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. 2000 - 57

November 27, 2000

Attention:     Chief Fiscal and Administrative Officers and Business Managers
Subject:  Expenditure Object Code Revisions
Purpose:  To Determine Reportability of Rental Income Through the Proper Use of Object Codes

Effective immediately the Office of the State Comptroller is adding a new expenditure object code and revising two existing ones under Coding Section 3.4 of the State Accounting Manual. This revision will assist this office in properly reflecting rental income reporting to the Internal Revenue Service (IRS).

Object Code 02080 (Revised) - Freight, Cartage, Storage, and Express - Storage charges are not reportable and are now included under this object.

Object Code 02120 (Revised) - Reportable Rents - Rents paid to sole proprietors and partnerships that are not real estate agents for rental of land, buildings, offices, grounds, post office boxes, garages, farm lands, pasturage, houses or buildings or parts thereof, and other State property. Includes option to lease. (Does not include rental of motor vehicles, data processing equipment or other personal property - see 02250, 02260 and 02310.)

Object Code 02400 (New) - Rents - non-reportable. Rents paid to corporations and real estate agents (regardless of entity status).

Questions:

Object Code Usage: Budget, Financial and Analysis Division, Accounting Services - (860) 702-3380

Reportability Determination: Accounts Payable Division, Special Processing - (860) 702-3403

NANCY WYMAN

STATE COMPTROLLER

NW/MKA/ss

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