ASTM E2135-07e1

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: 14-Jun-2007
• ICS: 01.040.97 - Domestic and commercial equipment. Entertainment. Sports (Vocabularies)
• Technical Committee: E53 - Asset Management
• Drafting Committee: E53.06 - Terminology

Relations

• Replaces: ASTM E2135-07 - Standard Terminology for Property and Asset Management
• Effective Date: 15-Jun-2007
• Replaced By: ASTM E2135-10 - Standard Terminology for Property and Asset Management
• Effective Date: 01-Jul-2010
• Referred By: ASTM E2811-17 - Standard Practice for Management of Low Risk Property (LRP)
• Effective Date: 15-Jun-2007
• Referred By: ASTM E2279-20 - Standard Practice for Establishing the Guiding Principles of Property Asset Management
• Effective Date: 15-Jun-2007
• Referred By: ASTM E3173-18 - Standard Guide for Decommissioning and Disposal of Medical Equipment
• Effective Date: 15-Jun-2007
• Referred By: ASTM E2858-12(2020) - Standard Practice for Sales of Personal Property
• Effective Date: 15-Jun-2007
• Referred By: ASTM E2452-12(2019) - Standard Practice for Equipment Management Process Maturity (EMPM) Model
• Effective Date: 15-Jun-2007
• Referred By: ASTM E3298-21 - Standard Practice for Inventory by Exception (IBE)
• Effective Date: 15-Jun-2007
• Referred By: ASTM E2131-16(2022) - Standard Practice for Addressing and Reporting Losses of Tangible Property
• Effective Date: 15-Jun-2007
• Referred By: ASTM E2306-18 - Standard Guide for Disposal of Personal Property Assets
• Effective Date: 15-Jun-2007
• Referred By: ASTM E2499-18 - Standard Practice for Classification of Asset Location Information
• Effective Date: 15-Jun-2007
• Referred By: ASTM E2453-19 - Standard Practice for Estimating the Life-Cycle Cost of Ownership of Property Assets
• Effective Date: 15-Jun-2007
• Referred By: ASTM E3035-15(2020) - Standard Classification for Facility Asset Component Tracking System (FACTS)
• Effective Date: 15-Jun-2007
• Referred By: ASTM E2132-17 - Standard Practice for Inventory Verification: Electronic and Physical Inventory of Assets
• Effective Date: 15-Jun-2007
• Referred By: ASTM E3257-21 - Standard Practice for Asset Taxonomy
• Effective Date: 15-Jun-2007

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
´1
Designation:E2135–07
Standard Terminology for
1
Property and Asset Management
This standard is issued under the fixed designation E2135; the number immediately following the designation indicates the year of
original adoption or, in the case of revision, the year of last revision.Anumber in parentheses indicates the year of last reapproval.A
superscript epsilon (´) indicates an editorial change since the last revision or reapproval.
1
´ NOTE—Section 2 was added and terms were placed in Section 3 editorially in August 2009.
1. Scope rightful owner has relinquished possession and any claim of
an ownership interest, without assertion of an adverse right
1.1 This terminology covers traditional property manage-
to possession and control by the federal government. This
mentdefinitionsandsomeofthetermsintroducedinadditional
would include property left at a government facility and
asset management standards that are used most often and
unclaimedbytherightfulownerfollowingnoticeofintentto
considered most important. As new standards are developed,
dispose. This property is a type of seized property.
newtermswillbeaddedtothisterminologyinfuturerevisions.
abandonment—voluntary surrender of property, owned or
2. Referenced Documents leased, without naming a successor as owner or tenant. The
2
property will generally revert to a person holding a prior
2.1 ASTM Standards:
interest or, in cases where no owner is apparent, to the state.
E2221 Practice for Administrative Control of Property
abandonment and destruction—occurs when the surplus
E2306 Practice for Utilization and Disposal of Personal
personal property has reached the end of its useful life and
Property
no other disposal options are available. E2306
E2452 Practice for Equipment Management Process Matu-
abatement—a reduction or cancellation of an assessed tax.
rity (EMPM) Model
ABC method—inventory management method that catego-
E2453 Practice for Determining the Life-Cycle Cost of
rizes items in terms of importance. Thus, more emphasis is
Ownership of Personal Property
placed on higher dollar value items (“A”s) than on lesser
E2495 Practice for PrioritizingAsset Resources inAcquisi-
dollar value items (“B”s), while the least important items
tion, Utilization, and Disposition
(“C”s) receive the least time and attention. Inventory should
E2606 Practice for Receipt Notification as a Result of
be analyzed frequently when using the ABC method. The
Tangible Property Movement
procedure for ABC analysis follows: (1) Separate finished
E2607 Practice for Cannibalization/Reclamation of Ser-
goods into types (chairs of different models, and so on);
viceable Equipment Components to Support Demand Re-
separate raw materials into types (screws, nuts, and so on).
quirements
(2) Calculate the annual dollar usage for each type of
E2608 Practice for Equipment Control Matrix (ECM)
inventory (multiply the unit cost by the expected future
E2674 Practice for Assessment of Impact of Mobile Data
annual usage). (3) Rank each inventory type from highest to
Storage Device (MDSD) Loss
lowest, based on annual dollar usage. (4) Classify the
E2675 Practice for Property Management System Out-
inventory as A—the top 20%; B—the next 30%; and
comes
C—the last 50% of dollars usage, respectively. (5) Tag the
3. Terminology
inventory with its appropriateABC classification and record
those classifications in the item inventory master records.
3.1 Terms and Definitions:
abnormal spoilage—for government accounting under the
abandoned property—property of any type over which the
FAR, abnormal spoilage may or may not be allowable cost.
If the cost is deemed allowable, the cost would normally be
1
charged consistently with normal spoilage.
This terminology is under the jurisdiction of Committee E53 on Property
Management Systems and is the direct responsibility of Subcommittee E53.06 on
accelerated cost recovery system (ACRS)—systemofdepre-
Terminology.
ciation for tax purposes mandated by the Economic Recov-
Current edition approved June 15, 2007. Published July 2007. Originally
eryAct (ERA) of 1981 and modified by theTax ReformAct
approved in 2001. Last previous edition approved in 2006 as E2135–06a. DOI:
10.1520/E2135-07E01. of1986.Thetypeofpropertydeterminesitsclass.Insteadof
2
For referenced ASTM standards, visit the ASTM website, www.astm.org, or
providing statutory tables, prescribed methods of deprecia-
contact ASTM Customer Service at [e-mail]. For Annual Book of ASTM
tion are assigned to each class of property. For 3, 5, 7, and
Standards volume information, refer to the standard’s Document Summary page on
10-year classed, the relevant depreciation method is the
the ASTM website.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959, United States.
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This document is not anASTM standard and is intended only to provide the user of anASTM 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.
´1
Designation:E2135–07 Designation:E2135–07
Standard Terminology for
1
Property and Asset Management
This standard is issued under the fixed designation E2135; the number immediately following the designation indicates the year of
original adoption or, in the case of revision, the year of last revision.Anumber in parentheses indicates the year of last reapproval.A
superscript epsilon (´) indicates an editorial change since the last revision or reapproval.
1
´ NOTE—Section 2 was added and terms were placed in Section 3 editorially in August 2009.
1. 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.
2. Terminology Referenced Documents
2
2.1 ASTM Standards:
E2221 Practice for Administrative Control of Property
E2306 Practice for Utilization and Disposal of Personal Property
E2452 Practice for Equipment Management Process Maturity (EMPM) Model
E2453 Practice for Determining the Life-Cycle Cost of Ownership of Personal Property
E2495 Practice for Prioritizing Asset Resources in Acquisition, Utilization, and Disposition
E2606 Practice for Receipt Notification as a Result of Tangible Property Movement
E2607 Practice for Cannibalization/Reclamation of Serviceable Equipment Components to Support Demand Requirements
E2608 Practice for Equipment Control Matrix (ECM)
E2674 Practice for Assessment of Impact of Mobile Data Storage Device (MDSD) Loss
E2675 Practice for Property Management System Outcomes
3. Terminology
3.1 Terms and Definitions:
abandoned property—property of any type over which the rightful owner has relinquished possession and any claim of an
ownershipinterest,withoutassertionofanadverserighttopossessionandcontrolbythefederalgovernment.Thiswouldinclude
property left at a government facility and unclaimed by the rightful owner following notice of intent to dispose. This property
is a type of seized property.
abandonment—voluntary surrender of property, owned or leased, without naming a successor as owner or tenant. The property
will generally revert to a person holding a prior interest or, in cases where no owner is apparent, to the state.
abandonment and destruction—occurs when the surplus personal property has reached the end of its useful life and no other
disposal options are available. E 2306
abatement—a reduction or cancellation of an assessed tax.
ABC method—inventory management method that categorizes items in terms of importance. Thus, more emphasis is placed on
higherdollarvalueitems(“A”s)thanonlesserdollarvalueitems(“B”s),whiletheleastimportantitems(“C”s)receivetheleast
time and attention. Inventory should be analyzed frequently when using the ABC method. The procedure for ABC analysis
follows:(1)Separatefinishedgoodsintotypes(chairsofdifferentmodels,andsoon);separaterawmaterialsintotypes(screws,
nuts, and so on). (2) Calculate the annual dollar usage for each type of inventory (multiply the unit cost by the expected future
annual usage). (3) Rank each inventory type from highest to lowest, based on annual dollar usage. (4) Classify the inventory
as A—the top 20%; B—the next 30%; and C—the last 50% of dollars usage, respectively. (5) Tag the inventory with its
appropriate ABC classification and record those classifications in the item inventory master records.
abnormal spoilage—forgovernmentaccountingundertheFAR,abnormalspoilagemayormaynotbeallowablecost.Ifthecost
is deemed allowable, the cost would normally be charged consistently with normal spoilage.
1
ThisterminologyisunderthejurisdictionofCommitteeE53onPropertyManagementSystemsandisthedirectresponsibilityofSubcommitteeE53.06onTerminology.
Current edition approved June 15, 2007. Published July 2007. Originally approved in 2001. Last previous edition approved in 2006 as E2135–06a.
2
ForreferencedASTMstandards,visittheASTMwebsite,www.astm.org,[e-mail] Annual Book of ASTM Standards
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.
1

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E2135–07
accelerated cost recovery system (ACRS)— system of depreciation for tax purposes mandated by the Economic RecoveryAct
(ERA) of 1981 and modified by the Tax Reform Act of 1986. The
...