COMPTROLLER'S SEAL STATE OF CONNECTICUT

STATE OF CONNECTICUT

NANCY WYMAN
COMPTROLLER
OFFICE OF THE STATE COMPTROLLER
55 ELM STREET
HARTFORD, CONNECTICUT 06106-1775
MARK OJAKIAN
DEPUTY COMPTROLLER

MEMORANDUM NO. 2005-04

January 31, 2005

TO THE HEADS OF ALL STATE AGENCIES

Attention: Chief Administrative and Fiscal Officers and Business Managers
Subject: CORE-CT Asset Management and Inventory Modules

I. PURPOSE

The purpose of this memorandum is to provide additional information to State agencies regarding the conversion and reporting of assets prior to June 30, 2005.

II. GENERAL INFORMATION

For the first time in Connecticut's fiscal history, we will have one central asset management and inventory system. Both of these modules will provide better control for assets and inventory because they are integrated with the purchasing and accounts payable modules already in place. The conversion of asset management and inventory data into the new Core-CT modules will provide better fiscal reporting. This conversion will be a major accomplishment in the area of property control for the State.

III. ASSET CONVERSION

During the conversion of agency capitalized assets from legacy systems, there will be a one time opportunity for agencies to remove and report missing assets from their records. To complete this process, prepare a CO-853 Loss Report and attach a complete listing of all missing assets. The report must be prepared and submitted by June 30, 2005. When the CO-59 Inventory Report is submitted on/or before October 1, 2005, the deletion column for the capitalized equipment should contain the total amount from the CO-853 with an asterisk. At the bottom of the CO-59 indicate with an asterisk the words "Core-CT Conversion". This will identify for audit purposes this one time conversion effort.

State-Owned Buildings:

The financial information related to state-owned buildings that are currently reported in the Joint Effort for State Inventory Reporting (JESTIR) will be centrally converted by the Office of the State Comptroller based on data received in the January 3, 2005 reporting file.

State-Owned Land

The Comptroller's Office state-owned land database will be converted centrally to the Asset Management module based on data received with the October 1, 2004, CO-59 Inventory Reports.

IV. INVENTORY CONVERSION

For those State agencies using the CORE-CT Inventory module all stale-dated or obsolete inventory items should be discarded. The stale-dated items should be completed as outlined in Section III of this memorandum with a CO-853 Loss Report. Obsolete or surplus items that are processed through the DAS-Property Distribution Center would not require the loss report.

V. REPORTING

The CO-59 Inventory/GAAP Reporting Form will retain the same format for the period of June 30, 2005 and is to be submitted on/or before October 1, 2005 to the Office of the State Comptroller.

A new Excel version of the CO-59 Inventory/GAAP Report will be available for the reporting period of June 30, 2006. This new version will coincide with the new CORE-CT Asset Management report, which will be made available to agencies after implementation.

VI. HARDWARE AND TAGS

The Comptroller's Office, Core-CT Financial Team and DOIT Procurement are currently working on the procurement of hand-held scanners and asset management tags in the form of a contract award available to all state agencies to accompany the Core-CT asset management module. Information regarding this contract award will be provided as soon as the details are available.

VII. QUESTIONS

Please direct all questions or requests for assistance regarding this memorandum to the Comptroller's Fiscal Policy Division at (860) 702-3440.

Nancy Wyman
State Comptroller

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