The Seal of the Office of the State Comptroller

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

I. AUTHORITY

Section 4-36 of the Connecticut General Statutes states: "Each state agency shall establish and keep an inventory account in the form prescribed by the comptroller, and shall, annually, on or before August first, transmit to her a detailed inventory, as of June thirtieth, of all of the following property owned by the state and in the custody of such agency: (1) real property, (2) personal property having a value of one thousand dollars or more and (3) personal property having a value of less than one thousand dollars and defined as 'controllable property' in the property control manual published by the comptroller."

II. DUE DATE

As prescribed by the statute, agencies must transmit this report to the State Comptroller on or before August 1, 1999.

III. REPORTING REQUIREMENTS

Refer to the State Comptroller's Property Control Manual, Chapter X. The required reporting forms are enclosed:

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.

C. RECONCILIATION

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

For questions regarding the completion of the CO-59, please contact Barbara Gilletti at (860) 702-3436 or Carol Hagstrom at (860) 702-3437. If additional forms are required, please contact James Corsair at (860) 702-3347.

 

 

NANCY WYMAN
STATE COMPTROLLER

NW:CH

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

Instructions Date ______________
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
1. _____________ 2. ________________________________
Person responsible for the establishment and maintenance of the Property Control Record System.
3. ____________________________________________________________________
Title Telephone Number
4. _____________________ 5. ________________________________

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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