ASTM E2135-01

Standard Terminology for Property and Asset Management

SCOPE
1.1 This terminology covers traditional property management definitions and some of the terms introduced in additional asset management standards that are used most often and considered most important. As new standards are developed, new terms will be added to this terminology in future revisions.

General Information

• Status: Historical
• Publication Date: 09-Feb-2001
• ICS: 01.040.97 - Domestic and commercial equipment. Entertainment. Sports (Vocabularies)
• Technical Committee: E53 - Asset Management
• Drafting Committee: E53.06 - Terminology

Relations

• Replaced By: ASTM E2135-02 - Standard Terminology for Property and Asset Management
• Effective Date: 10-Aug-2002
• Referred By: ASTM E3298-21 - Standard Practice for Inventory by Exception (IBE)
• Effective Date: 10-Feb-2001
• Referred By: ASTM E2604-21 - Standard Practice for Data Characteristics of Personal Property Asset Record
• Effective Date: 10-Feb-2001
• Referred By: ASTM E2812-17 - Standard Practice for Uniform Data Management in Asset Management Records Systems
• Effective Date: 10-Feb-2001
• Referred By: ASTM E2131-16(2022) - Standard Practice for Addressing and Reporting Losses of Tangible Property
• Effective Date: 10-Feb-2001
• Referred By: ASTM E2606-18 - Standard Practice for Receipt Notification as a Result of Tangible Asset Movement
• Effective Date: 10-Feb-2001
• Referred By: ASTM E2715-17 - Standard Practice for Moveable Property Storage
• Effective Date: 10-Feb-2001
• Referred By: ASTM E2858-12(2020) - Standard Practice for Sales of Personal Property
• Effective Date: 10-Feb-2001
• Referred By: ASTM E2631-20 - Standard Practice for Physical Placement of an Entity-Controlled Supplemental Identification Label
• Effective Date: 10-Feb-2001
• Referred By: ASTM E2132-17 - Standard Practice for Inventory Verification: Electronic and Physical Inventory of Assets
• Effective Date: 10-Feb-2001
• Referred By: ASTM E2936-20 - Standard Guide for Contractor Self-Assessment for U.S. Government Asset Management Systems
• Effective Date: 10-Feb-2001
• Referred By: ASTM E2452-12(2019) - Standard Practice for Equipment Management Process Maturity (EMPM) Model
• Effective Date: 10-Feb-2001
• Referred By: ASTM E2675-22 - Standard Practice for Asset Management System Outcomes
• Effective Date: 10-Feb-2001
• Referred By: ASTM E2962-14(2020) - Standard Guide for Fleet Management
• Effective Date: 10-Feb-2001
• Referred By: ASTM E2676-09(2020) - Standard Practice for Tangible Property Mobility Index (MI)
• Effective Date: 10-Feb-2001

Standards Content (Sample)

NOTICE: This standard has either been superseded and replaced by a new version or discontinued.
Contact ASTM International (www.astm.org) for the latest information.
Designation: E 2135 – 01
Standard Terminology for
Property and Asset Management
This standard is issued under the fixed designation E 2135; the number immediately following the designation indicates the year of
original adoption or, in the case of revision, the year of last revision. A number in parentheses indicates the year of last reapproval. A
superscript epsilon (e) indicates an editorial change since the last revision or reapproval.
1. Scope condition code—a symbol that signifies the physical operating
condition of property.
1.1 This terminology covers traditional property manage-
consumed—the loss of identity of an item by incorporation
ment definitions and some of the terms introduced in additional
into a higher assembly or through use and ultimate disap-
asset management standards that are used most often and
pearance as a known item or substance.
considered most important. As new standards are developed,
consumption—(1) the process of incorporating material into
new terms will be added to this terminology in future revisions.
an end item or otherwise using it in the performance of a
2. Terminology
documented business objective. (2) The measurement of
actual use of consumable items against planned use
2.1 Terms and Definitions:
corrective maintenance—maintenance required to return
accessory item—an item that facilitates or enhances the
property to such condition that it may be effectively utilized
operation of equipment but is not essential for its basic
for its designated purpose.
operation.
custodial records—memoranda in any form written or elec-
acquisition—(1) the act of acquiring. (2) Acquiring hardware,
tronic that documents the life cycle of property.
supplies or services through purchase, lease, or other means,
custody—having charge and control; to be in possession of.
including transfer or fabrication, whether the supplies or
defect—condition in which a functional segment, a sample
services are already in existence or must be created, devel-
item, or sample item element of a property control system
oped, demonstrated, and evaluated.
contains one or more deficiencies.
assembly—a number of parts or subassemblies joined to-
depreciation—the annual charge to income that results from a
gether.
systematic and rational allocation of costs over the life of a
asset—(1) anything owned having monetary value; (2)tangible
tangible asset.
or intangible items owned by an entity that have probable
discrepancies incident to shipment—all deficiencies incident
economic benefits that can be obtained or controlled by the
to shipment of property to or from an organization’s facility
entity.
whereby differences exist between the property purported to
bench stock—low cost, high usage, non-sensitive consumable
have been shipped and property actually received. Such
material issued to work areas. Quantities of such stock do
deficiencies include loss, damage, destruction, improper
not normally exceed an amount that would normally be
status and condition coding, errors in identity or classifica-
consumed within a 30-day period or as established in the
tion, and improper consignment.
property control system.
dunnage—lumber or other material used to brace and secure
bill of lading—contract between the shipper and the carrier
cargo to prevent damage.
whereby the carrier agrees to furnish transportation service
end item—deliverable or product.
subject to the conditions printed on the reverse side of the
end user—one that has been provided property, and exercises
bill of lading.
the right to use it.
bill of lading, government (GBL)—a government document
equipment—non-expendable, tangible moveable property
used to procure freight and cargo transportation and related
needed for the performance of a task or useful in effecting an
services from commercial carriers for the movement of
obligation.
material at government expense.
excess property—property no longer required.
calibration—the act of standardizing or determining the de-
expendable—property that can be consumed or become scrap
viation from a standard so as to ascertain the proper
as a result of intended use like drill bits and sanding wheels.
correction factors.
fabricated—assembled or built.
federal agency—any department, agency, office, or other
independent establishment of the government.
This terminology is under the jurisdiction of Committee E53 on Property and
first article—preproduction models, initial production
Asset Management and is the direct responsibility of Subcommittee E53.02 on Data
samples, test samples, first lots, or pilot samples submitted
Management.
Current edition approved Feb. 10, 2001. Published February 2001.
Copyright © ASTM, 100 Barr Harbor Drive, West Conshohocken, PA 19428-2959, United States.
NOTICE: This standard has either been superseded and replaced by a new version or discontinued.
Contact ASTM International (www.astm.org) for the latest information.
E 2135
for testing and evaluation for conformance with specified physical inventory—The verification of the existence, loca-
contract requirements before or in the initial stages of tion, and quantity of property items. The process may
production. involve verifying additional property information.
fleet—any group of ships, motor vehicles, trucks, buses, pool—a sharing arrangement for a group of property with a
airplanes, etc. acting together or under one control. common purpose.
hardware—physical components or apparatus, including ma- property—something or a number of things in which one has
jor items of equipment. the rights and interests subject to ownership. It includes both
hazardous material—any used or unused personal property, tangible property and intangible property.
including scrap and waste, that is ignitable, corrosive, property control function—a business unit within an organi-
reactive, or toxic because of its quantity, concentration, or zation that is responsible for defining, implementing, and
physical, chemical, or infectious characteristics. The prop- maintaing an infrastructure and related processes that ensure
erty can be in a solid, liquid, semiliquid, or contained gas the adequate control, protection, preservation, and mainte-
form and may cause or significantly contribute to an increase nance of the organization’s property.
in mortality or serious illness, or pose a substantial present or property control system—an entity’s internatl management
potential hazard to human health or the environment when program for protecting, preserving, accounting for, and
improperly treated, stored, transported, disposed of, or controlling property from acquisition through disposition,
otherwise managed. including both application and compliance.
identification—the physical marking of property or, in some property custodian—an individual or organization account-
cases, its container, by which one or more of the following able for property.
can be ascertained: ownership, classification, part, serial, property management—a monitoring and control function,
model, description, contract, or unique organization desig- charged with assuring that organizational processes related
nation. to the lifecycle management of property support organiza-
intangible property—property that is not itself intrinsically tion objectives, represent sound business practice, and are
valuable, but that derives its value from what it represents or compliant with applicable standards, policies, regulations,
evidences, for example, goodwill, knowledge derived from and contractural requirements.
study, experience, or instruction, or knowledge of a specific property management system—a subset of existing organi-
event or situation. zational processes related to the lifecycle management of
judgment sampling—the process by which a number of items property. These processes represent sound practice and are
or areas are selected from the population for analysis without compliant with applicable standards, policies, regulations,
meeting standard random selection and sample size crit
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