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Strategic Real Estate Plan

Report Information

Date Issued
Report Number
2020-15750
Report Type
Inspection / Evaluation
Description
Due to an increase in transactions regarding real estate, we performed an evaluation to assess the Tennessee Valley Authority’s (TVA) development and implementation of its strategic real estate plan. However, TVA does not formally have a strategic real estate plan; therefore, we reviewed the goals and objectives of the Strategic Real Estate and Governance (SREG) organization to determine if they were being achieved.We determined SREG has met, or was in the process of meeting, their stated goals and objectives. For example, SREG has (1) improved the condition, safety, and utilization of TVA’s real estate assets and (2) been working to eliminate noncore and underutilized buildings through regional consolidations. However, we identified several areas for improvement that could enable SREG to more effectively accomplish their mission of helping TVA manage real estate assets and align the portfolio with business need. Specifically, (1) SREG does not have an accurate and comprehensive list of all real property, (2) SREG is not always included in, or knowledgeable of, key business decisions that impact real estate, and (3) TVA does not have a centralized real estate function.
Joint Report
Yes
Participating OIG
Tennessee Valley Authority OIG
Agency Wide
Yes (agency-wide)
Questioned Costs
$0
Funds for Better Use
$0
View report on Oversight.gov

Recommendations

We recommend the Executive Vice President and Chief Operations Officer consider development of a formalized strategic plan or guiding principles for the Tennessee Valley Authority real estate management.

We recommend the Executive Vice President and Chief Operations Officer consider the creation of an Agency Senior Real Property Officer, in alignment with Executive Order 13327.

We recommend the Executive Vice President and Chief Operations Officer consider centralization or restructure of the Tennessee Valley Authority’s real estate functions.

We recommend the Executive Vice President and Chief Operations Officer continue to refine the completeness and accuracy of the buildings database.

We recommend the Executive Vice President and Chief Operations Officer communicate and reinforce the requirement for real estate decisions to flow through Strategic Real Estate and Governance through compliance with the governance framework, including standard programs and processes and real property requests.