Purpose of PROP Article II.

(a) PROP Article II prescribes standards for: (1) Insurance coverage for real property and equipment acquired or improved under awards; (2) The system that a recipient uses to manage both equipment that is acquired or improved in whole or in part under awards and federally owned property. (b) It thereby implements OMB guidance in 2 CFR 200.310 and 200.313(d)(1) through (4), and partially implements 2 CFR 200.313(b).