|Preface | Contents | Chapter 1 | Chapter 2 | Chapter 3 | Chapter 4 | Chapter 5 | Chapter 6 | Chapter 7 | Chapter 8 | Chapter 9 | Appendix A | Appendix B | Appendix C | Appendix D|
|Questions regarding this chapter should be directed to the following individual:|
|Carol Hagstrom||(860) email@example.com|
|Name (Print)||Phone Number||E-Mail Address|
Approved System - The Core-CT Asset Management Module is the property control system to be utilized by all state agencies with the exception of Legislative Management, Judicial Branch, the Community Colleges, the State Universities and the University of Connecticut to record and control all property owned by and/or in the custody of a State agency.
Approval of Comptroller - Before a system is selected by an agency exempt from using the Core-CT Asset Management Module, written approval must be secured from the Comptroller. This also applies to changes from one property control system to another. Staff of the is always available for assistance and consultation relative to the various systems available.
In selecting the type of property control system best suited to meet an agency's requirements, the following factors must be considered:
1. Amount of property
2. Frequency of transfers of personal property
3. Available personnel and type of equipment
4. Other reporting requirements
Types of Approved Systems - There are two basic types of systems - software packages or agency developed automated systems and either type may be used.
There are many "asset management" software packages available that are inexpensive and can establish or enhance a property records control system. Established "Asset Management Software Packages" provide the benefits of learning from the experience of others in already proven property records systems. They feature report writers that permit users to generate their own special reports with little or no programmer assistance.
Agency developed automated systems are also acceptable.
The property system must include a control account for each reportable category on the Form CO-59, Asset Management/Inventory Report/GAAP Reporting Form and a detailed subsidiary record for each individual item in the category.
The subsidiary records must be reconciled with the control account. Subsidiary records must be maintained by location regardless of the type of property system selected.
The Property System must be reconciled annually with the respective official records maintained by the Comptroller, and/or other sources such as the State and Federal Property Distribution Center (PDC).
Tagging Personal Property - The primary purpose of tagging is to maintain a unique identification number for each asset owned by the State.
Tagging is important for:
1. Providing an accurate method of identifying individual assets;
2. Facilitating the inventory process on a periodic basis;
3. Controlling the location of all physical assets;
4. Assisting in maintaining fixed assets;
No single Statewide identification tag is mandated for inventory purposes. Agencies may continue to use current tag formats as long as the following tagging procedures are met.
Tag Information - The tag should provide a unique number and the property owner's name (agency name). It is important that the format of the tag used should serve the primary purposes of identification; therefore, the number should be the predominant feature on the tag. The numbering sequence utilized should be a simple, consecutive series of numbers. Numbers should be assigned in consecutive order without regard to asset type or location. However, agencies may designate different color tags and/or a specific series of identification numbers for different asset types, if desired.
The consecutive numbering allows each asset item to carry a unique number throughout its entire life regardless of change in location, responsible person, or other data elements assigned to the asset item, until such asset is retired or disposed of. Once disposition has occurred, the number is retired. The retired identification number should be maintained in a history file for three years after disposition for audit trail control purposes.
Items incapable of receiving a physical tag will nevertheless be coded a unique tag identification number for control purposes. These types of untaggable assets include heat-sensitive or finely-tuned equipment items for which physical tagging would be impractical or would otherwise alter the item's usefulness. The unused tags should be stored in an agency logbook or otherwise controlled to avoid duplicate use of tag numbers.
Use of serial numbers in lieu of tags is not recommended, however, in certain instances may be reasonable and is not specifically disallowed. Serial numbers can be recorded to support the inventory tag number.
Types Of Tags
Metal tags - they come in a variety of sizes, shapes and colors, and should have the agency name stamped on them. Brass and aluminum are the normal materials used. Normally, the identification number should be painted or enameled so that it will stand out more easily from the tag itself. These types of tags are more permanent.
They work very well on machinery, vehicles, furniture and other equipment subject to wear, accumulation of oil and grease, or periodic repainting. However, these tags require time and effort to apply and are prone to be knocked off.
Decal tags - they are available in a variety of forms and should have the agency name stamped on them. This type of tag works well on office furniture, office machines and small plant equipment. However, great care must be exercised when applying the decal to be sure that the surface is free from grease, furniture wax, oil or other substances that will prevent the tag from properly adhering to the surface. Variations in temperature also may prevent proper adhesion.
Bar coding - is similar to applying decals. Bar coding can be done by tagging specific items and also has the capability of coding a specific room, in total. There are hand held scanners that can read the bar coding which results in improved periodic inventory taking.
Stencil - a template is made out of cardboard or similar material, of the tag number and then the template is spray painted on the item.
Etching - is like engraving the item with a special tool, usually used on items that are small and/or handled a lot, where a regular tag would fall off or wear out.
When To Tag - As soon as each item is received and accepted, an identification number must be assigned, recorded on the receiving report or other source document and marked.
Who Should Tag - Who assigns the tag number and who does the tagging varies from State agency to State agency. Since property recordkeeping normally is the responsibility of the accounting department, this department might assign the number and tag any new assets.
The individual responsible for maintaining the asset records should supervise this operation to insure compliance with requirements.
Where to Tag - The placement of the tag is important. Tags must be placed consistently and they must be accessible. It is important to know where to find a tag when verifying the asset to the property control record. For some items there is no good place to put tags, however, it should be consistent.
The tag should be placed in an area where the number can be seen easily and identified without disturbing the operation of the item. This placement will allow for easy periodic inventory taking.
Off-Site Copy of Inventory - A copy of the agency's detailed inventory records must be filed off-site in the case of a partial or total loss of the building that contains the inventory records. This will provide the detailed information to substantiate a loss, if necessary. The copy can be in any type of diskette form or hard copy.
Record Retention and Destruction of Records - A carefully planned Property Control System will provide for the establishment of record retention and record destruction schedules.
Periodically, each agency should conduct an analytical review of all its books, records, papers and documents to determine whether the administrative, fiscal and/or legal requirements mandate the retention of this data.
When the analytical review has been completed, each agency should submit to the Public Records Administrator, State Library, for approval, retention schedules for all such books, records, papers and documents.
As a general rule, records affecting the fiscal operations of any agency may be destroyed after those records have been audited. However, purchase orders for equipment must be kept for "the economic life of the equipment" per Connecticut State Library directive "State Agencies' Retention/Disposition Schedules" revised 4/1999. The record retention schedules are available on the State Library Website (http://www.cslib.org). As required by statute prior approval must be obtained from the Public Records Administrator to destroy any public record. Do not destroy any public record without the proper authorization. The RC-108 form, “Records Disposal Authorization”, can be downloaded from the Website.We refer you to Sections 11-8 and 11-8a of the General Statutes. Also, please direct questions pertaining to record retention, schedules, and destruction of records to the Public Records Administrator at (860) 757-6540.
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