ASTM International has published a new guide to help large organizations manage property used by their contractors and subcontractors. The standard (E3015, Guide for Management of Customer-Owned Property Assets in Possession of Supplier, Contractor or Subcontractor) will be useful to federal agencies, government contractors and other large entities that furnish property for their suppliers.
According to ASTM member Richard Culbertson, each stage in a property’s lifecycle (acquisition, use, disposition) is evaluated based on internal controls such as effective and efficient operations; reliable financial and operational reporting; and compliance with laws and regulations. The new guide will help improve processes and reduce costs in each of these areas.
“The general public should understand and demand good internal controls from entities, including government entities,” says Culbertson. “The vital signs of good internal controls should be known, understood and expected in the same way that medical vital signs such as temperature, blood pressure and heart rate are. There is strength and value in common understanding.”
The standard will be especially useful to government contractors who have subcontractors that use government property and to businesses with large contracts that require providing property to subcontractors or suppliers.
To purchase standards, visit www.astm.org and search by the standard designation, or contact ASTM Customer Relations (tel +1.877.909.ASTM; sales@astm.org). ASTM welcomes participation in the development of its standards. Become a member at www.astm.org/JOIN.
For more news in this sector, visit www.astm.org/sn-consumer.
ASTM Committee E53 on Asset Management Next Meeting: August 10, 2015, in conjunction with the National Property Management Association, Fort Worth, Texas
Media Inquiries: Nathan Osburn, tel +1.610.832.9603; nosburn@astm.org
Technical Contact: Richard Culbertson, Pittsburgh, Pa., tel +1.609.410.0108; richard.c.culbertson@gmail.com
ASTM Staff Contact: Katerina Koperna, tel +1.610.832.9728; kkoperna@astm.org
Release #9856
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