Government-Furnished Property & Equipment Flashcards

Which of the following is NOT a type of Government property as defined in FAR Part 45?

Answer: Contractor's commercial tooling used exclusively on a Government contract

Contractor-owned commercial tooling used on a Government contract remains contractor property and is not classified as Government property under FAR Part 45.

A contractor's property management system must include all of the following elements EXCEPT:

Answer: Contractor's profit and loss statements for GFP usage

A contractor's property management system addresses acquisition, records, physical inventory, and other stewardship controls, but does not include financial profit/loss statements for GFP.

How often must contractors typically conduct a physical inventory of Government property?

Answer: Annually or as required by contract terms

FAR 52.245-1 requires contractors to conduct physical inventories of Government property at least annually or as otherwise specified in the contract.

When the COR observes a contractor using Government-Furnished Equipment for work NOT covered under the contract, what should the COR do?

Answer: Document the observation and report it to the contracting officer for appropriate action

The COR should document the unauthorized use and report it to the contracting officer, who has the authority to take corrective action.

Government-Furnished Material (GFM) differs from Government-Furnished Equipment (GFE) primarily in that GFM is:

Answer: Material intended to be incorporated into or consumed during contract performance, not reused after contract end

GFM is material consumed or incorporated into the end product during performance, while GFE is equipment expected to be returned or transferred after contract completion.

Which agency is responsible for approving a contractor's property management system under DCSA/DCMA oversight?

Answer: The Defense Contract Management Agency (DCMA)

DCMA is responsible for reviewing and approving contractor property management systems as part of their contract administration and oversight function.

What is 'Contractor-Acquired Property' (CAP) in the context of Government contracts?

Answer: Property acquired by the contractor under a contract in which the Government has title or will acquire title upon contract completion

CAP is property purchased by a contractor using contract funds where title vests in the Government, making it subject to the same FAR Part 45 property management requirements as GFP.