NEXT WEBINAR • 06/25/2024
"Understanding the Strings Attached to Your Federal Funding Award"
REGISTER HEREProperty Management System
April 29, 2013 / Ed Jameson / Blog Posts
The Department of Defense (DoD) requires Contractors to have a Property Management System (PMS) for Government Property in the possession of the Contractor. FAR 52.245-1 is the Primary Government Property clause containing the FAR requirements for the management and control of Government Property (GP) both Government Furnished (GFP) and Contractor Acquired (CAP).
If your DoD contract contains FAR Clause 52.245-1 than you are required to have a System to manage Government property in your possession and you are required to establish and implement property management plans, systems, and procedures that address all the processes and outcomes the Government expects to see applied within a Property Management System.
Whether or not you actually have any Government Property either furnished or acquired is irrelevant if the Government Property clause is contained in your contract. DCAA Auditors are enforcing the clause and requiring proof of a Property Management System in place.
Ready to Learn More? Speak With A Government Funding Award Expert!
Call Now: 781-862-5170 – or – Schedule A Call
Ed Jameson, CPA, Managing Partner
I’ve been in practice for over 40 years helping our small business clients procure, manage, and survive audits on more than $6 billion in federal government contract and grant funding. We’ve been featured presenters and panel moderators at Tech Connect’s National SBIR/STTR conferences since 2010, and I’ve presented at the DOD’s Mentor Protégé Summit and present regularly for several state and local organizations.
