ASTM E2221-02

Standard Practice for Administrative Control of Property (Withdrawn 2011)

SIGNIFICANCE AND USE
A physical inventory is a form of an assessment or audit. While inventories can take many forms, organizations should ensure that the information resulting from the inventory has a value to the organization, which is at least equal to, if not in excess of, the costs of conducting the inventory.
Inventories involve significant time to plan, execute and reconcile, involve significant property staff, and disrupt mission operations.
Effective property control techniques are critical to reduce or eliminate the impact of lost, damaged and destroyed property and to ensure compliance with accepted practices concerning property accounting.
The following results should be achieved as the result of an inventory:
4.4.1 Verification that property on record is on-hand in the physical location assigned, in the proper custodial area in serviceable condition, and is assigned an organization identification control number.
4.4.2 Identification of unrecorded property so that it can be reconciled to property and financial records and assigned for reuse.
4.4.3 Location and identification of missing items.
4.4.4 Reconciliation of custodial, accountable property, and financial records for miscoded, missing or items in need of repair.
Positive inventory results when measured in accordance with Practice E 2132 are a key measure of the overall health and effectiveness of a property control system.
SCOPE
1.1 This practice covers the management of administratively controlled movable, durable property.
1.2 Generally, organizations should establish and maintain control of such property inventories in a manner that will strike a balance between the costs of control and the risks of sustaining incidents of lost damaged or destroyed property.
1.3 The creation and maintenance of cost effective property management systems is of vital concern, and the costs of inventory control used to identify and locate property should be continually assessed against the physical inventory results.
1.4 The cost effective and timely identification and location of property assets is a critical economic factor in the success of any organization.
WITHDRAWN RATIONALE
This practice covers the management of administratively controlled movable, durable property.
Formerly under the jurisdiction of Committee E53 on Property Management Systems, this practice was withdrawn in January 2011 in accordance with section 10.5.3.1 of the Regulations Governing ASTM Technical Committees, which requires that standards shall be updated by the end of the eighth year since the last approval date.

General Information

• Status: Withdrawn
• Publication Date: 09-Jul-2002
• Withdrawal Date: 31-Dec-2010
• ICS: 03.100.01 - Company organization and management in general
• Technical Committee: E53 - Asset Management
• Drafting Committee: E53.01 - Process Management

Relations

• Referred By: ASTM E2452-12(2019) - Standard Practice for Equipment Management Process Maturity (EMPM) Model
• Effective Date: 10-Jul-2002
• Referred By: ASTM E2715-17 - Standard Practice for Moveable Property Storage
• Effective Date: 10-Jul-2002
• Referred By: ASTM E2135-22 - Standard Terminology for Property and Asset Management
• Effective Date: 10-Jul-2002

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:E2221–02
Standard Practice for
Administrative Control of Property
This standard is issued under the fixed designation E2221; 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 3.1.2 physical inventory—the verification of the existence,
location, and quantity of property items. The process may
1.1 This practice covers the management of administra-
involve verifying additional property information.
tively controlled movable, durable property.
3.1.3 property management—a monitoring and control
1.2 Generally, organizations should establish and maintain
function, charged with assuring that organizational processes
control of such property inventories in a manner that will strike
relate to the lifecycle management of property support organi-
a balance between the costs of control and the risks of
zation objectives, represent sound business practice, and are
sustaining incidents of lost damaged or destroyed property.
compliant with applicable standards, policies, regulations, and
1.3 The creation and maintenance of cost effective property
contractual requirements.
management systems is of vital concern, and the costs of
3.1.4 property records—information retained for managing
inventorycontrolusedtoidentifyandlocatepropertyshouldbe
property.
continually assessed against the physical inventory results.
3.1.5 sensitive items (property)—items for which, regard-
1.4 The cost effective and timely identification and location
less of value, there is a reasonable need for extraordinary
of property assets is a critical economic factor in the success of
security, accountability and control. For example: firearms,
any organization.
portable photographic equipment, binoculars, personal digital
2. Referenced Documents assistants, portable power tools, portable communication
equipment, portable computers, and controlled pharmaceuti-
2.1 ASTM Standards:
cals and substances.
E2131 Practice for Addressing and Reporting Loss, Dam-
age, or Destruction of Tangible Property
4. Significance and Use
E2132 Practice for Physical Inventory of Durable, Move-
4.1 Aphysicalinventoryisaformofanassessmentoraudit.
able Property
While inventories can take many forms, organizations should
E2135 Terminology for Property and Asset Management
ensure that the information resulting from the inventory has a
2.2 Other Document:
value to the organization, which is at least equal to, if not in
The NPMA Standard Property Book, First Edition, July
excess of, the costs of conducting the inventory.
4.2 Inventories involve significant time to plan, execute and
3. Terminology
reconcile, involve significant property staff, and disrupt mis-
sion operations.
3.1 Definitions—As used in this section, the term durable
4.3 Effective property control techniques are critical to
and moveable property and property are synonymous.
reduce or eliminate the impact of lost, damaged and destroyed
3.1.1 administratively controlled property—the property as-
property and to ensure compliance with accepted practices
sets that are controlled at the discretion of asset managers
concerning property accounting.
managing the inventories of individual operational units.
4.4 The following results should be achieved as the result of
an inventory:
4.4.1 Verification that property on record is on-hand in the
This practice is under the jurisdiction of ASTM Committee E53 on Property
physical location assigned, in the proper custodial area in
Management Systems and is the direct responsibility of Subcommittee E53.01 on
serviceable condition, and is assigned an organization identi-
Process Management.
fication control number.
Current edition approved July 10, 2002. Published July 2002. DOI: 10.1520/
E2221-02.
4.4.2 Identification of unrecorded property so that it can be
For referenced ASTM standards, visit the ASTM website, www.astm.org, or
reconciled to property and financial records and assigned for
contact ASTM Customer Service at [e-mail]. For Annual Book of ASTM
reuse.
Standards volume information, refer to the standard’s Document Summary page on
the ASTM
...