Excess property refers to a designation made by a federal agency when a property, typically real estate, is no longer required for the agency’s operational needs. This designation is a crucial first step in the process of managing government assets efficiently.
To officially declare property as excess, an agency must complete and submit Standard Form 118, known as the Report of Excess Real Property. This form details the property’s specifications, condition, and the reasons for its excess status, ensuring a transparent and documented basis for its reassignment or disposal.
Once designated as excess, the property enters the federal disposal process, which may involve transferring it to other federal agencies, state or local governments, or even non-profit organizations, depending on the property’s characteristics and strategic value. This process is part of a broader effort to optimize the use of federal assets and reduce costs, while potentially providing valuable resources to other entities. To learn more about how excess property is handled and the options for its disposition, interested parties are encouraged to explore the detailed disposal procedures provided by the managing agency.
