Chapter 10

ASSET MANAGEMENT/INVENTORY REPORTING

Required Forms
The following forms are to be completed by all applicable State agencies:

1. Asset Management/Inventory Report/GAAP Reporting Form CO-59 (Revised 1/16)
2. Property Control Questionnaire  (revised 4/2016 - Office of the State Comptroller's Memorandum (2016-11)
3. Internal Control Property Questionnaire
4. Summary of Motor Vehicle Report CO-648B, if applicable, (revised 2009)

1. GAAP Inventory Reporting Form

Asset Management/Inventory Report/GAAP Reporting Form, CO-59
The purpose of this form is to report all property owned by each State agency. The CO-59 specifies the classification of property by type for accounting purposes. Classifications reflect how property is reported on balance sheets.

 

Executive Branch agencies will generate information for assets by using the Core-CT Asset Management Module. Information on capitalized assets will be included on the CO-59.

 

Agencies will use the Asset Management queries to complete the CO-59 form. Those agencies using the Inventory Module to record the inventory transactions will use the Inventory queries to complete the CO-59 form. Other agencies with inventory will use an inventory system approved by the Office of the State Comptroller's Fiscal Policy Statewide Services Unit.

 

If the values recorded on the CO-59 do not reconcile with Core-CT, the agency must provide a written explanation of the discrepancy in an attachment.

 

The annual report of all capitalized real and personal property must be in the format prescribed by the Office of the State Comptroller. The report must be submitted by October 1st and must reflect the sum total of the physical inventory as of June 30th. Submit to: Office of the State Comptroller, Fiscal Policy Statewide Services Unit, 55 Elm Street, Hartford, CT 06106. The physical inventory must be completed by June 30th of each fiscal year. The Executive Branch agencies must conduct the physical inventory of assets in the Core-CT Asset Management Module by using either a hand held scanner count or manual count.

 

Required Queries (Core-CT Users Only):
The Core-CT System uses four (4) queries to retrieve the information for the CO-59 form. There is a web based learning assistant document with a tutorial on running the queries. All agencies using the Core-CT Inventory Module will need to report on their stores and supplies inventory and material and goods, if applicable.

 

The following queries are to be used by agencies using the Core-CT System. Agencies not using the Core-CT System will continue to report their assets on the CO-59 using their asset management module and inventory module.

 

• 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 to the Office of the State Comptroller. This report is displayed by business unit and category. This query is for agencies using the Core-CT Asset Module.

 

• CT_CORE_FIN_AM_CO59_NEG_DETAIL
  Select this query for detail information to support the above query.

 

• 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 to the Office of the State Comptroller. This report is displayed by business unit and category. This query is for agencies using the Core-CT Asset Module.

 

• CT_CORE_FIN_AM_CO59_POS_DETAIL
  Select this query for detail information to support the above query.

 

• CT_CORE_FIN_IN_CO_59_RCV
  Select this query to calculate the receptions or items in inventory for a range of transaction dates for the CO-59 report to the Office of the State Comptroller. This report is displayed by business unit. You can also use this query to get results by transaction group and business unit. This query is only for agencies using the Core-CT Inventory Module.

 

• 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 to the Office of the State Comptroller. This report is displayed by business unit. You can also use this query to get results by transaction group and business unit. This query is only for agencies using the Core-CT Inventory Module.
   

Only For OSC Use
CT_CORE_FIN_AM_DEPR_NEG
Select this query to calculate the negative depreciation of assets for a specific fiscal year for the CO-59 report to the Office of the State Comptroller. This Report is displayed by business unit and category.

 

CT_CORE_FIN_DEPR_POS
Select this query to calculate the positive depreciation of assets for a specific fiscal year form CO-59 report to the Office of the State Comptroller. This report is displayed by business unit and category.

CO-59 Completion Instructions:
Agency Name and Address - Complete Your Agency's Name and Address
Agency Acronym - 3 Letter Agency Acronym
Date of Physical Inventory - Date the last physical inventory was taken.
Column 1 - Asset Classification

Asset Classifications listed on the CO-59 specify the asset by type for accounting purposes and how assets are reported on the balance sheet.

 

For agencies using the Core-CT Asset Module, the classification on the CO-59 reflects the asset category used in the Core-CT Asset Module. An asset profile is assigned to every asset in the Core-CT Asset Module, and matches the asset classification on the CO-59.

Column 2 - Last Year's Balance 06/30/XX
This should be the same as the ending cost balances from the previous year's CO-59.

 

Column 3 - Additions
Additions are all property added for the year at the property's cost or fair market value depending upon the method of acquisition (estimated value if necessary). Additions should include transfers from the State and Federal Property Distribution Center during the fiscal year. They should also include purchases of new as well as used assets, all donated assets and assets acquired through capital leases. Refer to the appropriate section of the manual on acquisitions.

 

Column 4 - Deletions
Deletions are all property deletions for the year at the property's original cost or fair market value depending upon the method of acquisition (estimated value if necessary). Deletions should include retired property that was scrapped, lost or transferred to the State and Federal Property Distribution Center during the fiscal year as well as the types of deletions listed below:

Corrections
Often, changes are made to an existing record. Usually, these changes are corrections to the original recording. Changes would include, but not necessarily be limited to, the following:

1. Error in prior classification of an asset
2. Item disposed of and property record previously not deleted.
3. Correction of cost
4. Price adjustment

 

Erasures
The deletion of an item, which previously was recorded and should not have been recorded as an asset, is considered an erasure. Erasures are used when an error indicated that an item was recorded in a prior year as an addition, but should not have been capitalized. By making the item an erasure, the item can be removed completely from the master file just as if it had never been recorded in the first place. Therefore, the item will not be reported subsequently on a disposal listing.

 

Lost/Missing/Unaccountable Equipment
Equipment that is deemed "lost, missing or unaccountable" when the physical inventory is taken must be accounted for. Instructions for reporting a loss are prescribed in Chapter 8 of this manual. The equipment is then considered a "deletion" from the inventory until such time as it may be recovered. The item can then be added back to the inventory as an "addition".

 

Column 5 - Current Balance 06/30/XX
Add columns 2 and 3. Subtract column 4. This is your current balance for column 5.

 

Column 6 - Present Value This Year
Blocks in this columns that are shaded will remain as is. Blocks that have not been shaded should indicate the present appraised value. If no appraised value has been determined then the value should equal the "Current Balance 06/30/XX" column six (6).

 

Other Property Owned and Property Purchased With Trustee Funds
The summary of the total from the agency's inventory report of items not owned by the State, such as personal property of patients and inmates or equipment owned by Student, Patient or Inmate Activity Funds.

Total Personal Property
Add the vertical column entitled, "GAAP Group Personal Property Sub-Total" above, and the individual items below that sub-total for the summary total of personal property.

 

Grand Totals For Real And Personal Property
Add The Vertical columns entitled, "Total Real Property" and "Total Personal Property" together for the "Grand Total."
Prepared By - Name of individual who prepared the report.
Telephone Number - Preparer's phone number.
Date - The date the report was prepared.
Authorized Signature - Agency head's signature or his/her designee.
Date - The date the report was signed by the agency head or designee.

2. Property Control Questionnaire
Complete the Property Control Questionnaire with the name, title, telephone number and e-mail address of the person responsible for property control. The Office of the State Comptroller's Fiscal Policy Statewide Services Unit would also like to know if assistance is required with the Core-CT Asset Management Module or the Core-CT Inventory Module. Submit the form by e-mailing it by October 1 to osc.assets@ct.gov.  This is a separate document from the Internal Control Property Questionnaire.

 

3. Internal Control Guide's Property Questionnaire
The Internal Control Guide has a Property Questionnaire which is designed to help agencies evaluate their internal control systems for all property. Each section begins with a flowchart that will help guide you through the questions. Begin answering the questions listed and continue following the instructions listed on the flowchart. The Internal Control Guide's Property Questionnaire is to be completed as of June 30th each fiscal year and kept on file at each agency. Refer to Appendix C, Internal Control Guide's Property Questionnaire. This is a separate document from the Property Control Questionnaire.

 

4. Summary Motor Vehicle Report, CO-648B
This report must include all registered and unregistered vehicles owned by the State and in the custody of the agency as of June 30th. The Department of Administrative Services will report all Fleet vehicles. All other agencies will report agency-owned motor vehicles.

 

Indicate the total number of motor vehicles owned by the agency for each category of vehicle.

 

Snowmobile
Passenger Car
Truck, Jeep and Van
Ambulance
Bus
Forklift, Tractor, Payloader and Grader
Trailer
Cushman Vehicle
Motorcycle and Bike
Camper
Miscellaneous

 

This report must be submitted by October 1.

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