Asset Management and Inventory Directive
|To:||Chief Administrative and Fiscal Officers, Business Managers, Core-CT Asset Management Module Personnel|
|From:||Brenda K. Halpin, Director|
|Administrative Services Division|
|Office of the State Comptroller|
|55 Elm Street|
|Hartford, CT 06106|
|Date:||August 31, 2010|
|Re:||Implementation of GASB Statement No. 51, Accounting and Financial Reporting for Intangible Assets|
The purpose of this Asset Management Directive #3 is to clarify the information included in Comptroller’s Memorandum 2010-14 and to notify agencies of changes with the Property Control Manual due to the implementation of GASB Statement No. 51, Accounting and Financial Reporting for Intangible Assets effective with the fiscal year ending June 30, 2010.
Due to the implementation of GASB Statement No. 51 there will be changes in the fiscal year end reporting of assets on the CO-59 Asset Management/Inventory Report/GAAP Reporting Form for FY 2010. We are required to include permanent land easements and licensed software not previously reported. Two new asset categories have been established on the CO-59 form and within the Core-CT Asset Management Module to capture this data. The new asset categories and profiles were established in Core-CT earlier this fiscal year. On June 30th a daily mail was released regarding the new asset profiles. The first asset profile is 1EASEMENTS for permanent land easements. The second asset profile is LSOFTWARE for licensed software over $1,000.
Permanent Land Easements
State agencies that currently have permanent land easements that were acquired during fiscal year 2010 are to record in summary the total cost on the CO-59 under the asset category EASE column 4.
One entry is to be made in the Core-CT Asset Management Module as a “Basic Add” with the summary amount for FY 2010. When the standard Core-CT reports are prepared for completing the CO-59 this information will not be included because the data is being entered in FY 2011. Beginning with fiscal year 2011 as each permanent land easement is acquired it should be identified as an asset in the Core-CT Asset Management Module with the correct asset profile.
Data is required for all licensed software for the past six years beginning with fiscal year 2005. A new form has been created entitled “Summary Licensed Software Report” and is available on the Comptroller’s website at www.osc.ct.gov/agencies/forms. This form is for use for this year only. Complete this form by providing total cost information for all agency licensed software purchased during each of the past five fiscal years. The licensed software must meet the capitalization
threshold of $1,000 or more. Supporting documentation should be available for audit review purposes. The total cost of all five years should be listed as last year's balance in column 3 on the
CO-59 for FY 2010 for asset category LSOFT. Any costs for fiscal year 2010 should be reported in
column 4 as additions to LSOFT. The cost of all licensed software should have been captured in the agency software inventory as required by the Property Control Manual.
Six entries are to be made in the Core-CT Asset Management Module as a “Basic Add” with the summary amount for each fiscal year (eg. 2005, 2006, 2007, 2008, 2009, 2010) identified on the summary document. These transactions must be completed by October 1, 2010. When the standard Core-CT reports are prepared for completing the CO-59 for FY 2010 this information will not be included because the data is being entered in FY 2011.
A training guide providing step by step instructions on how to properly enter each fiscal year summary total is available on the Core-CT website at
Frequently Asked Questions
The above information pertains to all state agencies when completing the CO-59 beginning with fiscal year 2010. The completed CO-59 with a copy of the Summary Licensed Software Report and the CO-648B (if applicable) must be sent directly to the Comptroller's Office, Administrative Services Division, 55 Elm Street, Hartford, CT 06106 Attn.: Michael Carragher. The Property Control Questionnaire should be emailed to OSC.Assets@po.state.ct.us. The reports are to be filed by close of business Friday, October 1, 2010.
Questions regarding the completion of the CO-59, licensed software report, questionnaire, CO-648B or this memorandum should be directed to OSC.Assets@po.state.ct.us. All forms should be printed from the Comptroller's website at http://www.osc.ct.gov/agencies/forms.
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