MS 511: Property Management

Date: March 31, 2008
Office: Administrative Services M/AS
Supersedes: 08/29/95 v. 2; 12/8/87; 5/2/84; 11/10/83; 9/20/83

Table of Contents
Attachments


1.0	Purpose
2.0	Definitions
3.0	Responsibilities
	3.1	Property and Supply Division
	3.2	Inventory Management Specialist
	3.3	Property Account Holder
	3.4	Property Officer
	3.5	Employees and Volunteers
4.0	Acquisition Cost and Property Records
	4.1	Property Acquired by a Contractor
	4.2	Computation of Acquisition cost
	4.3	Depreciation
	4.4	Determining Fair Market Value
	4.5	Recording Value of Donated or Transferred Property
	4.6	Recording Value of Acquisitions on a Trade-in Allowance
5.0	Inventory
	5.1	Property to be Inventoried
	5.2	Frequency of Inventory
	5.3	Inventory at Completion of Contract
	5.4	Inventory at Change in Property Accountability
	5.5	Inventory Preparation
	5.6	Inventory Procedures
	5.7	Inventory Reporting and Reconciliation
6.0	Property Control Procedures
	6.1	Control Procedures for Expendable Property
	6.2	Control Procedures for Non-expendable Property
		6.2.1	Property Passes
		6.2.2	Custody Receipts
7.0	Types of Property Records
	7.1	The Property Record Card
	7.2	Inventory Coding Form (PC-1524)
	7.3	Property tags
	7.4	Maintaining Property Records
8.0	Disposal
	8.1	Property Transfer to Another Peace Corps Office
		8.1.1	Procedure for Transfer within Peace Corps
		8.1.2	Shipping Costs of Transferred Property
		8.1.3	Property Transfer Following an Evacuation
	8.2	Property Transfer to Local GSA or Embassy GSO
		8.2.1	Procedures for Sale or Transfer through GSA/GSO
		8.2.2	Transfer to Local Charity or Non-profit Agency
	8.3	Direct Sale through Commercial Auction Services
	8.4	Restrictions on Direct Sale of Government Property
	8.5	Public Sale of Excess Property by the Peace Corps
		8.5.1	Depositing Proceeds of Sale
		8.5.2	Use of Non-vehicle Proceeds of Sale
	8.6	Transfer of Supplies and Equipment to Host Country
		8.6.1	Restrictions to Host Country Transfer
	8.7	Disposal of Obsolete Property or Property with no Value
	8.8	Disposal of Excess Medical Supplies
9.0	Replacement Standards
10.0	Missing, Lost or Damaged Property
	10.1	Reimbursement Requirements
	10.2	Recovery of Missing or Borrowed Property

Attachments

Attachment A	Property Forms Standard Operating Procedures (Part 1) (Part 2)
Attachment B	Abandonment and Destruction Guidelines
Attachment C	GSA Region Office Addresses

1.0 Purpose

Proper management of U. S. Government property ensures that funds spent acquiring and replacing property are kept at a minimum, leaving a maximum amount of Agency funds to support program operations.

Property management consists of four basic functions:

ACQUISITION
CONTROL of INVENTORY, RELEASE, and RECORDS
TRANSFER, SALE, or DISPOSAL
REPLACEMENT

This Manual Section provides Agency offices with requirements for accountability and disposition of expendable and non-expendable U. S. Government Property. For information on management, acquisition and disposal of four-wheeled vehicles see MS 527, "Vehicle Acquisition, Disposal, and Management."

2.0 Definitions

Peace Corps Personal Property: all property (purchased, contributed or otherwise acquired and retained by the Peace Corps) that is not an office building, detached or semi-detached office, residential home, or land owned by the Peace Corps. Property is classified as one or more of the following:

Expendable Property: property when put in use is consumed, loses its identity, becomes an integral part of another item of property, and/or is of low value not requiring formal accountability after issue. Examples include office supplies, fuel, automobile parts, tires, and computer parts.
Non-expendable Property: durable property with an anticipated useful life of over one year, a value of over $500 US, or property that has been assigned a manufacturer's serial number. Examples include: desks, chairs, bicycles, computers, typewriters, household goods, and vehicles.
Capitalized Property: non-expendable personal property that has an initial acquisition cost of $500 US or more, an estimated service life of two years or longer, is considered highly pilferable, or that has been issued a manufacturer's serial number must be capitalized and entered into the property database as such. Examples include computers, printers, vehicles.

Any single software program that is valued at $5,000 or more and has an expected useful life of two years or more, shall be considered capitalized property.

Excess Property: Property no longer required and for which the Peace Corps has no future need.

Fair Market Value: Price that a used piece of property would bring on the open market, or the original acquisition cost minus depreciation.

3.0 Responsibilities

3.1 Property and Supply Division

The Director of the Property and Supply Division (M/AS/P) is responsible for the policy and operation of Peace Corps' worldwide personal property inventory management system. M/AS/P will:

Provide guidance to the network of Peace Corps Property Account Holders and Property Officers, ensuring that changes in regulations and procedures are clearly and effectively communicated;
Ensure that Property Account Holders and Property Officers are trained and aware of their duties and responsibilities;
Direct, and provide assistance during Agency-wide property inventory and reconcile the automated inventory system.
Provide each office with a reconciled copy of its property inventory.

3.2 Inventory Management Specialist

The Inventory Management Specialist (IMS) is responsible for the day-to-day operation and upkeep of Peace Corps' worldwide personal property inventory management system.

3.3 Property Account Holder

The Property Account Holder (PAH), usually a Country Director, Regional Manager, or headquarters office manager, is ultimately responsible for all Peace Corps personal property within his or her office. The PAH can be held financially liable for neglecting to safeguard and control U. S. government property, and is responsible for certifying the accuracy of all inventory reports.

3.4 Property Officer

The Property Officer (PO), appointed by the PAH, is responsible for carrying out functions to safeguard and control all U. S. government property assigned to his or her office. For overseas posts, this includes residential as well as office personal property. The PO also ensures that staff is aware of the responsibility to protect all property assigned to, or shared by them in the conduct of their duties. The PO is the PAH's representative for all property and equipment requests, movements, repairs, or sales for their office. The PO is the only authorized individual to sign for additional furniture or equipment coming into or leaving their account area.

3.5 Employees and Volunteers

Each employee and Volunteer is responsible for the proper care, security and effective utilization of U. S. government property issued for his/her use, and may be financially liable for the property if it is stolen, damaged, lost or destroyed as a result of negligence, improper usage, or willful action. 4 MS 511 Page 3 08/29/95

4.0 Acquisition Cost and Property Records

LUE The Property Account Holder is responsible for reviewing and approving requests for new property. For specific instructions see MS 732, "Procurement Regulations, Rules, and Procedures --Overseas and U. S." The Property Officer is responsible for receiving and properly recording new property (including acquisition cost) in the property management database. To control property record keeping, the PO should be the only individual to sign for property coming in or out of the property account.

4.1 Property Acquired by a Contractor

Property acquired by contractors under provisions of a Peace Corps contract is the responsibility of the contractor in accordance with the terms of each individual contract. When contractors purchase equipment with contract funds and then bill the Peace Corps for reimbursement of the purchase price, title to the equipment is vested in the Peace Corps upon reimbursement to the contractor. Once Peace Corps holds title, the contractor must maintain a signed receipt acknowledging responsibility of possession and listing property inventory. The Property Account Holder is responsible for the property upon return by the contractor at the termination or completion of the contract.

4.2 Computation of Acquisition Cost

Acquisition cost is the cost of the furniture or equipment plus the shipping costs paid by the vendor or U. S. government (even if shown separately on bill). Government discounts must be included in computation of acquisition cost. Other shipping costs, GSA surcharges, or prompt payment discounts should not be included in computations of acquisition cost.

4.3 Depreciation

Depreciation is calculated by taking the original acquisition cost and dividing it by 10, then subtracting this amount for each year the property has been in service. Property is not depreciated while in storage.

4.4 Determining Fair Market Value

Subtract depreciation from the original acquisition cost. This method of calculating fair market value is for system reporting (not sale or reimbursement) as it does not take wear and tear into consideration. If the original acquisition cost is not known, contact M/AS/P for the precise value of acquisition cost minus depreciation.
Make best estimate based on knowledge of the local market.
Compare the item with similar equipment on hand.
Conduct an independent appraisal of the property.
Call vendors who deal in the type of property in question.

4.5 Recording Value of Donated or Transferred Property

Donated/transferred property shall be recorded in Peace Corps property management system at fair market value plus transportation charges or other costs connected with placing the property in use.
If the donor/transferor has already depreciated the property, record the donor/transferor's estimation of fair market value in the property management system.
If the donor/transferor has not recorded depreciation on the property, the property shall be recorded at the donor/transferor's original acquisition cost. The PO shall then record accumulated depreciation using the formula in paragraph 4.1.
Donations and transfers of property must also be processed in accordance with

the provisions of Manual Sections 720, 721, and 722. Authority to accept donations is delegated by the Director of the Peace Corps to the Associate Director for International Operations, the Associate Director for Management and the Director of Private Sector Relations in Original Delegations 300, 400 and 820 respectively that are attached to MS 114, "Delegation of Authority."

4.6 Recording Value of Acquisitions on a Trade-in Allowance

The cost of property acquired with a trade-in allowance shall be recorded as the amount that the purchase price would have been without a trade-in.

5.0 Inventory

5.1 Property to be Inventoried

The following items should be inventoried:

Non-expendable items with a value of $500 US or more;
Items costing less than $500 US that are highly pilferable (calculators, tape recorders, projectors, small appliances);
Items costing less than $500 that have been assigned a manufacturer's serial

number (most electronic equipment).

Other types of property may be included in the inventory and database at the discretion of the Property Account Holder. If the Property Account Holder determines that there are other types of property that are highly pilferable, he or she may require the Property Officer to include these items in the inventory and database.

All staff residential furniture and equipment provided by the Peace Corps must be inventoried and included in the property management database.

5.2 Frequency of Inventory

Each office must take an inventory at least once a year, physically counting each item to verify that all property is on hand and properly recorded in the property management database. Offices may inventory various categories of non-expendable property throughout the year to balance workload. 6 MS 511 Page 5 08/ 29/95

5.3 Inventory at Completion of Contract

At the completion of a contract, the Property Officer (or other Peace Corps staff member) and the contractor will conduct a joint inventory of contractor-held government property. If there is a lapse in contract or no new contract, the Property Account Holder will be responsible for contractor returned property.

5.4 Inventory at Change in Property Accountability

Prior to leaving office, the PAH or PO should conduct and inventory with the person replacing him or her, or with whomever will be responsible for the property after his or her departure. If there is no overlap period, there should be a review of the property when the new PAH/PO arrives so that he or she will be aware of all assets. After completing the inventory at turnover, the PO should update the property database and forward a copy of the inventory to M/AS/P in accordance with the reporting instructions below (see 5.7). If a full inventory is conducted during this turnover it will suffice as the office's annual physical inventory requirement.

5.5 Inventory Preparation

The inventory is a reconciliation of the previous year's records against all acquisitions, transfers, disposals and other property changes that have occurred throughout the year. Four types of documents are used to record property transactions:

PURCHASE ORDERS
RECEIVING REPORTS
TRANSFER DOCUMENTS
DISPOSAL DOCUMENTS

Before beginning inventory, the Property Officer should check the property management records against written documentation of property/equipment changes to ensure that all changes have been entered in the property management database.

5.6 Inventory Procedures

Headquarters property accounts: The Inventory Management Specialist schedules inventories with each Property Officer and conducts the annual inventories. M/AS/P and the Property Officers will verify the presence and condition of the property in each account.
Posts and Regional Recruitment Offices: M/AS/P will communicate inventory needs in the fourth quarter of the fiscal year.
At the time of inventory, the PO runs PC 1524 and other required reports as outlined in the PropMan User's Guide.
Individuals other than the Property Officer check database property reports against physical inventory of property to confirm the existence of property listed on the inventory record.
Contact individuals and organizations to whom non-expendable property is assigned to verify the presence and condition of the property issued.
Note on inventory all property that may be excess to office needs as well as property that is unserviceable; initiate actions to redistribute or dispose of these items.
PO prepares final inventories, making necessary changes in the property management database and including explanations of overages/shortages.

5.7 Inventory Reporting and Reconciliation

The Property Account Holder certifies the accuracy of the completed inventory, using the Property Account Holder's Annual Property Certification memo.
Send completed property data (on diskette or by electronic mail) with Property Account Holder's Annual Certification memo to M/AS/P by October 15 of each year.
Upon receipt of property data, M/AS/P processes all end of year reports and reconciles individual property account inventories against records of the previous year. Any exceptions, purchases, or excesses found in the property account will be handled between M/AS/P and the Property Account Holder.
After completing the reconciliation with M/AS/P, the Property Account Holder is responsible for updating his/her records.

6.0 Property Control Procedures

6.1 Control Procedures for Expendable Property

The Property Account Holder is responsible for establishing a mechanism to control the acquisition, storage, and issuance of expendable property. At a minimum this mechanism will:

Maintain a receipt and disbursement log for each type of expendable property.
Issue items to staff, contractors or Volunteers on a locally produced requisition form, and adjust the running inventory accordingly. (Contact M/AS/P for sample requisition forms.)
Have the Administrative Officer reconcile the inventory against receiving reports and requisition forms at least once a quarter.
Establish local procedures for ordering and re-ordering consumable supplies (office and medical) held at overseas offices.
Assess carrying costs, i. e., the acquisition, storage and handling costs for the materials, as well as obsolescence and imputed interest resulting from the investment in inventories.

At headquarters, this mechanism will also:

Maintain a current list of persons responsible for receiving expendable property and how the property is issued to office staff.
Develop a local control procedure to decrease abuses like hoarding or sending expendable property (primarily office supplies) overseas.

6.2 Control Procedures for Non-expendable Property

6.2.1 Property Passes

Property passes are used for temporary issue (30 days or less) of Peace Corps personal property to Peace Corps employees, contract staff, or Volunteers. See Attachment A for detailed instructions.

6.2.2 Custody Receipts

Custody Receipts are used for longer term issue, or when releasing non-expendable property to Volunteers, staff or contractors to use away from the Peace Corps office.
When a custody receipt is issued, the original remains with the PO, and a copy is given to the individual taking custody of the property. Upon return of the property in good order, the custody receipt is annotated "Returned on date," signed, and a copy given to the person returning the property.
Each PO must maintain a separate suspense file of outstanding custody receipts, kept in alphabetical order by name of the person the property is assigned to. The PO must review the file prior to processing clearances for Volunteers, employees, and contractors to determine if any property remains outstanding. The PO should review open custody receipts on a quarterly basis to ensure that property is returned by the estimated return date. The PO should contact employees, contractors and Volunteers promptly regarding any overdue property returns.

7.0 Types of Property Records

7.1 The Property Record Card

The Property Record Card is used to maintain property data on individual items. It serves as a central listing for property description, procurement records, assignment data, and disposal information. The Property Record Card is referred to as "Property Management System screen," or "Property Inventory screen" in the "PropMan User's Guide."

7.2 Inventory Coding Form (PC-1524)

PC-1524 is a report of office property inventory records. All non-expendable property should be listed in the inventory records, including Agency property identified on Property Record Cards. Inventory records are divided into the following numbered categories (which match numbered categories in the property management database):

Office Furniture (desks, file cabinets, chairs, tables)
Office Equipment (typewriters, calculators, bicycles, audiovisual equipment, boats, farming equipment, air conditioning equipment, computer equipment, etc.)
Medical Equipment (centrifuge, autoclave, defibrillator, microscope, and any other equipment used in overseas health units)
Vehicles (cars, trucks, vans, motorcycles, mopeds)
Other Equipment Assets (compressor, forklift, generator, etc.)
Household Property (stoves, refrigerators, bedroom and living room furniture, washers, dryers, etc.)

Categorization of property is determined by the type of equipment and where it is used. For example, a refrigerator is "Household Property" when used in a residence, and "Other Equipment Assets" when used in an office.

7.3 Property tags

Each piece of capitalized property must have a Peace Corps Property Tag attached. Overseas office property tags are blue, blue and silver metallic, or white bar code labels. For Regional Offices and headquarters offices, property tags are white bar code labels. Property tags should be placed on each piece of capitalized property in easily accessible but not conspicuous positions.

Property tags identify the property that belongs to Peace Corps, and assign a unique property number to each item; numbers are not sequential as the property database organizes property according to category, nomenclature, as well as property number. (Property tags may be ordered from M/AS/P.)

7.4 Maintaining Property Records

M/AS/P maintains copies of the following overseas office property records (both diskette and hard copy) for three years:

PC 1524
Acquisition and Disposal Report
PC 1425

Overseas offices maintain copies of the following records for three years:

PC 1524
Maintenance Record Cards
Property Hand Receipts
Loss Reports

8.0 Disposal

Worn out or excess property must be disposed of in a timely fashion. The practice of storing and accounting for property in excess of requirements is uneconomical and an unnecessary administrative burden. Accordingly, the Property Account Holder or designee shall inspect property on a routine basis. If property is not used or under-used, immediate action must be taken to dispose of such property either through transfer, sale or redistribution to other offices.

8.1 Property Transfer to Another Peace Corps Office

For Regional Recruiting Offices and Overseas posts, property acquired at a cost of $500 US or more may be transferred to other offices within the same geographic area. This also applies to small items costing less than $500 US (e. g. calculators, tape recorders, cameras) if the Property Account Holder feels they are worth shipping to other offices. Items not required by other Peace Corps offices, or items that cannot practically be shipped, will be disposed of in accordance with paragraphs 8.2 to 8.7.

Excess headquarters property acquired at a cost of $500 US or more (or small items costing less than $500 US) will be disposed of by M/AS/P through the Capital Region GSA Property Utilization Office or a similar authorized U. S. government agency operation. See Paragraph 8.2.

8.1.1 Procedure for Transfer within Peace Corps

The Property Account Holder of the transferring office prepares a cable or fax listing and describing the property in question, including cost, condition and the dates the property will be available to offices within the same geographic area.
The Property Account Holder also provides the Director of M/AS/P with an information copy of the cable or fax, and makes certain appropriate changes are registered in the property management database. The office receiving the property transfer enters transferred items into their property database.

8.1.2 Shipping Costs of Transferred Property

The office receiving transferred property pays all shipping costs. Shipping costs of the transferred property will not be added to the value of the property on the receiving office's property inventory record, but will be charged to that country's budget using object class 2205, "Other Transportation Costs."

8.1.3 Property Transfer Following an Evacuation

In the event of an evacuation, procedures outlined in 8.1.1 should be followed to the fullest extent possible. In addition, the evacuating office should send M/AS/P a diskette with their most up-to-date property records as soon as it is safe to do so.

8.2 Property Transfer to Local GSA or Embassy GSO

Excess property from headquarters, Regional Recruiting, or overseas offices may be transferred to local General Services Administration (GSA) or Embassy General Services Office (GSO) for local sale, auction, charitable donation, or disposal procedures. M/AS/P prefers transfer to the GSA or GSO over direct sale by Peace Corps as the transfer eliminates the need for Peace Corps to store and display property for sale.

NOTE: If auction/sale services are not covered under the FAAS agreement, the GSO will deduct the costs of sale from the proceeds of sale.

8.2.1 Procedures for Sale or Transfer through GSA/GSO

Complete SF-120 or SF-126 and send to the local GSA Region office or to the Embassy GSO.
GSA/GSO will market the property in question, and inform the Peace Corps office if/when they locate an agency to take the property.
If GSA/GSO is unable to locate an agency or firm that wants the property, responsibility for disposal reverts to the transferring Peace Corps office. See Attachment A for copies of necessary forms and more instructions on disposal through GSA/GSO. See Attachment C for addresses of GSA regional offices.

8.2.2 Transfer to Local Charity or Non-profit Agency

If GSA/GSO notifies the Peace Corps that they are unable to locate an agency to take the property, the Peace Corps office may donate the property to a local charity or non-profit agency. (See Attachment A instructions for SF-122.) In making such transfers, the Property Account Holder will certify in writing that the property involved is excess to office requirements and will be used by a non-profit institution or charity. SF-122 should be attached to either SF-120 or 126.

8.3 Direct Sale through Commercial Auction Services

In countries where commercial auction services are prevalent, arrangements may be made through these services for sale of excess property. However, this is not a preferred method for disposing of Peace Corps personal property. The Property Account Holder should determine that the maximum returns can be obtained through commercial auction services before proceeding with this method.

8.4 Restrictions on Direct Sale of Government Property

Direct sales of government property to Peace Corps Employees, Trainees, Volunteers, contractors or their employees, or any other employee of the U. S. government are prohibited. All sales to such persons must be on a competitive bid basis that includes the general public.

8.5 Public Sale of Excess Property by the Peace Corps

If a Peace Corps office conducts a public sale of excess property, sales must be publicly announced in newspapers or other such media for at least three consecutive days. Sales can be on a "lot" basis or an "individual" basis. Often the lot basis is more desirable when there is a significant number of lesser value items involved in the sale. When most of the property is in good condition, it may be more practical to solicit bids on individual items, even though it may become necessary to abandon items for which no bids were received. Overseas offices should consult with the Embassy GSO prior to conducting a public sale.

8.5.1 Depositing Proceeds of Sale

Overseas posts are responsible for properly depositing any sale proceeds. The instructions for depositing sale proceeds are located in the Peace Corps Overseas Financial Management Handbook (OFMH) in Chapter 43, Proceeds of Sale.

8.5.2 Use of Non-Vehicle Proceeds of Sale

The following are procedures for reprogramming proceeds derived from the sale of non-vehicle government property:

Upon receipt of FS-459 from the overseas office that made the sale, the region sends a copy of FS-459 to M/AS/P and OPBF Accounting Operations.
Accounting Operations confirms the deposit through analysis of Treasury Reports and advises the Budget Office.
The Budget Office issues an advice to the region, which subsequently issues an advice to the office equal to the amount of the deposit.

Motor vehicles cannot be disposed of in any manner without prior approval from the Director of M/AS. For more information on disposing of excess vehicles, see MS 527, "Vehicle Acquisition, Disposal, and Management."

8.6 Transfer of Supplies and Equipment to Host Country

Under section 5 (b) of the Peace Corps Act the Property Account Holder may transfer project related supplies and equipment initially provided for Volunteers to the host country government or another involved host country agency.

8.6.1 Restrictions to Host Country Transfer

This authority applies only to project related supplies and equipment (e. g., teaching aids, textbooks, tools, recreation equipment). Logistical supplies and equipment (e. g. medicines, household furnishings, items provided for Volunteers' health and maintenance, and all office furniture and vehicles) may not be transferred. In making such transfers, the Property Account Holder will determine in writing that:

the property involved is excess to office requirements; and
the property will be used by a host country government, institution, or other entity in the area in which Volunteers have been serving.

8.7 Disposal of Obsolete Property or Property with no Value

Obsolete property, property with no commercial value, or property for which the estimated cost of collection and disposal exceeds the estimated proceeds of sale may either be used for parts to fix like equipment, abandoned, destroyed or placed in the local dump. All such actions must be fully documented and completed in a manner consistent with applicable statutes, regulations and local laws.

8.8 Disposal of Excess Medical Supplies

Excess medical supplies (medicines, dressing materials, laboratory reagents, test kits, birth control products, vaccines and the like) with dated expired shelf life must be appropriately destroyed in the presence of the PCMO and the Property Account Holder's designated representative. Certified documentation should be kept by the office to support destruction action and recorded on the appropriate inventory record card. Under no circumstances will medicines be donated to any organizations because liability issues may arise from tainted or expired medical supplies.

9.0 Replacement Standards

The following minimum replacement standards may be modified overseas to reflect local conditions that affect property life expectancy (e. g., excessive sand or dust, temperature extremes, high humidity, power fluctuations, etc.)

PROPERTY	REPLACEMENT STANDARD
Electrically operated office machines, (typewriters, adding machines, desk calculators)	8 years
Manually operated office machines	15 years

Exceptions:

If the estimated one-time repair or overhaul cost of a machine under 8 years old exceeds 50% of the replacement cost for a comparable new model without regard to trade-in or resale value; or
If the estimated one-time repair or overhaul cost of a machine 8 years or older exceeds 25% of the replacement cost for a comparable new model without regard to trade-in or resale value.

PROPERTY	REPLACEMENT STANDARD
Electronic office machines (calculators, accounting machines, cash registers, dictating equipment -- excluding word processors and other computer equipment)	After warranty expires if the estimated one-time repair cost exceeds 80% of the replacement cost of a new model.

Exceptions:

If there is a continuing history or breakdowns, causing down-time and loss of productivity.
If repair parts are unavailable for an excessive amount of time.
If the machine lacks essential features necessary for the performance of a particular task.

If items in good working condition can be used without excess maintenance cost, they shall be retained even if standards permit replacement. If adequate repair facilities are available, office and household furniture should not be replaced unless the estimated local cost of repair or rehabilitation, including transportation cost, exceeds 75% of the cost of a new item. An exception can be made if the rehabilitation would not extend the item's useful life or a period comparable with the cost of rehabilitation.

10.0 Missing, Lost or Damaged Property

The Property Officer must prepare a Personal Property Loss Report for all missing or damaged property, listing the value of the missing property and the facts surrounding the loss. The report should be prepared immediately after property is discovered to be lost or missing, and should also include a copy of the Property Record Card for the lost or missing item. Refer to Attachment A for further instructions in filing a Personal Property Loss Report.

10.1 Reimbursement Requirements

If the missing/lost/damaged property has a fair market value of:

$50.00 or less: No reimbursement is required and the Personal Property Loss Report is filed as the official record.
More than $50.00: The Property Account Holder must determine the action to be taken against the responsible party.
Over $500.00: The Personal Property Loss Report must be sent to the Office of the Inspector General and M/AS/P at Peace Corps headquarters.

10.2 Recovery of Missing or Borrowed Property

If missing or borrowed property is recovered in another location, either transfer the property records of the item to the new location or move the property back to the original location.