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March/April 2011
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Tangible Property

Movement, shipment and transfer are all words that are commonly used by entities that deal with tangible property. To ensure that these words are being used and understood by all parties involved, ASTM International Committee E53 on Property Management Systems has approved a new standard, E2671, Practice for Defining Movements, Shipments and Transfers of Tangible Property.

E2671 was developed by Subcommittee E53.01 on Process Management.

E2671 offers the following basic definitions for each of the terms:

  • Movement is the act or process of physically relocating tangible property from one location, internal area or person to another within an entity’s site, generally regarded as an on-site location change.
  • Shipment is the physical relocation of tangible property from one facility, geographical location, customer or entity, or any combination thereof, to another, and may or may not include a transfer of accountability.
  • Transfers of tangible assets typically include a conveyance of right, title, interest or accountability in those assets from one person, organization or entity to another.

Cindy Locken, industrial property management specialist, Defense Contract Management Agency, says that E2671 was written to be useful and easy to understand by the layman.

“Any entity that manages or controls tangible property or assets can reference E2671 in their procedures and plans without having to include all the specific language,” says Locken. “Also, the standard will lend itself to communicating the definitions and differences to auditors who may review an entity’s policy and procedures.”

CONTACT

Technical Information: Cindy Locken, Defense Contract Management Agency, Carson, Calif.

Phone: 310-900-6583

ASTM Staff: Christine Basile

Phone: 610-832-9728