(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).