Why should anyone care?
It's the law
- Federal Property and Administrative Act of 1949 established the General
Services Administration and mandated rules regarding the procurement, utilization
and disposal of property.
- Stevenson-Wydler Technology Innovation Act of 1980 Authorized donation
of research equipment to non-profit and educational institutions.
- Chief Financial Officers Act of 1990 – Mandated improvement of systems of accounting, financial management and internal controls.
- Government Performance and Results Act of 1993 Mandated tying Congressional
funding decisions directly to Agency program performance
- Government Management Reform Act of 1994 Compelled 24 agencies responsible
for 99% of federal spending to prepare annual audited financial statements.
- Federal Financial Management Improvement Act of 1996 Ensure that agencies'
financial systems comply with federal standards.
It's in the regulations
- Federal Management Regulations (41 CFR 101 and 102)
- Federal Acquisition Regulations (48 CFR)
- OMB Circulars
- GAO Policies & Procedures Manual for Guidance of Federal Agencies,
Title II
- Department of Commerce Personal Property Management Manual
It's in the federal standards:
- Federal Accounting Standards Advisory Board (FASAB) Statements of Federal Financial Accounting Standards (SFFAS)
- Joint Financial Management Improvement Program Requirements.
It's part of being a responsible manager:
- Do you know what you have?
- Do you know what you are buying?
- Do you know what your equipment is being used for?
- Do you know the condition of the equipment that your employees are using?
- Do you know where your equipment is going?
- Do you know where your money is going?
Your management is concerned
- Are our records accurate?
- Are they complete?
- Have all of your payments for equipment been matched up with the equipment records?
- Are we capturing all of the costs of all of our projects (including depreciation)?
- Are we adhering to all of the laws, rules and regulations mentioned above?
