Code of Federal Regulations (Last Updated: May 6, 2024) |
Title 41 - Public Contracts and Property Management |
Subtitle C - Federal Property Management Regulations System |
Chapter 102 - Federal Management Regulation |
SubChapter B - Personal Property |
Part 102-37 - Donation of Surplus Personal Property |
Subpart D - State Agency for Surplus Property (SASP) |
Liquidating a SASP |
§ 102-37.365 - What steps must a SASP take if the State decides to liquidate the agency?
Latest version.
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§ 102-37.365 What steps must a SASP take if the State decides to liquidate the agency?
Before suspending operations, a SASP must submit to GSA a liquidation plan that includes:
(a) Reasons for the liquidation;
(b) A schedule for liquidating the agency and the estimated date of termination;
(c) Method of disposing of property on hand under the requirements of this part;
(d) Method of disposing of the agency's physical and financial assets;
(e) Retention of all available records of the SASP for a 2-year period following liquidation; and
(f) Designation of another governmental entity to serve as the agency's successor in function until continuing obligations on property donated prior to the closing of the agency are fulfilled.