REAL ESTATE DISPOSAL Federal Asset Sales Tom Geronikos, MAI Senior Realty Officer OECM, MA June 6, 2008.

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Presentation transcript:

REAL ESTATE DISPOSAL Federal Asset Sales Tom Geronikos, MAI Senior Realty Officer OECM, MA June 6, 2008

2 REAL ESTATE DISPOSAL Real estate disposal is processed in a variety of ways. –Demolition –Sale by GSA –Conveyance by Department New emphasis on real estate disposal Current legislation in Congress

June 6, REAL ESTATE DISPOSAL Focus of Process –All real estate sales must be reported to OMB OMB has mandated the use of a variety of electronic portals to process sales –DOE uses the GSA portal Reported excess properties go to GSA After sale is made, GSA will report to us. We verify quarterly sales with field –GSA –DOE –Results reported back to OMB through GSA

June 6, REAL ESTATE DISPOSAL Using the FIMS Archive –FIMS is used to identify properties “sold” for the previous quarter –The data is used for verification purposes with the properties reported to DOE by GSA There should be a one to one match –In order for FIMS to be an effective management tool, it is pertinent that properties are Archived in a timely fashion To ensure that the properties are Archived, it is critical that the FIMS Admin be notified of the sold properties

June 6, REAL ESTATE DISPOSAL

June 6, REAL ESTATE DISPOSAL response of May 22, 2008 from GSA: –“Tom: All of our Regional performance measures are based on the actual award date. I don't understand your comment about Region 7 reporting sales as of the date of deed signature, I'm not sure who they would have reported that to. Besides the eFAS performance measures, GSA is also required to report our performance measures to the GSA Administrator and OMB. To ensure our performance is measured on activities we control we base all of our cycle time measures on award date and report our sales figures on an award date. This is because in some transactions the property is actually deeded by the landholding agency and in those cases GSA does not control the transaction. Consequently, we use the award date for performance measures because that date still falls under our control. Granted the GSA Region 7 POC was correct in their assessment that the sale is not final until the final funds are received. However, I could add you also need to complete the deed and have it officially recorded. I apologize if this has caused some confusion.”

June 6, REAL ESTATE DISPOSAL REMINDER –Advise Which properties are currently at GSA for disposal What was date of submission –Reason Data accuracy Program monitoring

June 6, REAL ESTATE DISPOSAL CONCLUSION –Reporting requirements are your responsibility –Process is to shared by all