MEMORANDUM NO. 99-20
April 23, 1999
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|
II. DUE DATE
III. REPORTING REQUIREMENTS
A. CO-59 FIXED ASSETS/PROPERTY INVENTORY REPORT/GAAP REPORTING FORM
Cost (Value) Data Section
The ending property balances from the previous year's CO-59, column 5 are recorded as this fiscal year's beginning balances in "Last Year's Balance" column #2.
Record all property additions for the fiscal year in the "Additions" column #3 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.
Buildings acquired as gifts must reflect in the "Additions" column the estimated fair market value at the time of acquisition plus any costs incurred in obtaining the property. If the information is not available, an agency can obtain it from the assessor's office in the town where the property is located.
Record all property deletions for the fiscal year in the "Deletions" column #4 at the original cost or value of the property when it was placed on the inventory 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 #5 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 #6 for the Real Property Section is the "Building Value" reported on the tabulated listing of buildings. This "Building Value" reflects an increase of 1% for 1998.
The "Present Value This Year" column #6 for the Personal Property Section should reflect the appraised value or book value for the exceptional items and fine arts categories.
B. TABULATED LISTINGS
Land - All new acreage listed must reflect a cost or value.
Buildings - All new buildings listed must reflect a cost or value.
The building fire codes must be corrected and/or added to the buildings tabulated listing. See pages 9 through 12 of the Property Control Manual for building fire codes.
Agencies must make additions, deletions or corrections on the tabulated listings in RED.
The totals on all detailed reports must equal the summarized totals on the CO-59.
IV. GENERAL INFORMATION
Public Act 98-42 revised Section 4-36 of the Connecticut General Statutes. The change requires agencies to include in the inventory transmitted to the Comptroller Apersonal property having a value of less than one thousand dollars and defined as controllable property in the Property Control Manual published by the Comptroller. Agencies must attach a list of the types of items being controlled to the CO-59. See pages 34 and 35 in Chapter 6 of the Property Control Manual for a discussion of controllable property.
The canary copy of the CO-59 must be sent directly to the Accounting Services Division of the Comptroller's Office, 55 Elm St., 6th floor, Hartford, CT.
The white copy of the CO-59 with a copy of each of the other forms must be sent directly to the Management Services Division of the Comptroller's Office, 55 Elm St., 1st floor, Hartford, CT.
The Property Control Questionnaire must be sent directly to the Policy Services Division of the Comptroller's Office, 55 Elm St., 2nd floor, Hartford, CT. The Property Control Questionnaire has two new questions because of upcoming Governmental Accounting Standards Board changes for the financial reporting of assets.
V. QUESTIONS AND FORMS
|Send to:||Office of the State Comptroller|
|Policy Services Division|
|Property Control Questionnaire|
|55 Elm Street Hartford, CT 06106|
|Fax Number: (860) 702-3441|
OFFICE OF THE STATE COMPTROLLER
Property Control Information
|Please complete items 1-5 and 10-11, but complete items 6-9 only if the information has changed. Thank you.|
|Agency Number||Agency Name|
|Person responsible for the establishment and maintenance of the Property Control Record System.|
|Recordkeeping system currently in place.|
|6.||a.||Manual _______||Automated _______|
|b.||If Automated: Software: ______________________________________|
|7.||Do you use a bar code system for taking your yearly physical inventory? ____________________________________________________________________|
|8.||Number of items on current inventory? ____________________________________|
|9.||Are changes planned or currently under way to augment and/or replace your existing system? _____________________________________________________________|
|10.||Does your current system have the capability of depreciating items? ____________________________________________________________________|
|11.||Are you currently using the depreciation module? ____________________________|
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