ASSET MANAGEMENT BOARD

M.G.L. pt. Part I, tit. Title II, ch. c. 7B

in effect

M.G.L. c. 7B, § 1 Definitions

c. 7B, § 1. Definitions Section 1. As used in this chapter, the following words shall, unless the context clearly indicates otherwise, have the following meanings:— (a) ''Asset'', all property that is in the lawful possession of or otherwise held by a state agency, and shall include without limitation both real and personal property and property interests regardless of whether they are held in tangible or intangible form. Without limiting the generality of the foregoing, the word ''asset'' shall include land, buildings, structures, leases, easements, licenses, electronic and communication equipment, and time sharing capacities, air, water, and mineral rights, utilities, vehicles, and professional and technical services and expertise. (b) ''Asset management board'' or ''board'', the asset management board established pursuant to section two. (c) ''Asset management project'' or ''project'', any project for the management of assets that is proposed for the consideration of the board by a state agency and approved by the asset management board pursuant to the provisions of this chapter; provided, however, that this term shall not include any project involving the sale or permanent disposition of any asset. (d) ''State agency'' or ''agency'', any executive office, department, agency, board, or commission of the commonwealth.

M.G.L. c. 7B, § 2 Asset management board; establishment; membership

c. 7B, § 2. Asset management board; establishment; membership Section 2. (a) There is hereby established an asset management board. The board shall be within but not subject to the control of the executive office of administration and finance. The board shall consist of the secretary of administration and finance or his designee, ex officio, who shall serve as chair; the inspector general or his designee, ex officio; and three additional public members appointed by the governor. Of the public members initially so appointed, one shall be appointed for a term of one year, one shall be appointed for a term of two years and one shall be appointed for a term of three years. Public members shall be appointed for terms of three years, without reappointment. At least one public member shall possess substantial expertise in the field of real estate management and development, and at least one public member shall possess substantial experience in the field of finance. (b) Public members of the board shall serve without compensation. Public members of the board shall be reimbursed for all necessary expenses incurred in the discharge of their official duties. The board's activities shall be supported by staff of the secretary of administration and finance. (c) No member of the asset management board shall participate in the approval of a project if the member or any member of his immediate family has a direct or indirect present or future financial interest in the approval of the project or in any way will benefit financially therefrom.

M.G.L. c. 7B, § 3 [There is no 7B:3.]

M.G.L. c. 7B, § 4 Board; powers and duties

c. 7B, § 4. Board; powers and duties Section 4. The asset management board shall have the following powers and duties: (a) The board shall promulgate rules and regulations to implement the provisions of this chapter. Said regulations shall include but not be limited to: (i) establishing standards and procedures to govern state agency presentation to and board review and approval of asset management projects. Such standards shall include, but not be limited to, the promotion of sound management of all assets held by state agencies; the protection against projects with conflicts of interest; the prevention of unfair or windfall profits accruing to any individual or group of individuals; the assurance that approved projects do not interfere with nor deny an agency's access to assets that are needed to meet current or reasonably foreseeable legal obligations of the agency presenting the project; and, assurance that each project is technically and financially viable; (ii) establishing alternative property procurement and disposition standards and procedures consistent with the authority and requirements set forth in subsection (b); provided, however, that such standards and procedures shall include, but not be limited to, adequate public notice, public review and comment for each proposed asset management project; (iii) establishing standards and procedures for the monitoring and termination of approved projects consistent with the authority and requirements set forth in subsection (c); and (iv) ensuring that the agency proposing the project has the capacity to execute the project. (b) Notwithstanding any general or special law to the contrary, the board shall be authorized to determine that property procurement and disposition laws and regulations otherwise applicable to projects managed or proposed by state agencies shall not apply to a proposed project. The board shall make such determination only after making a written finding that such project is financially feasible, will not interfere with the mission and functions of the managing or proposing agency, and is in the best interests of the commonwealth. Such written finding of the board shall be available to the public. The board shall establish for each such project alternative property procurement or disposition requirements consistent with standards set forth in its regulations; provided that the board shall not have the authority to limit or modify in any way the application of any property procurement or disposition law or regulation that by its terms applies equally to both public and private agencies or entities. (c) The board shall monitor approved projects in accordance with standards and procedures set forth in its regulations. Said standards and procedures shall include, but not be limited to, provisions for periodic site visits, submission of an annual independent audit, if applicable, for each project, and review of the public purposes served by the project. The board shall terminate any previously approved project in the event that it determines, in accordance with its standards and procedures, that such project no longer serves a public purpose or is no longer in the public interest. (d) The board shall have the authority to authorize the establishment of asset management trusts in accordance with the provisions of section eight.

M.G.L. c. 7B, § 5 Inventory of assets; proposed projects involving real property interests; notice of submission

c. 7B, § 5. Inventory of assets; proposed projects involving real property interests; notice of submission Section 5. Prior to the submission of any project to the asset management board, the state agency making such submission shall first develop an inventory of its assets and identify those assets that are underutilized or might otherwise qualify for management as part of an asset management project pursuant to the provisions of this chapter. If such proposed project is limited to one or more institutions or facilities, such inventory likewise may be limited to the assets contained at such institution or facility. Notice of the submission of a proposed project which involves interests in real property shall be sent to the division of capital asset management and maintenance together with a copy of the inventory. Each such agency proposal shall be submitted to the asset management board only after approval of the executive office within which such agency is located, or, in the case of institutions of higher education, the board of regents.

M.G.L. c. 7B, § 6 Development and management of proposed projects; assistance

c. 7B, § 6. Development and management of proposed projects; assistance Section 6. Each proposed project may be developed and managed with the assistance of individuals with expertise in the management of assets similar to the assets included in the proposed project; provided, that the board shall examine the proposed relationship between such individual and the state agency to ensure compliance with the standards of paragraph (i) of subsection (a) of section four. The cost of such assistance may be paid from funds available to the agency for such purpose or from funds held in trust pursuant to the provisions of section eight.

M.G.L. c. 7B, § 7 Real property; title held by state agency prior to enactment of chapter 7, Sec. 40E

c. 7B, § 7. Real property; title held by state agency prior to enactment of chapter 7, Sec. 40E Section 7. Notwithstanding the provisions of section forty E of chapter seven to the contrary, real property, title to which was held in the name of a state agency, or the board of trustees of a facility of a state agency prior to the enactment of said section shall, for the sole purposes of this chapter be considered real property in the lawful possession of the state agency from which such land was transferred to the commonwealth pursuant to the provisions of said section.

M.G.L. c. 7B, § 8 Asset management project trust funds; establishment

c. 7B, § 8. Asset management project trust funds; establishment Section 8. Notwithstanding the provisions of section four F of chapter seven or any other provision of the General Laws to the contrary, at the request of a state agency, the state treasurer is hereby authorized and directed to establish one or more asset management project trust funds for each state agency with approved asset management projects. Such trust or trusts shall be established to receive fifty percent of the proceeds accruing to an agency as a result of revenues produced by one or more approved asset management projects. The remainder of the proceeds shall be deposited in the General Fund. The administrator in charge of each such state agency shall serve as sole trustee of said trust or trusts, and shall administer the trust so as to advance the purposes served by the agency. No expenditures from said trusts shall be made without the authorization from the secretary of the executive office of administration and finance. All expenditures from said trust funds shall conform to standard state accounting procedures and to such further requirements as prescribed by the comptroller. Each such agency shall report annually to the house and senate committees on ways and means the amount of funds received in and expenditures made from any trust established pursuant to the provisions of this chapter.

M.G.L. c. 7B, § 9 Effect on powers and duties of capital asset management and maintenance division

c. 7B, § 9. Effect on powers and duties of capital asset management and maintenance division Section 9. The provisions of this chapter are not intended and shall not be construed to limit, override or otherwise modify the procedures, powers and duties of the division of capital asset management and maintenance unless specifically so authorized by the asset management board pursuant to the standards and procedures established by this chapter.

Source: Massachusetts General Court (malegislature.gov)URL: https://malegislature.gov/Laws/GeneralLaws/PartI/TitleII/Chapter7BFetched: 10/20/2026