Jul 26, 2016

A proposed new ASTM International standard will provide a holistic approach to subcontractor property management. The proposed standard is WK46257, Guide for Management of Customer-Owned Property in the Possession of a Supplier or Subcontractor.

WK46257 applies to property that is expected to be used by federal agencies, government contractors and other large entities that furnish property to suppliers.

ASTM member Richard Culbertson, recently retired from Lockheed Martin, notes that use of WK46257 will lead to improved products and services that cost less. According to Culbertson, a review of asset management based on WK46257 would step back from a procedures compliance audit to look at the basic vital signs of good internal controls.

"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 by using consistent terminology."

The proposed standard will be specifically useful to U.S. government contractors who have subcontractors in possession of U.S. government property and to commercial enterprises with large contracts that require furnishing property to subcontractors or suppliers.

WK46257 is being developed by Subcommittee E53.20 on U.S. Government Contract Property Management, part of ASTM International Committee E53 on Asset Management. All interested parties are invited to join in the standards developing activities of E53.

CONTACT Technical Information: Richard Culbertson • Pittsburgh, Pa. • Phone: 609-410-0108 | ASTM Staff: Katerina Koperna • Phone: 610-832-9728