There are a variety of programs and systems used to report and obtain different kinds of property. Products are considered “personal property” meaning items ranging from common place items to specialized equipment. The term “real property” is used to distinguish buildings and land.
Government regulations mandate that federal agencies, to the fullest extent practicable, use excess personal property as the first source of supply in meeting agency requirements. Excess personal property is any personal property that is no longer required by the holding agency for the discharge of its responsibilities. Each year, hundreds of millions of taxpayer dollars are saved by managers who acquire excess property instead of purchasing new property.
Excess personal property that is not desired by other federal agencies is declared “surplus.” It is then made available to the states, public agencies, or nonprofit organizations.
Surplus personal property that is determined not needed by a state, public agency, or nonprofit organization is generally offered to the public for "sale."
Last Reviewed 5/8/2008