Property Management Terminology (A'set)

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ABC Inventory (NPMA)

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ABC Inventory (NPMA) - An inventory conducted by type. Property to be inventoried is divided into at least three levels (A, B, C) by usage, criticality, or value (or a combination) and inventoried at different frequencies with “A” property being inventoried the most frequently.

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Accessory item (NPMA)

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Accessory item (NPMA) - Property (generally equipment) that enhances or improves the function of a piece of equipment but is not essential to is operation e.g., a paper holder for a copier or a set of extended forks for a forklift truck. Tagged accessories generally receive a non-serialized tag

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Accountable Personal Property

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Accountable Personal Property - Nonexpendable personal property whose expected useful life is two years or longer and whose acquisition value, as determined by the agency, warrants tracking in the agency’s property records, including capitalized and sensitive personal property. FMR 102-35.20

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Accountability

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Accountability - The ability to account for personal property by providing a complete audit trail for property transactions from receipt to final disposition. FMR 102-35.20

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Accountability (NPMA)

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Accountability (NPMA) - The possession and use of the property of another with delegated duties and responsibilities, subject to penalty in case of default. Note that those “accountable” do not have legal or rightful title to the property.

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Accounting (NPMA)

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Accounting (NPMA) - A codified set of processes for maintaining the financial records of business transactions

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Accreditation

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Accreditation - The status of public recognition that an accrediting agency grants to an institution or program that meets the agency’s standards and requirements. FMR 102-37.25 Appendix C

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Accredited

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Accredited - Approval by a recognized accrediting board or association on a regional, State, or national level, such as a State board of education or health; the American Hospital Association; a regional or national accrediting association for universities, colleges, or secondary schools; or another recognized accrediting association. FMR 102-37.25 Appendix C

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Acquire

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Acquire - To procure or otherwise obtain personal property, including by lease (sometimes known as rent). FMR 102-39.20

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Acquisition (NPMA)

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Acquisition (NPMA) - The process by which property is acquired, that is, gotten or gained. Steps include defining needs, establishing requirements to meet those needs, obtaining approvals, selecting one or more sources, preparing and awarding contracts, financing, and procurement via purchase or lease.

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Acquisition cost

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Acquisition cost - The original purchase price of an item. FMR 102-35.20

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Acquisition cost -

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Acquisition cost - The cost to acquire a tangible capital asset including the purchase price of the asset and costs necessary to prepare the asset for use. Costs necessary to prepare the asset for use include the cost of placing the asset in location and bringing the asset to a condition necessary for normal or expected use. (FAR, Subpart 45.1.101)

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Acquisition date

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Acquisition date - The date that the acquiring executive agency took responsibility for the aircraft, e.g., received title (through purchase, exchange, or gift), signed a bailment agreement with the Department of Defense (DOD), took physical custody (in the case of reassignment or interagency transfer), received a court order (in the case of forfeiture), put into operational status an aircraft that is newly manufactured by the agency, or otherwise accepted physical transfer (for example, in the case of a borrowed aircraft). FMR 102-33.20

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Ad hoc (NPMA)

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Ad hoc (NPMA) - Latin meaning “for this”; that is, for these circumstances and not for a wider application. Ad hoc reports, committees, etc. may be formal or informal.

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Administrator (NPMA)

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Administrator (NPMA) - One to whom the right of administration has been committed by competent authority; someone who administers a business. A decision-maker.

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Agency (NPMA)

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Agency (NPMA) - (1) A business or service authorized to act for others; e.g. a certification agency. (2) An administrative division of a government (usually, but not always, the federal government).

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Aircraft Management Policy Division (MTA)

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Aircraft Management Policy Division (MTA) - A division in the Office of Transportation and Personal Property, Office of Governmentwide Policy, GSA. Contact MTA staff at 1800 F Street, NW. Washington, DC 20405, Room 1221; (202) 501–4866; fax [phone]; Web site at http://www.gsa.gov/aircraftpolicy. FMR 102-33.20

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Aircraft part

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Aircraft part - An individual component or an assembly of components that is primarily designated for and used on aircraft. FMR 102-33.20

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Armed Forces

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Armed Forces - The Army, Navy, Air Force, Marine Corps, and Coast Guard, including their regular and Reserve components and members serving without component status. For purposes of this part, the National Guard is also included in the Armed Forces. FMR 102-33.20

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Approval Authority (NPMA)

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Approval Authority (NPMA) - Any individual authorized to approve the expenditure of organization funds for the acquisition of property.

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Approved

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Approved- Recognition and approval by the State department of education, State department of health, or other appropriate authority where no recognized accrediting board, association, or other authority exists for the purpose of making an accreditation. For an educational institution or an educational program, approval must relate to academic or instructional standards established by the appropriate authority. For a public health institution or program, approval must relate to the medical requirements and standards for the professional and technical services of the institution established by the appropriate authority. FMR 102-37.25 Appendix C

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Asset (NPMA)

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Asset (NPMA) - (1) Anything owned having monetary value. (2) Tangible or intangible items owned by an entity that have probable economic benefits that can be obtained or controlled by the entity. For most purposes, “property” and “asset” are interchangeable.

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Attrition Factor (NPMA)

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Attrition Factor (NPMA) - A factor that contributes to the difference between calculated and actual material use in the manufacture of a product. The size and shape of raw or processed materials, or even the cutting or machining process used, can affect the number of items that can be produced from a given quantity of material.

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Automatic Data Processing Equipment (NPMA)

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Automatic Data Processing Equipment (NPMA) - Computer components and systems, peripheral equipment (such as keyboards and printers), and accessories. Computers may stand alone or be networked.

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Aviation life support equipment (ALSE)

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Aviation life support equipment (ALSE) - Equipment that protects flight crewmembers and others aboard an aircraft, assisting their safe escape, survival, and recovery during an accident or other emergency. FMR 102-33.20