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. 2007-15

May 8, 2007

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

I. AUTHORITY

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, 2007.

III. REPORTING REQUIREMENTS

Refer to the State Comptroller's Property Control Manual, Chapter 3 and Appendix B. The required reporting forms are listed below.

- CO-59 Asset Management/Inventory Report/GAAP Reporting Form (Rev. 4/2007)
- CO-648B Summary Motor Vehicle Report (Rev. 5/2007)
- Property Control Questionnaire (Rev. 4/2006)

A. CO-59 ASSET MANAGEMENT/INVENTORY REPORT/GAAP REPORTING FORM

Agencies using the Core-CT Asset Management module will use two Asset Management queries to retrieve information to complete the CO-59 form for fiscal year 2007. Agencies using the Core-CT Inventory module for stores and supplies will use two Inventory queries. If the values recorded on the CO-59 form do not reconcile with Core-CT, the agency must provide a written explanation of the discrepancy in an attachment.

Agencies not using the Core-CT Asset Management module or the Inventory module are still required to report their assets on the CO-59 form using their asset management systems.

Required Queries

Asset Management Queries
CT_CORE_FIN_AM_COST_NEG
Select this query to calculate the negative cost of assets for a range of accounting dates for the CO-59 report.

CT_CORE_FIN_AM_COST_POS
Select this query to calculate the positive cost of assets for a range of accounting dates for the CO-59 report.

AMAS2000-Cost Activity Detail Report
Run this report in conjunction with the above year-end queries to support balances displayed on the CO-59. The Cost Detail Report sorts cost activity by Chartfield, Category, and Account. The Core-CT navigation path for this report is Asset Management > Financial Reports > Cost and Depreciation > Cost Activity Report. The link to the job aid on running this and other Asset On-Line Reports is
http://www.core-ct.state.ct.us/user/finjobaids/docs/am/run_asst_mgt_rpt.doc.

Inventory Queries (Stores and Supplies)
CT_CORE_FIN_IN_CO_59_RCV
Select this query to calculate the items in Inventory for a range of transaction dates for the CO-59 report.

CT_CORE_FIN_IN_CO_59_DEP
Select this query to calculate the depletions of items in Inventory for a range of transaction dates for the CO-59 report.

The revised CO-59 form is available at http://www.osc.state.ct.us/agencies/forms. Complete the CO-59 form as directed below.

Cost (Value) Data Section

The ending property balances from the previous year's (2006) CO-59 column 6 need to be recorded as this fiscal year's beginning balances in "Last Year's Balance" column 3.

Record all property additions for the fiscal year in the "Additions" column 4 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.

Record all property deletions for the fiscal year in the "Deletions" column 5 at the original cost or value of the property when it was placed on the property 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 6 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 7 for the Real Property Section is the "Building Value" reported on the JESTIR system. There is a 3% increase to "Building Value" for 2006.

The "Present Value This Year" column 7 for the Personal Property Section should reflect the appraised value or book value for the fine art category.

B. CO-648B SUMMARY MOTOR VEHICLE REPORT

Complete the CO-648B form by indicating the total number of motor vehicles owned by the agency for each category. This form is available at http://www.osc.state.ct.us/agencies/forms.

C. PROPERTY CONTROL QUESTIONNAIRE

Complete the Property Control Questionnaire with the name, address, telephone number and e-mail address of the person responsible for property control. The Comptroller's Fiscal Policy Division would also like to know if assistance is required with the Core-CT Asset Management module or the Core-CT Inventory module.

D. LISTING OF STATE OWNED LAND

For the Legislative branch, Judicial branch and higher education agencies that are out of scope for the Asset Management module in Core-CT, the listing of State owned land will be sent electronically to each applicable agency. Please confirm the information to the Fiscal Policy Division by October 1, 2007, in conjunction with the filing of the CO-59 Report. All new acreage should be added to the electronic file and highlighted. Any acreage that was sold or transferred should be highlighted on the electronic file as well.

IV. GENERAL INFORMATION

All agencies are required to conduct an annual physical inventory of their assets. All Executive branch agencies must reconcile and process their physical inventories in Core-CT by June 30, 2007 so that the information will be included in fiscal year 2007 Financial Reports and Statements. In preparation for this annual inventory, if you have not created scan scopes, extracts and occurrences later than November 14, 2006, then you will need to create all new scan scopes, extracts and occurrences.

To assist agencies with processing a physical inventory in Core-CT, there are two updated Physical Inventory Job Aids. These job aids are located on the Core-CT website on the Asset Management Job Aids page under the Core-CT Financials Asset Management User Support page (http://www.core-ct.state.ct.us/fin2/asset/Default.htm).

The original CO-59 with a copy of the CO-648B (if applicable) and the Property Control Questionnaire must be sent directly to the Fiscal Policy Division of the Comptroller's Office, 55 Elm St., 2nd floor, Hartford, CT.

V. QUESTIONS

For questions regarding the completion of the CO-59, questionnaire or CO-648B, please contact Carol Hagstrom at (860) 702-3437. All forms should be printed from the Comptroller's website under Comptroller's Forms at http://www.osc.state.ct.us.

NANCY WYMAN
STATE COMPTROLLER

NW:CH

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