ASTM E2279-09

Standard Practice for Establishing the Guiding Principles of Property Management

SIGNIFICANCE AND USE
The intent of these principles is to provide guidance for an effective and efficient system for (1) the acquisition of personal property, (2) the utilization of available personal property, and (3) the disposal of personal property (Public Law 107-217).
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 an operating policy.
Property management practices shall 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, therefore, 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. These principles will enunciate the objectives and intent of the property management 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 these 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.
1.4 The intent of this practice is to provide property management guidance for tangible personal property; however, many of the principles appropriately apply to other types of property.

General Information

• Status: Historical
• Publication Date: 31-Jul-2009
• ICS: 03.100.01 - Company organization and management in general
• Technical Committee: E53 - Asset Management
• Drafting Committee: E53.01 - Process Management

Relations

• Replaces: ASTM E2279-03 - Standard Practice for Establishing the Guiding Principles of Property Management
• Effective Date: 01-Aug-2009
• Replaced By: ASTM E2279-15 - Standard Practice for Establishing the Guiding Principles of Property Asset Management
• Effective Date: 01-Jan-2015
• Referred By: ASTM E2811-17 - Standard Practice for Management of Low Risk Property (LRP)
• Effective Date: 01-Aug-2009
• Referred By: ASTM E2131-16(2022) - Standard Practice for Addressing and Reporting Losses of Tangible Property
• Effective Date: 01-Aug-2009
• Referred By: ASTM E2306-18 - Standard Guide for Disposal of Personal Property Assets
• Effective Date: 01-Aug-2009
• Referred By: ASTM E2607-21 - Standard Practice for Cannibalization/Reclamation of Serviceable Equipment Components to Support Demand Requirements
• Effective Date: 01-Aug-2009
• Referred By: ASTM E2675-22 - Standard Practice for Asset Management System Outcomes
• Effective Date: 01-Aug-2009
• Referred By: ASTM E2453-19 - Standard Practice for Estimating the Life-Cycle Cost of Ownership of Property Assets
• Effective Date: 01-Aug-2009
• Referred By: ASTM E3221-19 - Standard Guide for Motorized Equipment
• Effective Date: 01-Aug-2009
• Referred By: ASTM E2936-20 - Standard Guide for Contractor Self-Assessment for U.S. Government Asset Management Systems
• Effective Date: 01-Aug-2009
• Referred By: ASTM E2676-09(2020) - Standard Practice for Tangible Property Mobility Index (MI)
• Effective Date: 01-Aug-2009
• Referred By: ASTM E2378-19 - Standard Practice for the Recognition of Impaired or Retired Property Assets
• Effective Date: 01-Aug-2009
• Referred By: ASTM E2631-20 - Standard Practice for Physical Placement of an Entity-Controlled Supplemental Identification Label
• Effective Date: 01-Aug-2009
• Referred By: ASTM E3015-15(2020) - Standard Guide for Management of Customer-Owned Property Assets in Possession of Supplier, Contractor or Subcontractor
• Effective Date: 01-Aug-2009
• Referred By: ASTM E2135-22 - Standard Terminology for Property and Asset Management
• Effective Date: 01-Aug-2009

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 − 09
StandardPractice for
Establishing the Guiding Principles of Property
1
Management
This standard is issued under the fixed designation E2279; 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.
3
1. Scope 2.2 Federal Standards:
Federal Accounting Standards Advisory Board (FASAB)
1.1 This practice covers the creation of a set of guiding
Statement of Federal Financial Accounting Concepts 1:
principles to be applied to the practice of property manage-
Objectives of Federal Financial Reporting
ment. These principles will enunciate the objectives and intent
Federal Acquisition Regulations
of the property management community, stress simplified
Federal Management Regulations
procedures, promote less rather than more, judgment rather
Public Law 107-217 Codified as “Title 40 of the U.S.
than “by-the-book” decisions, and encourage the adoption of
4
Code”
“best practices.”
Securities Exchange Act of 1934 Title 15, Section 78m
1.2 The acceptance of these guiding principles has the
(b)(2)(A)
potential to foster a problem-solving mentality within the
Securities and Exchange Commission Staff Account-
property management community, encourage the use of inno-
ing Bulletin No. 99, Materiality (1999)
vative and cost-effective practices, create greater commonality
2.3 Financial Accounting Standards Board (FASB) Docu-
5
between government and industry practices, and increase the
ments:
ability of organizations to respond to changing needs and
FASB 144 Accounting for the Impairment or Disposal of
business conditions.
Long-Lived Assets
1.3 The potential economic and practical benefits of oper- FASB Statement Concepts No. 2 Qualitative Characteristics
of Accounting Information
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—For definitions relating to property and
1.4 The intent of this practice is to provide property man-
asset management, refer to Terminology E2135.
agement guidance for tangible personal property; however,
3.1.1 acquisition cost, n—purchase price paid for property
many of the principles appropriately apply to other types of
and any appropriate subsequent improvements to it. Includes
property.
cash paid or fair value received and material amounts of
preparation cost such as inspection, testing, and installation.
2. Referenced Documents
3.1.2 agency, n—government organization, regardless of
2
2.1 ASTM Standards:
level (federal, state, or local).
E2131 PracticeforAddressingandReportingLoss,Damage,
3.1.3 best value, n—expected outcome of an action, in the
or Destruction of Tangible Property
entity’s estimation, which provides the greatest overall benefit.
E2132 Practice for Inventory Verification: Electronic and
6
Federal Acquisition Regulations
Physical Inventory of Assets
E2135 Terminology for Property and Asset Management 3.1.4 care and handling, n—includes the costs of
completing, repairing, converting, rehabilitating, operating,
1 3
This practice is under the jurisdiction of ASTM Committee E53 on Asset AvailablefromU.S.GovernmentPrintingOfficeSuperintendentofDocuments,
Management and is the direct responsibility of Subcommittee E53.01 on Process 732 N. Capitol St., NW, Mail Stop: SDE, Washington, DC 20401, http://
Management. www.access.gpo.gov.
4
Current edition approved Aug. 1, 2009. Published September 2009. Originally Previously known as the Federal Property and Administrative Services Act of
approved in 2003. Last previous edition approved in 2003 as E2279 – 03. DOI: 1949.
5
10.1520/E2279-09. Available from Financial Accounting Standards Board (FASB), 401 Merritt 7,
2
For referenced ASTM standards, visit the ASTM website, www.astm.org, or P.O. Box 5116, Norwalk, CT 06856, http://www.fasb.org.
6
contact ASTM Customer Service at [e-mail]. For Annual Book of ASTM The definition of the term best value is adapted from Federal Acquisi-
Standards volume information, refer to the standard’s Document Summary page on tion Regulations, Part 2.1: Definitions of Words and Terms, available online from
the ASTM website. http://farsite.hill.af.mil, 1 August 2009.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959. United States
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E2279 − 09
preparing, preserving, protecting, insuring, packing, storing, 3.1.14 property management system, n—subset of existing
conserving, and transporting of property, and—in the case of organizationalprocessesrelatedtothelifecyclemanagementof
...

This document is not an ASTM standard and is intended only to provide the user of an ASTM standard an indication of what changes have been made to the previous version. Because
it may not be technically possible to adequately depict all changes accurately, ASTM recommends that users consult prior editions as appropriate. In all cases only the current version
of the standard as published by ASTM is to be considered the official document.
Designation:E2279–03 Designation:E2279–09
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
1.1 This practice covers the creation of a set of guiding principles to be applied to the practice of property management.
SuchTheseprincipleswillenunciatetheobjectivesandintentofthepropertymanagementcommunity,stresssimplifiedprocedures,
promote less rather than more, judgment rather than “by-the-book” decisions, and encourage the adoption of “best practices.”
1.2 The acceptance of these 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 Thepotentialeconomicandpracticalbenefitsofoperatinginamannerconsistentwithasetofguidelinesoutweighconcerns
about the loss of predictability, uniformity, and consistency.
1.4 The intent of this practice is to provide property management guidance for tangible personal property; however, many of
the principles appropriately apply to other types of property.
2. Referenced Documents
2
2.1 ASTM Standards:
E 2131 Practice forAssessing, Loss Damage, or Destruction of Property Practice forAddressing and Reporting Loss, Damage,
or Destruction of Tangible Property
2
E 2132 Practice for Physical Inventory of Durable, Moveable Property
2
E2135Terminology for Property and Asset Management
Practice for Physical Inventory of Durable, Moveable Property
2
E2219Practice for Valuation and Management of Moveable, Durable Property
E2220Practice for Establishing the Full Valuation of the Loss/Overage Population Identified During the Inventory of Movable,
2
Durable Property
2
E2221Practice for the Administrative Control of Property 2135 Terminology for Property and Asset Management
1
This practice is under the jurisdiction of ASTM Committee E53 on Property Management Systems and is the direct responsibility of Subcommittee E53.01 on Process
Management.
Current edition approved May 10, 2003. Published May 2003.
Current edition approved Aug. 1, 2009. Published September 2009. Originally approved in 2003. Last previous edition approved in 2003 as E 2279 – 03.
2
For referencedASTM standards, visit theASTM website, www.astm.org, or contactASTM Customer Service at [e-mail]. For Annual Book of ASTM Standards
, Vol 04.12.volume information, refer to the standard’s Document Summary page on the ASTM website.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959, United States.
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E2279–09
2.2 NPMA Standard:
The NPMA Standard Property Book,Second Edition, August 2001
2.3 Federal Standards:
3
GAO Manual for Guidance of Federal Agencies,Title 2, Accounting
Federal Accounting Standards Advisory Board (FASAB) Statement of Federal FinancialAccounting Concepts 1: Objectives of
Federal Financial Reporting
Federal Acquisition Regulations
Federal Management Regulations
4
Public Law 107-217 Codified as “Title 40 of the U.S. Code”
4
Federal Property and Administrative Services Act of 1949
4
Federal Property Management Regulations
4
Federal Management Regulations
4
The Budget and Accounting Procedures Act of 1950
4
Federal Acquisition Regulations
4
Securities Exchange Act of 1934(Title 15 Section 78m (b)(2)(A)
4
Securities and Exchange Commission Staff Accounting Bulletin No.99,Materiality (1999)
Federal Accounting Standards Advisory Board (FASAB) Statement of Federal Financial Accounting Standards (SFFAS) No.
4
6,Accounting for Property, Plant, and Equipment
4
FAR Part Appendix Part 9900,Cost Accounting Standards
Securities Exchange Act of 1934 Title 15, Section 78m (b)(2)(A)
Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality (1999)
5
2.3 Financial Accounting Standards Board (FASB) Documents:
FASB 144 Accounting for the Impairment or Disposal of Long-Lived Assets
FASB Statement Concepts No. 2 Qualitative Characteristics of Accounting Information
3. Terminology
3.1Definitio
...