![]() Government property that a contracting officer authorizes a contractor to use for performance of a Government contract, grant, agreement, memorandum of agreement, etc. The estimated price that both a buyer and seller would willingly agree to when neither party is under undue pressure to complete the transaction. The term includes, but is not limited to, dynamite and other high explosives, black powder, pellet powder, initiating explosives, detonators, safety fuses, squibs, detonating cord, igniter cord, and igniters. Any chemical compound, mixture, or device, the primary or common purpose of which is to function by explosion. It is usually consumed in the normal course of its use, or becomes an integral part of another item. Non-sensitive property with a normal life expectancy of less than two years and an acquisition cost of less than $300. Any personal property under the control of any Federal agency which is not required for its needs and the discharge of its responsibilities, as determined by the head thereof, or designee. The remainder of an individual's pay after the deduction of any amount required by law to be withheld An official who is responsible for the daily control and supervision of personal property assigned to them. However, Government property managers are required to maintain records of capitalized Government personal property provided to a contractor under the terms of a contract and to report such property to the general ledger financial accounts. Contractor records of Government property established and maintained under the terms of an agreement are the Government's official Government property records. Any property (including Government-furnished property) acquired by or in the possession of a contractor or subcontractor under a contract, grant, cooperative agreement, concessions contract, or memorandum of understanding, pursuant to terms where title is vested in the Government. Any employee who utilizes Government property, and therefore is responsible for the proper and reasonable care, use, safekeeping and return of such property. Property converted to ownership at the end of a lease period may be capitalized. It does not include property acquired through loan or museum property. Non-expendable property, (excluding stewardship property, plant, and equipment) with a useful life of two years or more, and an acquisition cost at, or above the capitalization threshold. This refers to all Departmental bureaus, as well as the Office of the Secretary, Office of Surface Mining, etc. Personal property with an original acquisition cost of less than $5,000, excluding sensitive property, that is managed according to bureau/office policy. Betterments meeting, or exceeding, the capitalization threshold for personal property must be recorded as a separate item in the bureau/office property and financial records. An enhancement to a given piece of equipment that adds value or increases the capability of the item, or extends the useful life one or more years. ![]() Small arms ammunition or cartridge cases, primers, bullets, or smokeless propellants designed for use in small arms, including percussion caps, 3/32 inch and other external burning pyrotechnic hobby fuses. ![]() That value, plus any other related costs included above, will represent the acquisition cost. For items received as a result of donation or transfer (without reimbursement), a fair market value or actual value at the time of receipt will be established. The amounts paid to acquire assets including handling, storage, packing, shipping, transportation, installation, and related costs of obtaining the assets in their current form and place, less prompt payment or other discounts. To procure, purchase, or obtain in any manner, including transfer, acquisition from excess, lease, loan for a period of 6 months or more, donation or forfeiture, manufacture, or production at Government-owned plants or facilities. Accountable property includes system-controlled, bureau-managed, capitalized, non-capitalized, sensitive, leased and contractor-held property, and stores property. Non-expendable personal property with a useful life of two years or more for which accountability or property control records are maintained, and which may or may not be charged to a general ledger control account. Accountable Officers are usually the individuals in charge of a region, area, project, park, refuge, office, etc. A Government employee assigned overall responsibility for a specified group of personal property items and responsible for ensuring the establishment and maintenance of accountability records to provide for effective overall control over that property. Terms used in Part 114-60 are defined as follows: ![]() 114-60.1 - Personal Property Administration
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