Accountable personal property refers to nonexpendable personal property that an agency expects to use for two years or more. This type of property has an acquisition value that justifies its tracking in the agency's property records. It includes items classified as capitalized or sensitive personal property, which are essential for maintaining accurate inventory and accountability within an organization.
Accountable personal property is commonly referenced in federal property management regulations. It is used primarily in the context of property management, inventory control, and asset tracking within government agencies. Legal professionals and property managers may encounter this term when dealing with asset disposition, compliance with federal regulations, or during audits. Users can manage related documentation through legal templates provided by resources like US Legal Forms.
Here are a couple of examples of abatement:
Example 1: A government agency purchases a fleet of vehicles for official use. Since these vehicles have a useful life of more than two years and significant acquisition costs, they are classified as accountable personal property.
Example 2: A federal office acquires computer equipment that is expected to be in service for three years. This equipment is tracked as accountable personal property due to its value and longevity. (hypothetical example)
Pursuant to 41 CFR 102-35.20, accountable personal property is defined and regulated under federal property management laws. This regulation outlines the criteria for property that must be tracked and managed by federal agencies.
| Term | Definition | Key Differences |
|---|---|---|
| Nonexpendable Property | Property that cannot be consumed or used up. | All accountable personal property is nonexpendable, but not all nonexpendable property is necessarily accountable. |
| Capitalized Property | Property that is recorded as an asset on the balance sheet. | Capitalized property may not have a defined useful life of two years, while accountable personal property does. |
If you are responsible for managing property within a government agency, ensure that you understand the classification of accountable personal property. It is important to maintain accurate records and follow federal regulations. Consider using US Legal Forms for templates that can assist in managing property documentation. If you face complexities, seeking professional legal advice may be beneficial.
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It is nonexpendable property expected to last two years or more and has a significant acquisition value.