Government Equipment/Property Policy
BACKGROUND
The USG provides millions of dollars in property, plant, and equipment to private contractors, in the performance of their contracts. To ensure the protection of those assets, there are specific guidelines and statutory requirements that need to be met.
PURPOSE
The purpose of this Policy is to establish requirements for GovC entities having USG property, and the need to follow USG regulations and standards to protect those assets.
DEFINITIONS
Government Property - All property owned or leased to the Government or acquired by the Government under the terms of the contract. It includes both Government-furnished property and contractor-acquired property.
Government-furnished Property - Property in the possession of, or directly acquired by, the Government and subsequently made available to the contractor.
Contractor-acquired Property - Property acquired, or otherwise provided by the contractor, for performing a contract and to which the Government has title.
SCOPE
This policy applies to all GovC BUs with USG contracts that have Government Furnished Equipment (GFE), Government Furnished Materials (GFM), or Customer Furnished Material (CFM).
POLICY
GovC is committed to complying with all Federal Laws and Regulations to ensure effective control of all Government property entrusted to our care while in our possession. It is GovC policy to adhere to all requirements of FAR and DFARS regarding the protection of USG property.
Any GovC entity that has USG property must establish procedures in accordance with FAR and DFARS to ensure the protection of USG property.
The USG expects uniform policies and procedures for accomplishing the contract property administration requirements, as well as establishing the proper physical control and functional areas needed to comply with FAR, DFARS, and Department of Defense Manual guidance.
BASIC REQUIREMENTS
See Responsibilities section below.
RESPONSIBILITIES
Corporate GP Manager
- Develop and maintain Government Property policies and procedures and property manual
- Review all local GP plans and provide guidance and direction
- Conduct annual Business Unit reviews/inventory for all contracts holding GP
- Review and submit all DD 1662’s and Physical Inventory statements as required by regulation
- Review and distribute Federal policy revisions and guidance
Business Unit (BU) Representative
- Prepare DD 1662’s for submittal to the Corporate GP Manager
- Prepare Physical Inventory statements
Business Unit Contract Administrator or Program Manager
- Review and disseminate applicable contract clauses