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Glossary - O

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

obsolete property - An item that has no known utility, due to technological development, wear and tear, or damage. Such items are determined obsolete property by the Surplus Administrator, and may be salvaged, scrapped, or recycled.
 
OEU - online entry update
 
operating lease - A lease valued at an amount less than $100,000 and coded with the Account Code 006135 or 006155. Equipment acquired under an operating lease is not inventoried and tagged.

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Last revised: January 15, 2007 (am)