|Questions regarding this chapter should be directed to the following:|
|Asset and Inventory Mailboxfirstname.lastname@example.org|
|Elizabeth Daly, CPPAemail@example.com|
|Fiscal Policy Statewide Services||860-702-3440|
Section 4-36 of the Connecticut General Statutes, inventory of state property provides:
1. Real property, and
2. Personal property having a cost of one thousand dollars or more.
The Office of the State Comptroller Memorandum 2015-05 revised the capitalization threshold for personal property as follows:
Section 4-33a of the Connecticut General Statutes, illegal, irregular or unsafe handling of state or quasi-public agency funds provides:
All State agencies must have policies and procedures in place to ensure that all assets currently owned, purchased under a capital lease, or certain non-owned property in possession of the state where insurance is required be properly recorded and reported by each respective state agency. This manual establishes guidelines for providing adequate oversight.
Because property represents one of the largest investments being made by the State, complete accountability must be maintained and safeguards established to protect this investment.
The information generated from property records required in this manual will be used to determine the total value of all property owned by or in the custody of each State agency for the Office of the State Comptroller's Annual Report and additional cost accounting reports. The establishment of accurate records and reporting is necessary to ensure that State resources are adequately accounted for in accordance with generally accepted accounting principles (GAAP) for State governments and methods of reporting will provide this office with current values for determining adequate insurance coverage on all the assets of the State.
This policy applies to all branches of state government.
Each agency shall appoint a person to be responsible for the following:
|1.||The establishment and maintenance of a Property Control System, which includes an agency policy and procedure manual.|
|2.||The preparation and timely submission of the Annual Report (Form CO-59 Fixed Assets/Property Inventory Report/GAAP Reporting Form) of all Real Property regardless of cost and Personal property having a cost of one thousand or more for assets acquired prior to July 1, 2015 and effective July 1, 2015 personal property having a cost of five thousand dollars or more.|
|3.||The reporting of Adjustments to Real and Personal Property Form CO-853 (Section 4-33a of the General Statutes of Connecticut).|
The Office of the State Comptroller's Fiscal Policy Statewide Services Unit must be notified of the name of the person designated by the agency head to be responsible for property control. This information must be updated annually on or before October 1st on the Property Control Questionnaire provided by the Comptroller's Office as part of the Annual Report of Real and Personal Property package.
There are three major asset categories utilized by the State and the individual state agencies for financial reporting. Proper accounting for assets requires the capitalization of appropriate expenditures for each of the following major asset categories:
- Boats, Rowboats, Outboards, and the Motors thereon.
- Books, Maps, Records, includes a regular book collection that is not included in the "Works of Art, Historical Treasures & Similar Assets" category.
- Equipment (Capitalized) is all types of data processing equipment,
movable telecommunication equipment, office machinery, furniture and other machinery and equipment necessary to the particular use of the building or property which are purchased outright or through an installment purchase plan.
- Live Stock is all livestock owned by an agency.
- Aircraft & Equipment, a machine or device, such as an airplane,
helicopter, glider, or a dirigible, that is capable of atmospheric flight.
- Cars, Trucks, Buses, Motorcycles, etc. Cars, buses, trucks, motorcycles, tractors, trailers, and other vehicles with license plates are classified motor vehicles.
- Railroad Cars, a railroad car is a vehicle used for carrying of cargo or passengers on a rail transport system (railroad or railway). Such cars, when coupled together and hauled by one or more locomotives, form a train. Alternatively, some passenger cars are self-propelled in which case they may be either single railcars or make up multiple units.
- Infrastructure is a long-lived asset that normally is stationary in nature and normally can be preserved for a significantly greater number of years than most capital assets. Examples of infrastructure assets include roads, bridges, tunnels, drainage systems, water and sewer systems, dams and lighting systems. Infrastructure is reported in the GAAP closing package.
- Capital Lease is a lease that transfers substantially all the benefits and risks of ownership to the lessee.
- Software is software that meets the capitalization threshold and is owned by the State of Connecticut. It includes internally generated software.
- Licensed Software is an individual software license that meets the capital threshold.
- Art is statues, paintings, sculptures, Historical Treasures (antiquated military and other equipment, historical documents and artifacts, buildings considered part of a display, and museum collections including books).
- Inventory is either Material Goods in Process or Stores and Supplies. Inventory must collectively have a cost that meets the capital threshold.
- Materials and Goods in Process
Items under this section represent any resalable articles which are manufactured, fabricated or assembled in a school, prison or in any shop that is under the jurisdiction of the State agency.
Stores and Supplies
Stock items and supplies, used and consumed in the daily operations of an agency, such as food, office supplies, perishables, table or bed linens, dishes, small tools, appliances, and articles of a similar nature should be recorded on a separate register page, in total, for each building.
- Licensed Software
- Internally Generated Software
- Purchased Software that has been modified
Fiscal Policy Statewide Services Unit
Office of the State Comptroller,
55 Elm Street, Hartford, Connecticut 06106
Upon request, this publication will be made available in large print, computer readable formats, or Braille pursuant to the requestor's requirements.
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