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Property Control Overview

Creating property control guidelines is the responsibility of the Administrative Services Division within the Office of the State Comptroller. All State agencies must have policies and procedures in place to ensure that all assets currently owned, purchased under a capital lease, or certain non-owned property in possession of the state where insurance is required be properly recorded and reported by each respective state agency.

Because property represents one of the largest investments being made by the State, complete accountability must be maintained and safeguards established to protect this investment.

Inventory Property - State Owned

  1. Personal Property having a value of one thousand dollars or more.
  2. “Controllable” Personal Property, as defined by the Comptroller and sanctioned by the agency head, personal property having a value of less than one thousand dollars.

    The Office of the State Comptroller Memorandum 2015-05 revised the capitalization threshold for personal property as follows:
    Personal property acquired prior to July 1, 2015 will have a capitalization threshold of one thousand dollars and effective July 1, 2015 the capitalization threshold for personal property is five thousand dollars.
     
  3. All Software.

Reportable Property - CO-59

  1. Real Property
  2. Personal Property having a value of one thousand dollars or more
  3. Software owned by the State
  4. Infrastructure (DOT only)
  5. Fine Art
  6. Stores and Supplies Inventory
  7. Other Property owned with Trustee Funds

Property Control Manual: http://www.osc.ct.gov/manuals/PropertyCntl/index.html 

General Questions on Assets: Office of the State Comptroller, Administrative Services at osc.assets@ct.gov or (860) 702-3436.

Forms:

CO-59 - ASSET MANAGEMENT/INVENTORY REPORT/GAAP REPORTING FORM
CO-853 - REPORT OF ADJUSTMENT TO STATE OWNED REAL AND PERSONAL PROPERTY


FREQUENTLY ASKED QUESTIONS

Q: When is the CO-59 due to the Comptroller’s Office?

A. CO-59, Fixed Assets/Property Inventory Report - GAAP Reporting Form: The purpose of this form is to report all property owned by each State agency. The due date of this form to the Comptrollers Office is October 1st.
 
Q. Agency called for clarification on "Off-Site Copy of Property Record" section in Property Control Manual, Chapter 2.

A. One way to keep copy of inventory off-site is to swap with (keep at) another agency. Agencies should have a disaster recovery plan.

Q. Form CO-853. Is it on the internet? Where do I send it?

A. Form CO-853, Report of Adjustment to State-Owned Real and Personal Property
Use this form to make adjustments to State-owned real and personal property. Adjustments may include but are not limited to theft, vandalism, lack of supporting documentation, criminal or malicious damage, missing items, spoiled or expired products, lost or misplaced funds, or items recovered.

Form CO-853 is available on the internet here.
 
This form should be emailed to osc.CO-853@ct.gov
Office of the State Comptroller
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