[Code of Federal Regulations]
[Title 48, Volume 1]
[Revised as of October 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 48CFR45]

[Page 824-825]
 
            TITLE 48--FEDERAL ACQUISITION REGULATIONS SYSTEM
 
                CHAPTER 1--FEDERAL ACQUISITION REGULATION
 
PART 45--GOVERNMENT PROPERTY--Table of Contents
 
  Subpart 45.5--Management of Government Property in the Possession of 
                               Contractors
 
45.505-1  Basic information.

    (a) Unless summary records are used as authorized under paragraph 
(b) of this section, the contractor's property control records shall 
provide the following basic information for every item of Government 
property in the contractor's possession, regardless of

[[Page 825]]

value (other subsections of 45.505 require additional information for 
specific categories of Government property):
    (1) The name, description, and National Stock Number (if furnished 
by the Government or available in the property control system).
    (2) Quantity received (or fabricated), issued, and on hand.
    (3) Unit price (and unit of measure).
    (4) Contract number or equivalent code designation.
    (5) Location.
    (6) Disposition.
    (7) Posting reference and date of transaction.
    (b) Summary records are normally adequate for special tooling, 
special test equipment, and plant equipment costing less than $5,000 per 
unit, except where the contract administration office determines that 
individual item records are necessary for effective control, 
calibration, or maintenance. Summary records shall provide the 
information listed in paragraphs (a)(1) through (a)(7) of this section, 
but may reference a general location, provided the contractor can locate 
the property within a reasonable period of time.

[48 FR 42392, Sept. 19, 1983, as amended at 59 FR 11384, Mar. 10, 1994]