STATE OF CONNECTICUT
THE STATE COMPTROLLER
55 ELM STREET
HARTFORD, CONNECTICUT 06106-1775
MEMORANDUM NO. 2004-20
May 19, 2004
TO THE HEADS OF ALL STATE AGENCIES
|Attention:||Agency Heads, Chief Fiscal Officers and Business Managers|
|Subject:||Annual Inventory Report of all Real and Personal Property|
Section 4-36 of the Connecticut General Statutes states: "Each state agency shall establish and keep an inventory account in the form prescribed by the Comptroller, and shall, annually, on or before October first, transmit to the Comptroller a detailed inventory, as of June thirtieth, of all of the following property owned by the state and in the custody of such agency: (1) real property, (2) personal property having a value of one thousand dollars or more. For audit purposes, each state agency shall establish and keep a list of personal property having a value of less than one thousand dollars and defined as 'controllable property' in the property control manual published by the Comptroller."
II. DUE DATE
As prescribed by the statute, agencies must transmit this report to the State Comptroller on or before October 1, 2004.
III. REPORTING REQUIREMENTS
Refer to the State Comptroller's Property Control Manual, Chapter 3 and Appendix B. The required reporting forms are enclosed:
Note: The Tabulated Listing of Buildings is no longer a required reporting form because of the Joint Effort for State Inventory Reporting (JESTIR) system.
A. CO-59 FIXED ASSETS/PROPERTY INVENTORY REPORT/GAAP REPORTING FORM
Cost (Value) Data Section
The ending property balances from the previous year's CO-59 column 5 are recorded as this fiscal year's beginning balances in "Last Year's Balance" column 2.
Record all property additions for the fiscal year in the "Additions" column 3 at the property's original cost if purchased or fair market value if donated or transferred. Additions should include transfers from the State and Federal Property Distribution Center.
Buildings acquired as gifts must reflect in the "Additions" column the estimated fair market value at the time of acquisition plus any costs incurred in obtaining the property. If the information is not available, an agency can obtain it from the assessor's office in the town where the property is located.
Record all property deletions for the fiscal year in the "Deletions" column 4 at the original cost or value of the property when it was placed on the inventory listing. Deletions should include property scrapped, lost, and transferred to the State and Federal Property Distribution Center.
Any real property sold, transferred or demolished should be reflected in the "Deletions" column. The deletion amount should reflect the original acquisition cost if purchased or the fair market value if acquired by donation.
The "Current Balance" column 5 is the cost or value column for all property held by the agency at fiscal year end. Last year's balance plus any additions, less any deletions must equal this column.
Current Value Section
The "Present Value This Year" column 6 for the Real Property Section is the "Building Value" reported on the JESTIR system. There is a 1% increase to "Building Value" for 2003.
The "Present Value This Year" column 6 for the Personal Property Section should reflect the appraised value or book value for the exceptional items and works of art and historical treasures categories.
B. TABULATED LISTING
Land - All new acreage listed must reflect a cost or value.
Agencies must make additions, deletions or corrections on the tabulated listing in RED.
The totals on all detailed reports must equal the summarized totals on the CO-59.
IV. GENERAL INFORMATION
A photocopy of the CO-59 must be sent directly to Accounting Services, Budget and Financial Analysis Division of the Comptroller's Office, 55 Elm St., 6th floor, Hartford, CT.
The original CO-59 with a copy of each of the other forms and the Property Control Questionnaire must be sent directly to the Management and Policy Services Division of the Comptroller's Office, 55 Elm St., 2nd floor, Hartford, CT.
V. QUESTIONS AND FORMS
For questions regarding the completion of the CO-59 or additional forms, please contact Carol Hagstrom at (860) 702-3437. Copies can also be printed from the Comptroller's website under Comptroller's Forms at http://www.osc.state.ct.us.
Property Control Questionnaire
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