PROPERTY

MANAGEMENT

SYSTEMS

REQUIREMENTS

Checklist for

Reviewing Systems

Under the Federal

Financial Management

Improvement Act

United States General Accounting Office

December 2001

GAO

GAO-02-171G
GAO-02-171G – Property Management Systems Requirements Checklist (12/01)

______________________________________________________________________________

PREFACE

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December 2001

The Federal Financial Management Improvement Act (FFMIA) of 1996 requires, among

other things, that agencies implement and maintain financial management systems that

substantially comply with federal financial management system requirements. These

requirements are detailed in the Federal Financial Management System Requirements

series issued by the Joint Financial Management Improvement Program (JFMIP), in

Office of Management and Budget (OMB) Circular A-127, Financial Management

Systems, and in OMB’s Revised Implementation Guidance for the Federal Financial

Management Improvement Act (FFMIA) of 1996, issued January 4, 2001. JFMIP intends

for the requirements to promote understanding of key financial management systems

concepts and requirements, to provide a framework for establishing integrated financial

management systems to support program and financial managers, and to describe

specific requirements of financial management systems.

We are issuing this checklist, which reflects JFMIP’s Property Management Systems

Requirements (JFMIP-SR-00-4, October 2000), to assist (1) agencies in implementing and

monitoring their property management systems and (2) managers and auditors in

reviewing their property management systems to determine if they substantially comply

with FFMIA. This checklist is not required to be used in assessing property management

systems. Rather, it is provided as a tool for use by experienced staff and is one in a series

of documents we have issued to assist agencies in improving or maintaining effective

operations. (See the last page of this document for a list of related products.) This

checklist, the JFMIP source document, and the two previously mentioned OMB

documents should be used concurrently. Those using this tool must apply experienced

judgment in its interpretation and application. They must consider the impact of the

completed checklist on an entire property management system and whether the system,

as a whole, substantially complies with requirements.

Additional copies of the checklist can be obtained from the U.S. General Accounting

Office, 700 4th Street NW, Room 1100, Washington, DC 20548, or by calling (202) 512-

6000, or TDD (202) 512-2537. This checklist replaces GAO’s previously issued exposure

draft of the Property Management Systems Requirements Checklist (GAO-01-554G, June

2001) and is available on the Internet on GAO’s Home Page (http://www.gao.gov) under

“Other Publications” and the subheading “Accounting and Financial Management.”

Printed copies of the JFMIP document also can be obtained from GAO, or they can be

downloaded from the JFMIP website at http://www.jfmip.gov under “JFMIP Documents”

and the subheading “System Requirements.”

Jeffrey C. Steinhoff

Managing Director

Financial Management and Assurance
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CONTENTS

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Overview 5

Authoritative Guidance 6

How to Use This Checklist 7

Property Management Systems Requirements 8

General Requirements 9

Acquiring/Receiving Property 13

Managing and Accounting for Property 16

Interface Requirements 25

Related Products 26

Figure

Figure 1: Agency Systems Architecture 5

Abbreviations

CFO chief financial officer

CFR Code of Federal Regulations

FASAB Federal Accounting Standards Advisory Board

FFMIA Federal Financial Management Improvement Act

FMR Federal Management Regulation

FPMR Federal Property Management Regulation

GSA General Services Administration

JFMIP Joint Financial Management Improvement Program

OMB Office of Management and Budget

OPM Office of Personnel Management

PP&E property, plant, and equipment

SFFAS Statement of Federal Financial Accounting Standards
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OVERVIEW

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The Federal Financial Management Improvement Act (FFMIA) of 1996 requires, among

other things, that agencies implement and maintain financial management systems that

substantially comply with federal financial management system requirements. These

requirements are detailed in the Federal Financial Management System Requirements

series issued by the Joint Financial Management Improvement Program (JFMIP)1 and

Office of Management and Budget (OMB) Circular A-127, Financial Management

Systems. The JFMIP requirements document describes the federal financial system

architecture as consisting of (1) core financial systems, (2) other financial and mixed

systems (including the property management systems), not all of which are applicable to

all agencies, (3) shared systems, and (4) departmental executive information systems

(systems to provide management information to all levels of management).2

 Figure 1 is

the JFMIP model that illustrates how these systems interrelate in an agency’s overall

systems architecture.

Figure 1: Agency Systems Architecture

Source: JFMIP Property Management Systems Requirements (October 2000).

 1

JFMIP is a joint undertaking of OMB, the General Accounting Office, the Department of the

Treasury, and the Office of Personnel Management (OPM), working in cooperation with each

other and with operating agencies to improve financial management practices throughout the

government. The program was initiated in 1948 by the Secretary of the Treasury, the Director of

the Bureau of the Budget (now OMB), and the Comptroller General and was given statutory

authorization in the Budget and Accounting Procedures Act of 1950. The Civil Service

Commission, now the Office of Personnel Management, joined JFMIP in 1966.

2

JFMIP has also issued the Framework for Federal Financial Management Systems (FFMSR-0,

January 1995), which defines the framework for establishing and maintaining financial

management systems to support management and deliver programs of the federal government.

GAO published a companion checklist, Framework for Federal Financial Management System

Checklist (GAO/AIMD-98-21.2.1, May 1998).
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To date, JFMIP has issued 10 of the 15 functional requirements shown in figure 1.3

We are issuing this checklist—which reflects JFMIP’s first issuance of the Property

Management Systems Requirements (JFMIP-SR-00-4, October 2000)—to assist

(1) agencies in implementing and monitoring their property management systems and

(2) managers and auditors in reviewing agency property management systems to

determine if they substantially comply with FFMIA. This checklist is not a requirement.

However, it is provided as a tool for use by experienced staff. This checklist; the JFMIP

source document; OMB Circular A-127, Financial Management Systems; and OMB’s

Revised Implementation Guidance for the Federal Financial Management

Improvement Act (FFMIA) of 1996, issued January 4, 2001, should be used concurrently.

Staff members who use this tool must apply experienced judgment in its interpretation

and application. They must consider the impact of the completed checklist on the entire

property management system and whether the system, as a whole, substantially complies

with requirements.

Authoritative Guidance

The basis for assessing compliance with the FFMIA requirements is provided by OMB

Circular A-127 and OMB’s implementation guidance, which agencies use in order to

implement and maintain financial management systems that comply substantially with

federal requirements. The implementation guidance identifies various criteria that an

agency must meet to substantially comply with these requirements. One of the criterion

listed in the OMB guidance is the JFMIP system requirements series.

The source of all the questions in this checklist is the JFMIP Property Management

Systems Requirements (JFMIP-SR-00-04, October 2000), which addresses requirements

for property management systems. The JFMIP document acknowledges that property

management system functionality does not necessarily reside in a single software

application or functional system. In fact, property information may reside in or may be

calculated in a number of applications or systems. The property management systems

described in the JFMIP document may comprise all these applications and/or systems,

their interfaces, and the processes required to manage property. It should be noted that

the checklist is based on the existing published JFMIP standards and that changes in

laws, regulations, and standards and practices since the JFMIP standards were issued are

not included in the checklist.

The JFMIP document segregates functional requirements into two general categories—

mandatory and value-added. The mandatory requirements describe what the system must

do. They consist of the minimum acceptable functionality necessary to establish a system

and are based on federal laws, regulations, directives, or judicial decisions. Mandatory

requirements are those against which agency heads evaluate their systems to determine

substantial compliance with system requirements under FFMIA. These requirements

apply to existing systems in operation and new systems planned or under development.

 3

Thus far, the series includes the (1) Core Financial System Requirements, (2) Inventory System

Requirements, (3) Seized Property and Forfeited Assets System Requirements,

(4) Direct Loan System Requirements, (5) Guaranteed Loan System Requirements,

(6) Travel System Requirements, (7) Human Resources & Payroll Systems Requirements,

(8) System Requirements for Managerial Cost Accounting, (9) Grant Financial System

Requirements, and (10) Property Management Systems Requirements.
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The checklist uses “(M)” immediately following the question to indicate a mandatory

system requirement.

The value-added requirements describe optional features and may consist of any

combination of the following: (1) using state-of-the-art technology, (2) employing the

preferred or best business practices, or (3) meeting the special management needs of an

individual agency. Agencies should consider value-added features when judging systems

options. The need for these value-added features in agency systems is left to the

discretion of each agency head. The checklist uses “(V)” immediately following the

question to indicate that the item is value-added and not mandatory.

How to Use This Checklist

OMB’s 2001 implementation guidance provides chief financial officers (CFO) and

inspectors general with a means for determining whether their agencies’ financial

management systems substantially comply with federal financial management system

requirements. The annual reporting required by 31 U.S.C. 3512(d) is one means of

assisting agencies in the determination of substantial compliance. Agencies can also use

this checklist as a tool to help determine compliance with federal financial management

system requirements.

Completing this checklist will allow agencies to systematically determine whether

specific systems requirements are being met. In determining substantial compliance,

agencies should assess the results of the completed checklist based on the property

management system requirements taken as a whole.

The checklist contains three columns with the first citing the question. Use the second

column to answer each question “yes,” “no,” or “na.” Use the third column to explain

your answer. A “yes” answer should indicate that the agency’s property management

systems provide for the capability described in the question. For each “yes” answer, the

third column should contain a brief description of how the property management systems

satisfy that capability and should also refer to a source that explains or shows the

capability.

A “no” answer indicates that the capability does not exist. For a “no” answer, the third

column should provide an explanation and, where applicable, a reference to any related

supporting documentation (e.g., the agency is working on modifying or implementing its

property management systems to have the capability available in subsequent years;

management believes the capability is not cost effective and will not enhance the

property management systems’ ability to manage operations). Cost-benefit studies or

support for a “no” answer should be identified in the explanation column. If there are no

cost-benefit studies or other support, a full explanation should be provided.

“No” answers should not be viewed individually or taken out of context. Rather, “no”

answers should be assessed as to their impact on the overall property management

systems and the extent to which the “no” answers inhibit the entire property management

systems from achieving compliance.

Certain questions within the checklist may not be applicable to the agency. Answer such

nonapplicable questions with “na” and provide an appropriate explanation in the third

column.
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PROPERTY MANAGEMENT SYSTEMS REQUIREMENTS

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The property management systems requirements document defines mandatory and valueadded functional requirements for the three sections described below, which are

(1) general requirements, (2) acquiring/receiving property, and (3) managing and

accounting for property. Additionally, an interface requirements chapter provides

information on input and output interfaces with the property management system. (There

are no checklist questions drawn from pages 20–21 of the JFMIP source document.)

1. General requirements identify mandatory and value-added system functionalities

that are common for all property management functions. In addition, there are

functional requirements that apply to specific categories of property. (The

checklist questions for this area are drawn from pages 12–13 of the JFMIP source

document.)

2. Acquiring/receiving property addresses initial physical control when property is

delivered or real property is placed in service. Property is recognized as

accounted for when title passes to the entity obtaining the property or when

goods are delivered. Property may be purchased, leased, loaned, granted,

transferred, constructed, or donated. The property management system may

obtain information from the acquisition system when property is ordered. The

property management system records receipt of property and the results of an

initial physical inspection regarding the condition of property, whether from

vendor, donated, transferred, or gained through discovery. (The checklist

questions for this area are drawn from pages 14–15 of the JFMIP source

document.)

3. Managing and accounting for property. The managing property function captures

and provides data to assist property managers and officials in managing property.

The accounting-for-property function pertains to recording the acquisition cost of

the property, or net book value/fair market value for donated or transferred items.

(The checklist questions for this area are drawn from pages 16–19 of the JFMIP

source document.)

The checklist questions follow the JFMIP source document. It should be noted that not all

questions will apply in all situations and, as with the use of any checklist, professional

judgment should be exercised. Using the JFMIP source document and its “Appendix C:

Glossary,” which defines terms used, along with OMB Circular A-127, Financial

Management Systems, and OMB’s Revised Implementation Guidance for the Federal

Financial Management Improvement Act (FFMIA) of 1996, issued January 4, 2001, will

help ensure that the user is cognizant of the background information necessary to fully

understand the questions.
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Property Management Systems Requirements

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General requirements

Yes/no

na Explanation

1. Does the property management

system record—for all property

management functions—

beginning balances,

acquisitions, and withdrawals,

and does it calculate ending

balances expressed in values

and physical units, except for

heritage assets and stewardship

land, for which all end-of-period

balances are expressed in

physical units only? (M)

2. Does the property management

system capture, for all property

management functions, the

condition of the asset for

heritage assets; stewardship

land; national defense property,

plant and equipment (PP&E);

and general PP&E for which a

condition assessment survey

was performed? (M)

3. Does the property management

system provide edits (controls),

for all property management

functions, to prevent

duplication and reduce the

likelihood of creating erroneous

property documents/records to

ensure the integrity of data

recorded in the system? (M)

4. Does the property management

system permit, for all property

management functions, only

authorized users to enter,

modify, or otherwise alter

property records? (M)

5. Does the property management

system provide, for all property

management functions, an audit

trail for entries to a property

record, including the
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Property Management Systems Requirements

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General requirements

Yes/no

na Explanation

identification of the

individual(s) entering or

approving the information

and/or data? (M)

6. Does the property management

system identify, for all property

management functions, the type

of transaction affecting the

property item, e.g., initial

acquisition, change in location,

and disposal? (M)

7. Does the property management

system incorporate, for all

property management

functions, adequate security

features that prevent

unauthorized access to the

property system by

unauthorized individuals? (M)

8. Does the property management

system enable, for all property

management functions, the

transfer of responsibility for

property from one authorized

manager to another authorized

manager? (M)

9. Does the property management

system capture, for all property

management functions, real

property information for the

General Services

Administration’s (GSA)

Worldwide Inventory system as

directed in Federal Property

Management Regulation

(FPMR) 102-84 (property

management only)? (M)

10. Does the property management

system produce, for all property

management functions, reports
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Property Management Systems Requirements

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General requirements

Yes/no

na Explanation

in accordance with user-defined

criteria? (M)

11. Does the property management

system capture, for all property

management functions, the fact

that an environmental or

hazardous substance is located

on or contained within a

property item, in accordance

with 41 Code of Federal

Regulations (CFR) 101-42.202?

(M)

12. Does the property management

system distinguish, for all

property management

functions, between capitalized

property and expensed property

tracked in the property

management system? (M)

13. Does the property management

system capture and prioritize

the estimated cost of repairs?

(V)

14. Does the property management

system accumulate data from

multiple appropriations? (V)

15. Does the property management

system provide an on-line

search capability based on userdefined parameters? (V)

16. Does the property management

system provide the capability of

interfacing on-line or through

the Internet with other property

management systems external

to the agency to facilitate

identification, location, or

transfer of federal property

governmentwide? (V)
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Property Management Systems Requirements

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General requirements

Yes/no

na Explanation

Specific categories —

Information technology

17. Because information

technology assets are personal

property, the property

management system may

already capture the data

required to account for these

assets. However, does the

property management system

also capture (1) information

essential to ensuring that

software and software licenses

are controlled and (2)

information driven by

contractual licenses and

agreements with software

developers, vendors, or

software licensers? (V)

Specific categories —

Government property in

the custody of others

Note: There are no checklist

questions drawn from this section

of the JFMIP source document

(p. 13).

Specific categories —

National defense PP&E

Note: There are no checklist

questions drawn from this section

of the JFMIP source document

(p. 13).
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Property Management Systems Requirements

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Acquiring/receiving property

Yes/no

na Explanation

1. Does the property management

system create a skeletal

property record or have any

other mechanism for capturing

information on property intransit from the providing entity

(e.g., vendor, donator, loaner,

grantor)? The skeletal property

record or other mechanism is

required only for property for

which the government has taken

title. For example, the skeletal

property record or other

mechanism may identify the

following on newly acquired

property:

• name and address of the

shipper/vendor;

• estimated date of delivery;

• shipping address (“ship to”

address);

• item identification (e.g.,

nomenclature, quantity,

description, year of

manufacture, make/model/

serial number, federal stock

classification or national

stock number);

• requisition information (e.g.,

contract/purchase order or

other requisition document

number, name and address

of requisitioning

organization); and

• order date. (M)

2. Does the property management

system complete the skeletal

property record or create a

property record for items with

no skeletal property record,

upon the agency’s assuming

possession of the item, placing

the real property asset in
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Property Management Systems Requirements

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Acquiring/receiving property

Yes/no

na Explanation

service, or initiation of a real

estate instrument/grant? (M)

3. Does the property management

system capture the method of

acquiring each property item or

bulk property items (e.g., direct

purchase, completed work-inprocess, capital lease, donation,

nonreciprocal transfer, or

reciprocal transfer) and the date

of acquisition? (M)

4. Does the property management

system capture quantity, date of

physical receipt or date real

property is available for use or

placed into service, and

condition of item received when

a condition assessment was

made? (M)

5. Does the property management

system forward physical receipt

information, including quantity

and date of physical receipt, to

the acquisition system and the

core financial system?4

 (M)

6. Does the property management

system interface electronically

with GSA’s Worldwide

Inventory? (V)

7. Does the property management

system provide information on

the status of upgrades and

overhauls to property? (V)

8. Does the property management

system aggregate relatively

homogenous assets into asset

 4

The property management system should be capable of interfacing with other financial and/or

mixed systems. However, interface requirements and systems architecture necessary to meet

management and reporting requirements are determined by each agency. The “Interface

Requirements” section of the JFMIP source document contains more information.
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Property Management Systems Requirements

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Acquiring/receiving property

Yes/no

na Explanation

pools? All assets in the asset

pools have the same estimated

useful life, and the acquisition

cost of each item in the asset

pool would be the average cost

of all items in the pool.

However, each item in the asset

pool must have a separate

property record and a separate

agency-unique identification

number. (V)

9. Does the property management

system capture warranty/

guarantee information,

including terms and period of

coverage? (V)
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Property Management Systems Requirements

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Managing and accounting for

property

Yes/no

na Explanation

Acquisition of property;

Changes in asset values

1. Does the property management

system, for capitalized property

and stewardship assets, classify

PP&E by asset type (e.g.,

general, heritage, stewardship

land, national defense)? (M)

2. Does the property management

system, for capitalized property

and stewardship assets,

distinguish between heritage

assets and multi-use heritage

assets? (M)

3. Does the property management

system, for capitalized property

and stewardship assets, capture

changes in quantities, including

unit of measure, where

applicable, for beginning

balance adjustments, additions,

and deletions and does it

compute ending balances by

asset category? (M)

4. Does the property management

system, for capitalized property

and stewardship assets, provide

an audit trail for all adjustments

to quantities and units? (M)

5. Does the property management

system, for capitalized property

and stewardship assets, capture

the acquisition cost of an asset

and any changes in the

valuation, where applicable for

reporting purposes? (M)

6. Does the property management

system, for capitalized property
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Property Management Systems Requirements

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Managing and accounting for

property

Yes/no

na Explanation

only, capture the estimated

value of donated assets? (M)

7. Does the property management

system, for capitalized property

only, provide an audit trail for

all adjustments to property

values? (M)

8. Does the property management

system, for capitalized property

only, classify PP&E according

to the Standard General Ledger

accounts (e.g., buildings, land,

equipment, assets under capital

lease, software)? (M)

9. Does the property management

system, for capitalized property

only, generate data for the

journal entries necessary for

recording changes in the

valuation, including any

associated gains or losses? (M)

Depreciation, amortization, or

depletion of capitalized assets

10. Does the property management

system capture the estimated

useful life, depreciation/

amortization/depletion method,

and salvage/residual value for

each asset or group of assets,

when applicable? (M)

11. Does the property management

system calculate depreciation/

amortization/depletion based on

a management-prescribed

method (e.g., straight line,

physical usage) and the net

book value of capitalized

assets? (M)
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Property Management Systems Requirements

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Managing and accounting for

property

Yes/no

na Explanation

12. Does the property management

system accumulate

amortization, depletion, and

depreciation expense? (M)

13. Does the property management

system provide an audit trail for

amortization, depletion, and

depreciation expense? (M)

14. Does the property management

system allow authorized users

system access to change the

estimated useful life of an asset,

the depreciation method, and

estimated salvage value and to

make adjustments to PP&E

asset and contra-asset accounts

on an exception basis? (M)

Transfer, disposal, or

retirement of assets

15. Does the property management

system identify excess property

or property held for disposal/

retirement? (M)

16. Does the property management

system transfer property record

data to the property disposal

organization or receiving

entity?5

 (M)

17. Does the property management

system capture date of transfer,

transferring entity, and recipient

organization (disposal

organization or recipient

entity)? (M)

 5

The property management system should be capable of interfacing with other financial and/or

mixed systems. However, interface requirements and systems architecture necessary to meet

management and reporting requirements are determined by each agency. The “Interface

Requirements” section of the JFMIP source document contains more information.
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Property Management Systems Requirements

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Managing and accounting for

property

Yes/no

na Explanation

18. Does the property management

system capture all essential

information related to excess

property and disposal as

required by Federal

Management Regulation (FMR)

102-36 for applicable agencies?

(M)

19. Does the property management

system capture type of disposal

action (e.g., retirement,

exchange, sale, donation), final

disposition, and date of

disposal? (M)

20. Does the property management

system capture property

retirement or disposal status?

(M)

21. Does the property management

system capture deletions? (M)

22. Does the property management

system calculate gain or loss at

time of disposal or retirement,

sale, exchange, or donation?

(M)

23. Does the property management

system transfer the asset’s

acquisition cost, accumulated

depreciation/amortization, and

the amount of gain or loss to the

core financial system at the time

of asset transfer, disposal, or

retirement? (M)

24. Does the property management

system maintain an audit trail of

transfer, disposal, and

retirement actions? (M)
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Property Management Systems Requirements

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Managing and accounting for

property

Yes/no

na Explanation

Deferred maintenance

and condition

25. Does the property management

system capture management’s

estimate of deferred

maintenance? This may be

accomplished through a process

or system other than the

property system. (M)

26. Does the property management

system capture management’s

assessment of property

condition? This may be

accomplished through a process

or system other than the

property system. (M)

27. Does the property management

system capture the fact that an

environmental or hazardous

substance is located on or

contained within a property

item, in accordance with 41 CFR

101-42.202? (M)

Clean-up costs

28. Does the property management

system capture the total

estimated clean-up cost when

the item is placed in service if

the PP&E meets the criteria

established in paragraph 88 of

Statement of Federal Financial

Accounting Standards (SFFAS)

No. 6, Accounting for Property,

Plant, and Equipment? This

may be accomplished through a

process or system other than

the property system. (M)

29. Does the property management

system capture environmental

liabilities associated with PP&E
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Property Management Systems Requirements

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Managing and accounting for

property

Yes/no

na Explanation

when an event has occurred and

the liability is probable and

estimable? (See Federal

Accounting Standards Advisory

Board’s (FASAB) Technical

Release 2, Environmental

Liabilities Guidance (March

1998)). This may be

accomplished through a process

or system other than the

property system. (M)

30. Does the property management

system, for general PP&E,

calculate the annual

amortization of estimated

material, clean-up costs, and the

unamortized balance? (M)

Property accountability

31. Does the property management

system capture property

identification number, which

may be the item’s serial

number? (M)

32. Does the property management

system capture location? (M)

33. Does the property management

system capture an item’s

current ownership status (e.g.,

owned by the government,

leased to the government under

a capital lease, leased to the

government under an operating

lease, loaned to the

government)? (M)

34. Does the property management

system capture the current user

(e.g., the agency, contractor,

grantee)? (M)
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Property Management Systems Requirements

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Page 22 GAO-02-171G - Property Management Systems Requirements Checklist (12/01)

Managing and accounting for

property

Yes/no

na Explanation

35. Does the property management

system capture an item’s

current use status whether in

use, in storage, in transit, etc.?

(M)

36. Does the property management

system capture the identity of

the property custodian and/or

the accountable organization?

(M)

37. Does the property management

system capture in-transit

information to

establish/maintain

accountability and control over

government property (e.g.,

name and address of the

shipper/vendor, estimated date

of delivery, shipping address,

item identification, source

information)? (M)

Property record

maintenance

38. Does the property management

system provide the capability of

electronically transferring

property records between

interfacing systems for the

gaining and losing property

custodians within the agency?

(V)

39. Does the property management

system provide analytic tools

for supporting analysis and

evaluation of annual

maintenance status, needs, and

costs for effective program

planning and budgeting? (V)

40. Does the property management

system capture property
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Property Management Systems Requirements

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Page 23 GAO-02-171G - Property Management Systems Requirements Checklist (12/01)

Managing and accounting for

property

Yes/no

na Explanation

maintenance, upgrade, and

overhaul schedules? (V)

41. Does the property management

system capture actual

maintenance, upgrade, and

overhaul data? (V)

42. Does the property management

system capture space utilization

information? (V)

43. Does the property management

system support the use of

barcode scanners? (V)

44. Does the property management

system record the stratification

of critical and noncritical

maintenance? (V)

45. Does the property management

system record detailed

information regarding known

flood hazard or flooding of real

property? (V)

Acquisition of property;

changes in asset value

46. Does the property management

system calculate and allocate

interest expense for lease

payments and apply the balance

to reduce capital lease liability?

(V)

47. Does the property management

system identify the type of cost

recorded (e.g., acquisition cost,

estimated fair market value,

revaluation, present value)?

(V)

48. Does the property management

system capture the acquisition
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Property Management Systems Requirements

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Page 24 GAO-02-171G - Property Management Systems Requirements Checklist (12/01)

Managing and accounting for

property

Yes/no

na Explanation

cost of individual items acquired

through bulk purchase, when

required by agency policy? (V)

49. Does the property management

system capture the cost of

capitalizable improvements

separate from the original cost,

the estimated change in the

asset’s life as a result of the

improvement, and the date of

improvement? (V)

Depreciation, amortization,

or depletion of

capitalized assets

50. Does the property management

system calculate depreciation

on asset pools? (V)

51. Does the property management

system separately calculate

depreciation on capital

improvements? (V)

Deferred maintenance

and condition

52. Does the property management

system provide the capability of

forecasting or scheduling

maintenance requirements for

future periods? (V)

Transfer, disposal, or

retirement of assets

53. Does the property management

system capture estimated cost

to demolish property or

otherwise dispose of property?

(V)
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Property Management Systems Requirements

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Page 25 GAO-02-171G - Property Management Systems Requirements Checklist (12/01)

Interface requirements

Yes/no

na Explanation

Note: There are no checklist

questions drawn from this section

of the JFMIP source document (pp.

20–21). (See footnotes 4 and 5.)

(193021)
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Related Products

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Page 26 GAO-02-171G – Property Management Systems Requirements Checklist (12/01)

These related products address three main categories: internal control, financial

management systems, and financial reporting (accounting standards). We have developed

these guidelines and tools to assist agencies in improving or maintaining effective

operations and financial management.

Internal Control

Standards for Internal Control Streamlining the Payment Process

in the Federal Government, While Maintaining Effective Internal

GAO/AIMD-00-21.3.1, November 1999. Control, GAO/AIMD-00-21.3.2,

May 2000.

Determining Performance and Internal Control Management and

Accountability Challenges and High Evaluation Tool, GAO-01-1008G,

Risks, GAO-01-159SP, November 2000. August 2001.

Financial Management Systems

Framework for Federal Financial Inventory System Checklist,

Management System Checklist, GAO/AIMD-98-21.2.4, May 1998.

GAO/AIMD-98-21.2.1, May 1998.

System Requirements for Managerial Core Financial System Requirements

Cost Accounting Checklist, Checklist, GAO/AIMD-00-21.2.2,

GAO/AIMD-99-21.2.9, January 1999. February 2000.

Human Resources and Payroll Direct Loan System Requirements

Systems Requirements Checklist, Checklist, GAO/AIMD-00-21.2.6,

GAO/AIMD-00-21.2.3, March 2000. April 2000.

Travel System Requirements Seized Property and Forfeited Assets

Checklist, GAO/AIMD-00-21.2.8, Requirements Checklist,

May 2000. GAO-01-99G, October 2000.

Guaranteed Loan System Grant Financial System

Requirements Checklist, Requirements Checklist,

GAO-01-371G, March 2001. GAO-01-911G, September 2001.

Financial Reporting (Accounting Standards)

“Checklist for Reports Prepared Under the CFO Act,” (Section 1004 of the

GPO/PCIE Financial Audit Manual, July 2001). This is a checklist containing

agency financial statement reporting requirements.

These documents are available on the Internet on GAO’s Home Page

(http://www.gao.gov) under the heading “Other Publications” and the subheading

“Accounting and Financial Management.” They can also be obtained from GAO, 700 4th

Street NW, Room 1100, Washington, DC 20548, or by calling (202) 512-6000 or TDD (202)

512-2537.