Accountable Personal Property Law and Legal Definition

Pursuant to 41 CFR 102-35.20 [Title 41 -- Public Contracts And Property Management; Subtitle C -- Federal Property Management Regulations System; Chapter 102 -- Federal Management Regulation System; Subchapter B -- Personal Property; Part 102-35 -- Disposition Of Personal Property], Accountable Personal Property includes "nonexpendable personal property whose expected useful life is two years or longer and whose acquisition value, as determined by the agency, warrants tracking in the agency's property records, including capitalized and sensitive personal property."