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
- Personal Property having a value of one thousand dollars or more.
- “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.
- All Software.
Reportable Property - CO-59
- Real Property
- Personal Property having a value of one thousand dollars or more
- Software owned by the State
- Infrastructure (DOT only)
- Fine Art
- Stores and Supplies Inventory
- Other Property owned with Trustee Funds
Property Control Manual:
General Questions on Assets: Office of the State Comptroller, Administrative Services at firstname.lastname@example.org or (860) 702-3436.
ASSET MANAGEMENT/INVENTORY REPORT/GAAP REPORTING FORM
REPORT OF ADJUSTMENT TO STATE OWNED REAL AND PERSONAL PROPERTY