STATE OF CONNECTICUT
THE STATE COMPTROLLER
55 ELM STREET
HARTFORD, CONNECTICUT 06106-1775
MEMORANDUM NO. 2005-19
June 8, 2005
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|
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 October first, transmit to the Comptroller 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. For audit purposes, each state agency shall establish and keep a list of 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 October 1, 2005.
III. REPORTING REQUIREMENTS
Refer to the State Comptroller's Property Control Manual, Chapter 3 and Appendix B. The required reporting forms are enclosed:
The land and buildings listing will be sent electronically to each applicable State agency.
A. CO-59 FIXED ASSETS/PROPERTY INVENTORY REPORT/GAAP REPORTING FORM
Complete the CO-59 form as directed below:
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.
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 JESTIR system. There is a 2 % increase to "Building Value" for 2004.
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 works of art and historical treasures categories.
B. CO-648B SUMMARY MOTOR VEHICLE REPORT
Complete the CO-648B form by indicating the total number of motor vehicles owned by the agency for each category.
C. LISTING OF STATE OWNED LAND AND BUILDINGS
The listing of State owned land and buildings will be sent electronically to each applicable agency. Please confirm the information to the Fiscal Policy Division to the attention of Carol Hagstrom at email@example.com by Friday, July 29, 2005. This information will be the data that will be established in the Asset Management Module of Core-CT. All new acreage should be added to the electronic file and highlighted. Any acreage that was sold or transferred should be highlighted on the electronic file as well. The first depreciation schedule will be run on July 30, 2005 which will impact the buildings and all other depreciable equipment. The depreciation schedule will have no impact on the land.
For the Legislative branch, Judicial branch and higher education agencies that are out of scope for the Asset Management module in Core-CT, the State owned land and buildings will be sent electronically as well. Please confirm the information as directed above by Friday, September 30, 2005, in conjunction with the filing of the CO-59 Report.
The totals on all detailed reports must equal the summarized totals on the CO-59.
IV. GENERAL INFORMATION
The original CO-59 with a copy of each of the other forms must be sent directly to the Fiscal Policy Division of the Comptroller's Office, 55 Elm St., 2nd floor, Hartford, CT.
V. QUESTIONS AND FORMS
For questions regarding the completion of the CO-59 or additional forms, please contact Carol Hagstrom at (860) 702-3437. Copies can also be printed from the Comptroller's website under Comptroller's Forms at http://www.osc.state.ct.us.
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