
PMO responsibilities
establishing, guiding, managing, and maintaining an efficient property system, communicating effectively with other departments and functions, and developing and presenting training in subjects relating to property.
PMO responsibilities
The establishment and maintenance of a property control system
Property Control System
comprised of
Primary difference between accountability and responsibility
A
Who is accountable for the property
To whom are you accountable for the property
Transfer of Accountability
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Transfers
not always physical, require approval, approval record is part of historical file and audit trail
Transfer between contracts
both releasing and gaining agency verify accuracy
Responsibility
Means to be answerable for a trust or obligation
-If you have a car, loaned it to someone, they dont own, but are answerable to you. (Gas, accident, etc). So it is a trust, and they are answerable.
It is possible to be responsible for the property
What does responsibility mean
to be answerable for a trust or obligation.
Effective Property Control System
Provides a mechansim through whic an org can define and plan for its property needs and be able to acquire, manage, and dispose of property to meet them in a cost effective and efficient manner
PMO primary responsibilities
ensures assets are controlled, maintained, protected, preserved
The control is subdivided into 15 areas of property management for all property
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Physical Inventory
The determination of inventory quantity by actual count. Can be taken on continuous, periodic, or annual basis.
Frequency of Inventory
Periodic, Continuous, based on type of equipment,
Utilization
The making use of, the documented use of an asset in the business process, the act or
Primary objective of an effective utilization management program
1) maximize the use of an asset throughout its useful life and 2) to make it available for reutilization in a timely manner [Show Less]