ASTM E2279-03

Standard Practice for Establishing the Guiding Principles of Property Management

SIGNIFICANCE AND USE
It is the intent of these principles to provide guidance for an economical and efficient system for (1) the supply of personal property, (2) the utilization of available property, and (3) the disposal of property.
Historically, property management practices have often reflected organizational or management processes that did not reflect “best practices.”
One of the greatest challenges facing property managers is how to ensure that overly detailed and costly practices used or proposed for the oversight of property assets are not adopted as representing “best practices” or established as operating policy.
Property management practices must seek, when viewed in totality, to be effective and efficient, to the point at which benefits exceed the costs of operation.
Often the key property management functions are based on compliance with quantitative measures and, as such, compliance with “process” has become more important than the goals that property management systems should seek to achieve.
SCOPE
1.1 This practice covers the creation of a set of guiding principles to be applied to the practice of property management. Such principles will enunciate the objectives and intent of the property community, stress simplified procedures, promote less rather than more, judgment rather than "by-the-book" decisions, and encourage the adoption of "best practices."
1.2 The acceptance of guiding principles has the potential to foster a problem-solving mentality within the property management community, encourage the use of innovative and cost-effective practices, create greater commonality between government and industry practices, and increase the ability of organizations to respond to changing needs and business conditions.
1.3 The potential economic and practical benefits of operating in a manner consistent with a set of guidelines outweigh concerns about the loss of predictability, uniformity, and consistency.

General Information

• Status: Historical
• Publication Date: 09-May-2003
• ICS: 03.100.01 - Company organization and management in general
• Technical Committee: E53 - Asset Management
• Drafting Committee: E53.01 - Process Management

Relations

• Replaced By: ASTM E2279-09 - Standard Practice for Establishing the Guiding Principles of Property Management
• Effective Date: 01-Aug-2009
• Referred By: ASTM E3257-21 - Standard Practice for Asset Taxonomy
• Effective Date: 10-May-2003
• Referred By: ASTM E2676-09(2020) - Standard Practice for Tangible Property Mobility Index (MI)
• Effective Date: 10-May-2003
• Referred By: ASTM E3015-15(2020) - Standard Guide for Management of Customer-Owned Property Assets in Possession of Supplier, Contractor or Subcontractor
• Effective Date: 10-May-2003
• Referred By: ASTM E2631-20 - Standard Practice for Physical Placement of an Entity-Controlled Supplemental Identification Label
• Effective Date: 10-May-2003
• Referred By: ASTM E2811-17 - Standard Practice for Management of Low Risk Property (LRP)
• Effective Date: 10-May-2003
• Referred By: ASTM E2131-16(2022) - Standard Practice for Addressing and Reporting Losses of Tangible Property
• Effective Date: 10-May-2003
• Referred By: ASTM E2306-18 - Standard Guide for Disposal of Personal Property Assets
• Effective Date: 10-May-2003
• Referred By: ASTM E2378-19 - Standard Practice for the Recognition of Impaired or Retired Property Assets
• Effective Date: 10-May-2003
• Referred By: ASTM E2936-20 - Standard Guide for Contractor Self-Assessment for U.S. Government Asset Management Systems
• Effective Date: 10-May-2003
• Referred By: ASTM E2135-22 - Standard Terminology for Property and Asset Management
• Effective Date: 10-May-2003
• Referred By: ASTM E2672-16(2021) - Standard Practice for Identification and Categorization of Tooling
• Effective Date: 10-May-2003
• Referred By: ASTM E2675-22 - Standard Practice for Asset Management System Outcomes
• Effective Date: 10-May-2003
• Referred By: ASTM E3221-19 - Standard Guide for Motorized Equipment
• Effective Date: 10-May-2003
• Referred By: ASTM E2607-21 - Standard Practice for Cannibalization/Reclamation of Serviceable Equipment Components to Support Demand Requirements
• Effective Date: 10-May-2003

Standards Content (Sample)

NOTICE: This standard has either been superseded and replaced by a new version or withdrawn.
Contact ASTM International (www.astm.org) for the latest information
Designation:E2279–03
Standard Practice for
Establishing the Guiding Principles of Property
1
Management
This standard is issued under the fixed designation E 2279; 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 (´) indicates an editorial change since the last revision or reapproval.
1. Scope 2.3 Federal Standards:
GAO Manual for Guidance of Federal Agencies, Title 2,
1.1 This practice covers the creation of a set of guiding
4
Accounting
principles to be applied to the practice of property manage-
4
Federal Property andAdministrative ServicesAct of 1949
ment. Such principles will enunciate the objectives and intent
4
Federal Property Management Regulations
of the property community, stress simplified procedures, pro-
4
Federal Management Regulations
mote less rather than more, judgment rather than “by-the-
4
The Budget and Accounting Procedures Act of 1950
book” decisions, and encourage the adoption of “best prac-
4
Federal Acquisition Regulations
tices.”
Securities Exchange Act of 1934 (Title 15 Section 78m
1.2 The acceptance of guiding principles has the potential to
4
(b)(2)(A)
foster a problem-solving mentality within the property man-
Securities and Exchange Commission StaffAccounting Bul-
agement community, encourage the use of innovative and
4
letin No.99, Materiality (1999)
cost-effective practices, create greater commonality between
Federal Accounting Standards Advisory Board (FASAB)
government and industry practices, and increase the ability of
Statement of Federal Financial Accounting Standards
organizations to respond to changing needs and business
(SFFAS) No. 6, Accounting for Property, Plant, and
conditions.
4
Equipment
1.3 The potential economic and practical benefits of oper-
4
FAR Part Appendix Part 9900, Cost Accounting Standards
ating in a manner consistent with a set of guidelines outweigh
concerns about the loss of predictability, uniformity, and
3. Terminology
consistency.
3.1 Definitions of Terms Specific to This Standard:
2. Referenced Documents 3.1.1 acquisition cost, n—purchase price paid for property
and any appropriate subsequent improvements to it. Includes
2.1 ASTM Standards:
cash paid or fair value received and material amounts of
E 2131 Practice for Assessing, Loss Damage, or Destruc-
2 preparation cost such as inspection, testing, and installation.
tion of Property
3.1.2 agency, n—government organization, regardless of
E 2132 Practice for Physical Inventory of Durable, Move-
2 level (federal, state, or local).
able Property
2
3.1.3 best value, n—expected outcome of an action, in the
E 2135 Terminology for Property and Asset Management
entity’s estimation, which provides the greatest overall benefit
E 2219 Practice for Valuation and Management of Move-
2
(adapted from FAR 2.1).
able, Durable Property
3.1.4 care and handling, n—includes the costs of complet-
E 2220 Practice for Establishing the Full Valuation of the
ing, repairing, converting, rehabilitating, operating, preparing,
Loss/Overage Population Identified During the Inventory
2 preserving, protecting, insuring, packing, storing, conserving,
of Movable, Durable Property
2
and transporting of property, and, in the case of property that is
E 2221 Practice for theAdministrative Control of Property
dangerous to public health, safety and security, destroying or
2.2 NPMA Standard:
rendering such property useless for its original purpose.
The NPMA Standard Property Book, Second Edition, Au-
3
3.1.5 company, n—for-profit organization.
gust 2001
3.1.6 entity, n—an agency, institution or organization or any
component thereof.
1
This practice is under the jurisdiction of ASTM Committee E53 on Property
3.1.7 institution, n—not-for-profit, nongovernmental orga-
Management Systems and is the direct responsibility of Subcommittee E53.01 on
nization.
Process Management.
Current edition approved May 10, 2003. Published May 2003.
2
Annual Book of ASTM Standards, Vol 04.12.
3 4
Available from the National Property Management Association, Inc., 1102 AvailablefromU.S.GovernmentPrintingOfficeSuperintendentofDocuments,
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Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959, United States.
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E2279–03
3.1.8 impairment or impairments, n—condition that exists 4.4 Propertymanagementpracticesmustseek,whenviewed
when the carrying amount of a long-lived asset (asset group) in totality, to be effective and efficient, to the point at which
exceeds its fair value. benefits exceed the costs of operation.
4.5 Oft
...