§506 Inventory Controls and Systems

Summary

The Administrator of General Services, after giving affected agencies enough advance notice, may take steps to manage federal property. The Administrator can survey agencies and collect reports on property and how it is managed; help agencies set reasonable stock levels and tell Congress and the Office of Management and Budget if stocks are too high; create and keep a single federal supply catalog; set standard purchase specifications, forms, and procedures (except forms the Comptroller General must set); set dollar thresholds for when property must be capitalized; and, despite section 121(b), set thresholds for when agencies must keep property records in a central system. The Administrator must respect the Department of Defense’s needs as the Secretary of Defense decides and must coordinate with the Secretary to avoid duplicate catalogs. Every federal agency must use the catalog, specs, forms, and procedures unless the Administrator allows a different approach for efficiency or other government interests. The Comptroller General must audit all types of property accounts and transactions, doing audits when and where practical, and must check internal controls and overall accountability using generally accepted auditing standards.