CFR > Title 41 - Public Contracts and Property Management > SUBTITLE C—Federal Property Management Regulations System > CHAPTER 102—FEDERAL MANAGEMENT REGULATION (parts 102 to 102-197) > SUBCHAPTER B—PERSONAL PROPERTY (parts 102-31 to 102-42) > PART 102-37—DONATION OF SURPLUS PERSONAL PROPERTY > SUBPART D—State Agency for Surplus Property (SASP) (§102-37.130 to §102-37.370) > 102-37.365—What steps must a SASP take if the State decides to liquidate the agency?

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.