41 CFR 128-1.5002-5 - Personal property.
Property of any kind or interest therein, except real and related property (as defined in FPMR 41 CFR 101-43.104-15), records of the Federal Government, and naval vessels, cruisers, aircraft-carriers, destroyers, and submarines (FPMR 41 CFR 101-43.104-13). For management and accounting control, personal property is categorized as follows:
(a) “Expendable personal property” is that which, by its nature or function, is consumed in use; is used as repair parts or components of an end product considered nonexpendable; or has an expected service life of less than one year.
(b) “Non-expendable personal property” is that which is complete within itself, does not lose its identity or become a component part of another article when put into use, and is of a durable nature with an expected service life one or more years.
(c) “Controlled personal property” is that personal property for which good management practice dictates that it would be in the interest of the Government to assign and record accountability to assure the proper use, maintenance, protection and disposal of property for which the Government is responsible. Includes, but is not restricted to property which:
(1) Is leased by, in the custody of, or is loaned to or from the Department.
(2) Due to inherent attractiveness and/or portability is subject to a high probability of theft or misuse.
(3) Is warranted, requires knowledge of age and/or previous repair data when determining whether repair or replacement is appropriate.
Title 41 published on 2015-09-24.
No entries appear in the Federal Register after this date, for 41 CFR Part 128-1.