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Uniform Agreement On The Classification Of Assets

1.1 This Standard (FACTS) establishes a classification of building and construction components and associated functions, attributes and products. The elements as defined here are important sets and components common to buildings and construction sites. The elements generally perform certain functions, regardless of the design specification, construction method or materials used. The classification of attributes leads to more efficient management of the resource`s operating, maintenance and lifecycle costs. 4.4 Classification will lead to more efficient management of the lifecycle of operations, maintenance and asset costs, linking activities and participants across the entire lifecycle of an asset, from first design to disposal, construction, operation, maintenance, repair and modernization. (See practices E917 and E1334, classification E1670, practice E1946 and guide E2506). See Figure 1 for the facts lifecycle application. 4.2 Classification aligns products with certain functional elements and/or sub-elements to enable the development of specialized maintenance procedures. (See practices E2452, E2604 and E2675.) 4.10 FACTS presents real estate information in a relational structure with sufficient granularity to meet the requirements of a single building classification system that facilitates the determination of the total cost of operating the assets. (See practice E917.) Sections 939 and 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act instruct agencies to remove any reference to credit ratings or credit rating requirements from agency regulations and replace ratings with appropriate credit quality standards. This agreement removes the 2004 credit rating agreement as a determinant of classification and applies in its place the credit quality standards adopted in the 2012-18 OCC Bulletin, “Alternatives to the Use of External Ratings in the CCO Statutes.” 1.3 The classification aims to define a broader universe of attributes, products and characteristics that can define their functional use and cost of living.


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