Executive Order (EO) 13327, entitled "Federal Real Property Asset Management," promotes efficient and economical use of real property assets and assures management accountability for implementing federal real property management reforms. Major provisions of the order include:

• Establish the position of a Senior Real Property Officer (SRPO) at all major landholding agencies
• Direct the Senior Real Property Officers to develop and implement agency asset management plans
• Create an Interagency Federal Real Property Council (FPRC)
• Authorize the development of a single, comprehensive, and descriptive database of all real property under the custody and control of all executive branch agencies, exept when otherwise required for reasons of national security

The Executive Order directs agencies to:

• Identify and categorize all real property assets owned, leased or otherwise managed by the agency
• Prioritize actions to improve the management of an agency's real property inventory
• Make life-cycle cost estimates associated with the prioritized actions
• Identify and pursue goals with appropriate deadlines, consistent with and supportive of the agency's asset management plans, and measure progress against such goals
• Identify and pursue other actions necessary to the appropriate development and implementation of the agency Asset Management Plan

The Executive Order also encourages the General Services Administration (GSA), in consultation with the FRPC, to establish information technology standards for use by federal agencies in developing or upgrading real property information systems to facilitate reporting on a uniform basis.

The Federal Real Property Council (FRPC) is responsible for developing a strategy to implement EO 13327 and has established three committees. They are the:

1. Asset Management Plan Committee - Chaired by the General Services Administration's (GSA) Public Buildings Service, the Asset Management Plan Committee develops governmentwide asset management strategies, such as the requirements for each agency's asset management plan.
2. Inventory and Performance Measures Committee - Chaired by the Department of Defense, the Inventory and Performance Measures Committee is responsible for the overall approach and direction of the new inventory system, including new data definitions and reporting methodologies.
3. Systems Committee - Chaired by the Department of Agriculture, the Systems Committee is responsible for identifying the information technology requirements of the inventory system.