**Note:  Wherever the symbols <   > are shown with wording in the center, this indicates where terminology or amounts may differ from one Tribe, Nation, etc. to another thus making the nomenclature applicable to the Tribe, Nation, etc.*

*Also, this Property Management System sample policy and procedure only relates to personal property and additional information may need to be added if Real property would like to be incorporated under this Property Management System sample.*

<Tribe Name> Property Policies and Procedures

**Purpose**

The purpose of this Property Management System is to ensure that acquisition of property covered here are prudently undertaken allowing for compliance with applicable Federal regulations. The Property Management System shall provide a practical approach for ensuring the best possible value is obtained for acquisitions and within authorized funding.

**Authority and Management**

The Property Management policies shall be authorized by the <Tribal Council> of the <Tribe Name> and shall be revised and/or amended only by the official action. 

The <Chief, Chairman, President, etc.> serves as the principle <Tribal Council> member of the <Tribe Name>. 

The <Tribal Administrator> serves as the <Chief Operating Officer> and reports directly to the <Chief, Chairman, President, etc.> of the <Tribe Name>. 

The <Controller> serves as the <Chief Financial Officer> of the <Tribe Name> and reports to the <Tribal Administrator>. Authority to perform specific fiscal functions is delegated to fiscal employees subject to the decisions of management and the governing body of the <Tribe Name>. 

<Department Heads> and other key staff positions are responsible for their departments and they report to the <Tribal Administrator>.

<Property Manager> is charged with carrying out and ensuring compliance with the <Tribe Name’s> Property Policies & Procedures and reports to the <Tribal Administrator>.

**Property Categorization**

Property is classified by four attributes: method of acquisition, cost/value, life expectancy, and capitalization.  These classifications determine the level of coordination necessary for an item of property until disposition.  Each of these classifications are further explained below:

**Acquisition Method**

All property acquisitions within the approved budget are classified as follows: 

· Property purchased with Tribal funds

· Property purchased with Federal funds

· GSA Excess and Surplus Property

**Cost/Value**

Property shall be classified using monetary ranges where various levels of approval will be necessary for the acquisition and disposition.  These ranges are as follows: 

<Micro> - less than or equal to <$500> 

<Mini> - greater than <$500> and less than or equal to <$5,000> 

<Minor> - greater than <$5,000> and less than or equal to <$50,000>

<Major> - greater than <$50,000> 

**Life Expectancy**

Expendable Property is property with a normal life expectancy of <1 year or less> or is consumed, loses its identity, or becomes an integral part of other property during the normal course of its use.  This property includes materials, supplies, replacement parts, 

Non-Expendable Property is property with a normal life expectancy of <more than 1 year> and is not consumed in a manufacturing process retaining its original identity and characteristics during its useful life.  These items include equipment, instruments, and tools.

**Capitalization**

Non-Expendable Property can be further subcategorized into capitalized, non-capitalized, and sensitive property.

Capitalized Property is property with an original acquisition cost of <more than $5000> per item.

Non-Capitalized Property is property with an original acquisition cost of <$5000 or less> per item.

Sensitive Property is non-expendable property that can easily be converted to private use and has a high potential for theft or pilferage regardless of cost.  These include items such as digital cameras, small tools, iPads, small appliances, laptops, etc.  All firearms and associated equipment shall also be considered sensitive property.  The <Tribal Administrator> will determine which items are considered sensitive property.

**Property Acquisition Guidelines**

Property acquisition guidelines are necessary to ensure the <Tribe, Nation, etc.> acquires property in manner that is acceptable to all applicable regulations.  These guidelines include:

· When acquiring property, only necessary and non-duplicative services, goods or materials will be allowed. Consideration should be given to consolidating or breaking out procurements to obtain a more economical purchase.

· For Non-Expendable Capitalized property, an analysis should be made of lease and purchase alternatives to determine which would be the most economical and practical procurement.

· <Tribe Name> will maintain a written standard of conduct governing the performance of their employees engaged in the purchase of property. No employees, officers or agent of <Tribe Name> will solicit or accept gratuities, favors or anything of monetary value from any supplier providing property to the <Tribe, Nation, etc.> when the acquisition of the property is supported by Federal funds and a conflict of interest, real or apparent, would be involved. Such a conflict would arise when any of the following listed entities has a financial or other interest in the company being selected for the acquisition of property:

· The employee, officer or agent;

· Any member of their immediate family;

· His or her partner; or 

· An organization, which employs, or is about to employ, any of the above

· Employees of the <Tribe, Nation, etc.> may receive unsolicited gifts with a value of <less than $50 per year> from contractors, vendors, and other organizations unless otherwise prohibited by a funding agency or if there is a conflict of interest.

· <Department Heads> are encouraged to use Federal excess and surplus property in lieu of purchasing new equipment and property whenever such use is feasible and is expected to reduce cost.

· <Department Heads> will maintain records sufficient to detail the significant history of acquisition for at least three years after payment. These records will include, but are not necessarily limited to the following: a cost comparison, if required, the method of acquisition chosen (delivery/pick-up), documentation showing the rationale for selecting or rejecting bids, and the overall lowest cost including the cost of acquisition (delivery/pick-up).

**Property Acquisition Process**

The property acquisition process ensures the <Tribe, Nation, etc.> has a consistent and systematic approach for acquiring property.  Prior to purchasing property, employees of the <Tribe, Nation, etc.> shall gain approval for a property request from the appropriate authority, as detailed below.  All property requests are to be in writing, clearly specifying the desired property and sufficient documentation regarding the history and need of the acquisition.  This history should include any cost comparisons, if required, the method of acquisition chosen (delivery/pick-up), documentation showing the rationale for selecting/rejecting any bids, and the overall lowest cost including the cost of the acquisition (delivery/pick-up).

Property acquisitions are categorized by cost/value below and shall follow the appropriate approval process:

<Micro Purchases - Less than or equal to $500>:

When a <Department> has a need to make a purchase that is less than or equal to $500, the <Department Head> shall research the best value either in-store or online by comparing similar vendors. After choosing the best item at the best value, the <Department Head> will work with the <Property Manager> for the property being requested. If the <Property Manager> is satisfied with the appropriateness of the request, they will submit the request to the <Controller> and/or their staff for review.  Upon approval, the acquisition may take place for the property requested.

<Mini Purchases - Greater than $500 and Less than or equal $5,000>:

When a <Department> has a need to make a purchase that is greater than $500 but less than or equal to $5,000, the <Department Head> shall research the best value and obtain a minimum of <three (3)> quotes that need to be documented and attached when submitting the request to the <Property Manager>. If the <Property Manager> is satisfied with the appropriateness of the request, they will work with the <Tribal Administrator> for their approval.  If approval is obtained, the <Property Manager> will submit the request to the <Controller> and/or their staff for review.  Upon approval, the acquisition may take place for the property requested.

<Minor Purchases - Greater than $5,000 and Less than or equal to $50,000>:

When a <Department> has a need to make a purchase that is greater than $5,000 but less than or equal to $50,000, the <Department Head> shall research the best value and obtain a minimum of <three (3)> quotes that need to be documented and attached when submitting the request to the <Property Manager>. If the <Property Manager> is satisfied with the appropriateness of the request, they will work with the <Tribal Administrator> for their approval.  Once that approval is granted, they will then work with the <Chief, Chairman, President, etc.> for their approval.  If approval is obtained, the <Property Manager> will submit the request to the <Controller> and/or their staff for review.  Upon approval, the acquisition may take place for the property requested.

 <Major Purchases/Contracts - Greater than $50,000>: 

When a <Department> has a need to make a purchase that is greater than $50,000, the <Department Head> shall research the best value and obtain a minimum of <three (3)> quotes that need to be documented and attached when submitting the request to the <Property Manager>. If the <Property Manager> is satisfied with the appropriateness of the request, they will work with the <Tribal Administrator> for their approval.  Once that approval is granted, they will then work with the <Chief, Chairman, President, etc.> for their approval.  If the <Chief, Chairman, President, etc.> approves, then it will need to be presented during a <Tribal Council> meeting for a vote. If approval is obtained, the <Property Manager> will submit the request to the <Controller> and/or their staff for review.  Upon approval, the acquisition may take place for the property requested.

**Receiving, Recording and Tagging Property**

When the <Tribe, Nation, etc.> receives property, there is certain paperwork that is provided when ordered and delivered.  This property when received needs to be recorded into a property tracking system where relevant information can be entered, referenced, and updated throughout the life of the property.  In certain instances, a tag, label or decal will need to be permanently affixed to the property such that it may be easily identified and visually accounted for when conducting an inventory.  Each of these activities are noted below and provide for the following steps:

**Receiving Property**

· The <Property Manager> will retain a copy of the purchase order when ordering the property and will compare it with the invoice submitted by the vendor when the property is delivered.

· The <Property Manager> shall visually and physically check the property received. 

· Shortages, overages and damages shall be documented. The <Property Manager> shall notify the vendor of any adjustments completed. 

· When invoices show that back-orders have been necessary, the <Property Manager> shall hold the receiving report until the shipment is complete. Payments should be made based on the Financial Policies and Procedures related to purchasing property and any partial payments should be made only when required by the vendor. 

· When invoices and visual checks confirm shipment is complete, the <Property Manager> shall sign the receiving report and deliver it to the <Finance Department>. 

· Upon receipt of the property, the <Property Manager> will coordinate with the <Tribal Administrator> to determine whether the property is sensitive or not.

· Material and supplies received from the Federal government or purchased by <Tribe Name> for use under contracts and any other material and supplies, shall be issued for use directly upon receipt.

**Recording Property**

· The <Property Manager> shall establish a property tracking system, which shall help identify the location of any item of property within a reasonable period of time after a request is received.

· The documents showing evidence of purchase and receipt such as purchase orders, receiving reports and invoices shall be considered the property records for the property received. The cost shall be pro-rated to the various programs through accounting procedures, if necessary.

· The <Property Manager> will be required to enter all expendable and non-expendable property into a property tracking system.  All property will need to be input and identified to show which property is expendable and which is non-expendable along with which property may be capitalized and what property will not be capitalized.  All sensitive property should be input as non-expendable property.

· The property tracking system shall also provide for the following information to help identify and track the property acquired:

· Name of Equipment Manufacturer;

· Manufacturer’s mode/part number (including National Stock Number (NSN), when available);

· Serial number and year built (if available);

· Tag/Decal number assigned by <Tribe>;

· Property name;

· Date of acquisition;

· Location;

· Type of disposition (Sold, Donated, Recycled, Destroyed, Abandoned, Trashed, Scrapped, Lost, Stolen, etc.);

· Date of disposition, and if sold, amount of funds gained from the sale.

· If sold, amount of funds gained from the sale.

· Accessory of auxiliary equipment which is attached to or otherwise a part of an item of capitalized non-expendable equipment or has been acquired for use in connection with a specific item shall be recorded in the same manner as capitalized non-expendable equipment.

· The <Property Manager> shall retain records of all dispositions and the related circumstances surrounding the disposition.

· Property management records of property transactions must be retained for three years from the date of disposition, replacement or transfer.

· Title shall vest with the <Tribe> for all GSA Excess and Surplus property acquired along with any property where funds are provided by the Federal government through Tribal shares.

**Tagging Property**

· Tags, labels, and/or decals will be applied to the property for identification purposes for all non-expendable property.

· Each tag should have a unique way to identify all non-expendable property acquired.

· Tags should last for the life of the property.  If a tag becomes difficult to read or becomes missing, a new tag should be applied and the property tracking system should be updated, if necessary.

· The property tracking system is different from the inventory tracking system but can help populate the inventory tracking system.  The inventory tracking system will only need to track non-expendable property and has additional information that will need to be populated when created.  This additional information may be found under Physical Inventory section. 

**Property Utilization**

After property is delivered to the <Department>, it is important to ensure the property is utilized in a manner and for the purpose it was procured.  The <Property Manager> will have this responsibility for ensuring the property is utilized properly for accomplishing activities that benefit the <Tribe’s, Nation’s, etc.> programs and overall mission.  Additional functions are as follows:

· The <Property Manager> shall periodically during the year, and at the time of the annual inventory, review the usage of property, equipment and material, and determine whether it is being used for the purpose it was acquired, and that the degree of utilization justifies the retention of property and equipment and the stock on hand.

· The <Property Manager> shall ensure that all insurable property will hold insurance, especially when the property is loaned to another <Tribe, Nation, etc.> on a <Use Permit>, to reduce the <Tribe’s Name> liability and to hold harmless the Federal government.

· The <Property Manager> will ensure that only qualified and authorized personnel will be allowed access and use property.

· The <Property Manager> shall report any apparent misuse or lack of use of any property to the <Tribal Administrator>, who shall arrange for its proper use, transfer or disposition.

**Property Storage, Movement, and Safeguarding**

When property is not being used or is being moved from one location to another, it is important to ensure the property is cared for and protected from environmental hazards and unsafe use.  Additional functions include the following:

· The <Property Manager> shall ensure all property acquired by <Tribe Name> or for use by <Tribe Name>, shall be stored, moved and protected in such a manner that loss or damage is kept to a minimum.

· The <Property Manager> shall assure adequate shelter is provided for property and storage is provided in such a manner that damage from the elements, loss from theft, and unauthorized access is prevented to the greatest extent possible.

· When property, equipment or material is moved within tribal facilities or between tribal facilities, the <Property Manager> shall assure proper identification is made, shipping labels are attached, packing and moving facilities are adequate to prevent damage, any losses are properly investigated and reported, and documentation is updated to show the property’s new location.

· The <Property Manager> shall report any evidence of improper storage or movement to the <Tribal Administrator>, who shall take steps to correct any improper procedures.

· The <Property Manager> shall ensure the property is being used in a safe manner and in a manner which the property was intended.

**Property Maintenance**

****

The <Property Manager> shall oversees all <Tribe Name> property maintenance. The <Property Manager> will work with the <Department> who possess the property to develop an Operations & Maintenance Plan that includes the responsibility of assuring that all <Department> conduct an effective preventive maintenance program consisting of the following actions:

· Inspecting non-expendable property at such periodic intervals as will assure detection of mal-adjustment, wear or impending breakdown;

· Regularly scheduled lubrication of bearing and moving parts in accordance with manufacturer lubrication chart or equivalent plan;

· Protection from exposure to deteriorating agents;

· Adjustments for wear, repair or replacement of worn or damaged parts;

· Taking necessary precautions to prevent and eliminate the causes of deterioration from contamination and corrosion; and

· Proper storage and preservation of accessories and special tools furnished with an item of capitalized non-expendable property but not regularly used with it.

The <Department> who has possession of the property shall maintain a schedule of inspection in their records, which disclose the need for major repair, replacement and other rehabilitation work for property in the possession or control of <Tribe Name>.

The <Department> shall take steps to obtain the required services and request approval of these services from the <Property Manager>.

The <Department> shall assure the maintenance of records, which disclose the preventative, repair and rehabilitation actions taken because of the inspection, are updated after service is provided.

**Interdepartmental Transfers and Rental Agreements**

When property is not being utilized by a <Department> who has possession, another <Department> may request to use the property with the <Property Manager’s> approval.  Adequate documentation will be updated to show who currently possesses the property to ensure it can be located when needed.  It is expected that all operational and maintenance costs associated with the use of the property will be provided by the <Department> that has requested its use.

The <Property Manager> will determine when property is not being utilized by a <Department> and if approved by the <Tribal Administrator> allow for the rental of property to other <Tribes, Nations, etc.>, contractors, or the general public.  If rented, insurance will be required to be held on the property if not already provided.  All updates should be provided to its current location.  Any funds acquired from the rental shall be used to maintain and/or replace the property.

**Property Losses**

In the event property is lost due to theft, malicious mischief, or other unexpected and unforeseen damage, the following steps will be followed related to the corresponding loss:

**Losses due to theft**

1. Upon discovery of the missing item, the <Department> should notify the <Policing Entity> and the pertinent <Department Head> and <Property Manager>. The <Department> reporting the incident should gather any relevant evidence and facts and provide that information to the <Policing Entity> and the pertinent <Department Head>. From this point forward, the <Finance Department> will coordinate the reporting and cost recovery procedures on behalf of the <Department>;

2. The <Policing Entity> will investigate the incident and complete a report, the <Department Head> and pertinent/involved <Department> should also complete an incident report. These reports should be submitted to the <Finance Department> as soon as possible. The information from the reports will be entered into a stolen property log. This stolen property log will be a cumulative, master list of all <Tribe Name> property that has been reported stolen;

3. The <Policing Entity> will serve as the central contact point for disseminating information to other <Departments> involved in the reporting and replacement of the equipment. In all cases, the <Policing Entity> and the <Department Head> will report the incident to the <Finance Department>;

4. <Finance Department> will make any necessary changes adjustments to the <Tribe Name> accounting and/or equipment records and will coordinate, as needed, with other <Departments> to obtain any additional information required to make the adjustments;

5. <Finance Department> will determine the dollar value of the stolen item(s) and initiate cost recovery procedures from the applicable source, if available;

6. On a <quarterly basis>, <Finance Department> will submit a report of items valued at <$1,000 or above> to the <Chief, Chairman, President, etc.> and <Tribal Council>;

7. For an item valued <at or above $1,000>, the <Finance Department> will draft a letter to communicate the incident to the <Chief, Chairman, President, etc.> and <Tribal Council> and maintain a record of the letter; and

8. The <Policing Entity> will notify the <Finance Department> of the final results of its investigation. The <Finance Department> will inform all applicable parties of the final resolution.

**Damaged to property due to malicious mischief**

1. Upon discovery of the damaged item, the <Department> should notify the <Policing Entity>, the <Finance Department>, and <Property Manager>;

2. Obtain a copy of the police report as soon as possible;

3. Take photos of damage;

4. Secure a repair estimate, if possible;

5. If damaged beyond repair, notify <Finance Department> of the loss for removal from inventory;

6. Determine method of Disposition; and

7. Submit a claim to the <Policing Entity> and <Finance Department> along with the police report, photos, and repair estimate.

**Losses due to damage from water leaks, accidental damage, malfunction, or other causes**

1. Immediately notify the appropriate < Department> of any building issues and also notify <Finance Department> and <Property Manager>;

2. Take photos of damage;

3. Request the <appropriate Department> to secure a repair estimate on the water leaks/etc., if possible;

4. Obtain a repair estimate on the property, if possible;

5. If damaged beyond repair, notify the <Finance Department> of the loss for removal from inventory;

6. Determine method of Disposition; and

7. Submit a claim to the <Finance Department> along with photos and repairs estimate.

**Physical Inventory**

Inventorying is a necessary and required function to be completed by the <Property Manager> to identify, assess it physical condition, determine its utilization and potential need for disposition.  These functions are further detailed as follows:

· The <Property Manager> is responsible for physical inventory actions, which consists of sighting, tagging or marking, describing, recording and reporting property involved and reconciling the inventory results with property records located in the property tracking system.

· Physical inventories shall be made by visually identifying the property, verify the property by referencing the tag/decal number, inspect the property, note the condition of the property, and report any property that has not been properly maintained.

· If an item cannot be found, the <Department> will need to provide justification and the <Property Manager> will take appropriate action.

· All non-expendable capitalized and sensitive property will be inventoried when Federal funds are used for the acquisition or if the property is GSA Excess and Surplus.

· An inventory tracking system should be created to help inventory and track the non-expendable capitalized and sensitive property.  The inventory tracking system will provide for the following information, at a minimum:

· Source (GSA, third party, etc.);

· Date acquired;

· Description (manufacturer and model number);

· Serial number or other identification number, if any;

· Tribal tracking number;

· Location;

· Current use/condition;

· Original acquisition value or purchase price;

· Current estimated value;

· Type of disposition (Sold, Donated, Recycled, Destroyed, Abandoned, Trashed, Scrapped, Lost, Stolen, etc.);

· Date of disposition;

· Sale price, if any

· Inventories should occur at least once (1) every two (2) years at a minimum.

· The <Property Manager> will provide a signed statement that physical inventory of all property was completed on a specified date and that the Tribal official property records were found to be in agreement with the physical inventory except for any discrepancies that will be noted in the statement.

· The <Property Manager> upon completion of the inventory should note any property that is at the end of its useful life for the purposes of the <Tribe, Nation, etc.> and coordinate with the <Tribal Administrator> to determine type of disposition.

· The <Tribe, Nation, etc.> shall make available for visual inspection by the Federal government all property acquired using Federal funds that has not undergone disposition, including GSA Excess and Surplus property.

**Reporting**

The <Property Manager> is responsible to prepare reports and provide requested information related to property acquired using Federal funds or GSA Excess and Surplus property.  These are further detailed below:

· The <Property Manager> shall maintain the property records in the following characteristics:

· Non-expendable, capitalized property;

· Leased or Rented property (all categories);

· Land and rights therein;

· Buildings, structures and improvements thereto, excluding non-expendable property;

· Non-expendable, non-capitalized property;

· Expendable, capitalized property; or

· Expendable, non-capitalized property

· Required reports shall be prepared by the <Property Manager>.

· The <Property Manager> will provide all information requested by the Federal government related to acquisition where Federal funds were used to purchase property. 

· For all GSA Excess and Surplus Property, the Federal government will request on an annual basis information related to all non-expendable and expendable, capitalized property that has not undergone the disposition process.  This information will be provided by the <Property Manager> prior to deadline provided.

**Disposition**

All <Departments> should coordinate with the <Property Manager> any property dispositions and support should be provided showing the property is ready for disposition.  When the <Department> determines they have no further use for the property, the <Property Manager> should use the following steps when seeking a disposition for the property:

1. Advertise to other <Departments> within the <Tribe, Nation, etc.> of its availability.  If another <Department> determines they have a need for this property, the <Property Manager> will coordinate with the <Tribal Administrator> for approval and then transfer the property to the <Department> requesting the property.

2. If no <Departments> within the <Tribe, Nation, etc.> have a need for the property, the Tribe shall first offer for sale internally utilizing the bidding process.

3. If there is no interest internally, the property shall be donated to a charitable or educational agency prior to being offered to the public via sale.

4. If no charitable or educational agency requests the property, it will be offered for sale to the public.  These items shall be sold fairly and equitably by sealed bid, a public auction, or a silent auction.   The minimum bid shall be its estimated market value, plus <4%> for administrative costs.

5. If no interest is provided by the public, then it shall be scrapped, recycled, abandoned, or trashed.

All property is categorized by cost/value and shall receive the corresponding treatment in the disposition process as follows:

<Micro Property – Less than or equal to $500>:

When a <Department> no longer has a need for property that is less than or equal to $500, the <Department Head> shall coordinate with the <Property Manager> the disposition of the property. If necessary, the <Property Manager> will update their records and send to the <Controller> and/or their staff an update of the property disposition and any funds generated due to the sale of the property.

<Mini Purchases - Greater than $500 and Less than or equal $5,000>:

When a <Department> no longer has a need for property that is greater than $500 and less than or equal $5,000, the <Department Head> shall coordinate with the <Property Manager> the disposition of the property. The <Property Manager will request approval from the <Tribal Administrator> prior to any disposition actions related to the property.  If approved, the <Property Manager> will update their records and send to the <Controller> and/or their staff an update of the property disposition and any funds generated due to the sale of the property

 <Minor Purchases - Greater than $5,000 and Less than or equal to $50,000>:

When a <Department> no longer has a need for property that is greater than $5,000 and less than or equal $50,000, the <Department Head> shall coordinate with the <Property Manager> the disposition of the property. The <Property Manager will request approval from the <Tribal Administrator> prior to any disposition actions related to the property.  Once that approval is granted, they will then work with the <Chief, Chairman, President, etc.> for their approval.  If approved, the <Property Manager> will update their records and send to the <Controller> and/or their staff an update of the property disposition and any funds generated due to the sale of the property.

 <Major Purchases/Contracts - Greater than $50,000>: 

When a <Department> no longer has a need for property that is greater than $50,000, the <Department Head> shall coordinate with the <Property Manager> the disposition of the property. The <Property Manager will request approval from the <Tribal Administrator> prior to any disposition actions related to the property.  Once that approval is granted, they will then work with the <Chief, Chairman, President, etc.> for their approval.  If the <Chief, Chairman, President, etc.> approves, then it will need to be presented during a <Tribal Council> meeting for a vote. If approval is obtained, the <Property Manager> will update their records and send to the <Controller> and/or their staff an update of the property disposition and any funds generated due to the sale of the property.

Adequate documentation for the disposition of property shall reflect the authority received to dispose of the items, the action taken and the date.  The <Property Manager> will coordinate the update of the property management and accounting records for all property disposed.  This will apply to the following transactions:

· If property is transferred, the <Property Manager> will update the property management record to show the <Department> the property was transferred to.

· If property is donated, the <Property Manager> will need to compose a transfer letter to the entity receiving the property and have the entity provide a signature of receipt.  The <Property Manager> shall then update the property management record to show the property is no longer active in the inventory.

· If the property is sold, the <Property Manager> should use whatever method will generate the maximum return when selling property.  Funds from the sale of the property should be used for the replacement of property that was sold.  The <Property Manager> shall then update the property management record to show the property is no longer active in the inventory.

· If the property is scrapped, recycled, abandoned, or trashed, the <Property Manager> shall update the property management record to show the property is no longer active in the inventory.

· If the property is lost or stolen, an investigation should occur that provides for an assessment of the situation and ultimate resolution to the scenario.  The <Property Manager> shall update the property management record to show the property is no longer active in the inventory after reporting of it lost or stolen.