Who maintains the official Government property record?
• How should the Institution maintain the official Government property record? The Institution should maintain the official Government property record using sound business practices and the approval of the cognizant ONR Property Administrator. • Must an Institution’s property procedures be in writing? Not necessarily, but they must at least be within sound business practices (for which the Institution is performing) and formally be approved in writing by the cognizant ONR Property Administrator. • How often should physical inventories of Government titled property be taken? As often as needed to ensure the proper control, protection preservation and maintenance of Government titled property. The Government property should, in no case, be physically inventoried any less frequently than the Institution’s titled property. The exception to this rule is Government titled property under certain grants and cooperative agreements that, due to the requirements of OMB Circular A-110, require tha
