|
State of Connecticut
Office of the State Comptroller |
PROPERTY CONTROL MANUAL
This page last updated on June 13, 2022
| Questions regarding this chapter should be directed to the following: | ||
|---|---|---|
| Asset and Inventory Mailbox | osc.assets@ct.gov | |
| Elizabeth Daly, CPPA | 860-702-3436 | elizabeth.l.daly@ct.gov |
Required Forms
The following forms are to be completed by all applicable
State agencies:
Form Instructions
Asset Management/Inventory Report/GAAP Reporting Form, CO-59
Queries (Core-CT Users Only):
The Core-CT System uses queries to retrieve the information for the CO-59
form. There is a web based learning assistant document with a tutorial
on running the
queries. Executive Branch agencies are expected to use the Statewide
Analytical
Reporting System (STARS) Asset Management Report to complete the CO-59 form.
Agencies not using the Core-CT System will continue to report their assets
on the CO-
59 using their asset management module and inventory module.
All agencies using the Core-CT Inventory Module will need to report stores and supplies inventory and material and goods, if applicable.
Core-CT EPM Queries
The following queries may be used by agencies using the Core-CT System to
assist
with reconciling the asset physical inventory:
Core-CT Asset Management Module
Core-CT Inventory Module
Additionally, the Core-CT CMS010, Inventory on Hand Value Summary Report is available to assist with reconciling the physical inventory. The navigation in Core-CT is Financials/Cost Accounting/Inventory and Mfg. Accounting/Reports/Inventory Value History.
CO-59 Completion Instructions:
If you feel that you can benefit from training on any of the following topics, click the link or create an email to osc.assets@ct.gov subj: “CO-59 Core-CT Training” and list the topic and contact information so we can reach out to schedule appropriate training.
1. Property Control Manual
2. STARS Reports
3. EPM Reports related to:
a. Core-CT Asset Module
b. Core-CT Inventory Module
4. Processing Assets/Inventory in Core-CT
5. Reconciling a Physical Inventory in
Core-CT
Agency Name and Address - Complete Your Agency's Name and Address
Agency Acronym - 3 Letter Agency Acronym
Date of Physical Inventory - Date the last physical inventory was
taken.
Column 1 - Asset Classification
Asset Classifications listed on the CO-59 specify the asset by type for accounting purposes and how assets are reported on the balance sheet. Refer to Chapter 1 for descriptions of asset classifications. For agencies using the Core-CT Asset Module, the classification on the CO-59 reflects the asset category used in the Core-CT Asset Module. An asset profile is assigned to every asset in the Core-CT Asset Module and matches the asset classification on the CO-59.
Specific categories require information to be entered in column 1 as follows:
| REAL PROPERTY | ||
| LAND | List the total Acres of land the agency owns | |
| LEASED LAND | List the total Acres of land leased by the agency | |
| BUILDINGS | List the total number of buildings the agency owns | |
| LEASED BUILDINGS | List the total number of buildings leased by the agency |
Column 2 - Last Year's Balance
In the header area for column 2 “06/30/XX” enter the previous fiscal year. This column will contain the ending cost balances from the previous year's CO-59. Proceed down each asset classification and enter the appropriate amount from last year’s CO-59.
Column 3 - Additions
Additions are all property added, both new and used, for the year at the property’s cost or fair value. Refer to Chapter 4 of this manual for valuation method
Column 4 - Deletions
Deletions are all property deletions for the year at the property's original cost or fair value depending upon the method of acquisition (estimated value if necessary). Deletions should include property that was sold, retired, scrapped, lost or transferred, including property which was transferred to the State and Federal Property Distribution Center during the fiscal year, as well as the types of deletions listed below:
Corrections
Often, changes are made to an existing record. Usually, these changes are corrections to the original recording.Changes would include, but not necessarily be limited to, the following:
Erasures
The deletion of an item, which previously was recorded and should not have been recorded as an asset, is considered an erasure. Erasures are used when an error indicated that an item was recorded in a prior year as an addition but should not have been capitalized. By making the item an erasure, the item can be removed completely from the master file just as if it had never been recorded in the first place. Therefore, the item will not be reported subsequently on a disposal listing.
Lost/Missing/Unaccountable Equipment
Equipment that is deemed "lost, missing or unaccountable" when the physical inventory is taken must be properly documented. Instructions for reporting a loss are prescribed in Chapter 8 of this manual. The equipment is then considered a "deletion" from the inventory until such time as it may be recovered. The item can then be added back to the inventory as an "addition".
Column 5 - Current Balance
Enter the fiscal year end for the period being covered by this
CO-59 in the header section. Formulas have been prepopulated
that add columns 2 and 3, subtract column 4 and provide the balance
for column 5.
Column 6 - Present Value This Year
This column is only to be used if an appraisal of fine art was
conducted in this reporting period. Fine art appraisals are
not required, if one is done the appraised amount is recorded in
this column.
Other Property
The summary of the total from the agency's inventory report of
items not owned by the State, such as personal property of patients
and inmates or equipment owned by Student, Patient or Inmate
Activity Funds.
Total Personal Property
Formulas have been provided that add the vertical column
entitled, "GAAP Group Personal Property Sub-Total" above, and the
individual items below that sub-total for the summary total of
personal property.
Grand Totals For Real And Personal Property
Formulas have been provided that add the vertical columns
entitled, "Total Real Property" and Total Personal Property"
together for the "Grand Total." If the values recorded on the
CO-59 do not reconcile with Core-CT, the agency must provide a
written explanation of the discrepancy in an attachment.
Prepared By - Name and Title of individual who prepared the report.
Telephone Number - Preparer's phone number.
Date - The date the report was prepared.
Authorized Signature - name
and title and signature of authorized signer.
Telephone Number - Authorized Signer’s phone number.
Date - The date the report was signed by the agency head or
designee.
2. Internal
Control Guide's Property Questionnaire
The Internal Control Guide has a Property Questionnaire which is
designed to help
agencies evaluate their internal control systems for all property.
Each section begins
with a flowchart that will help guide you through the questions.
Begin answering the
questions listed and continue following the instructions listed on
the flowchart. The
Internal Control Guide's Property Questionnaire is to be completed
as of June 30th
each fiscal year and kept on file at each agency. Refer to Appendix
C, Internal Control
Guide's Property Questionnaire.
3. Summary Motor
Vehicle Report, CO-648B
This report must include all registered and unregistered vehicles
owned by the State
and in the custody of the agency as of June 30th. The Department of
Administrative
Services will report all Fleet vehicles. All other agencies will
report agency-owned
motor vehicles. Indicate the total number of motor vehicles owned
by the agency for
each category of vehicle.
| Snowmobile | Ambulance | Passenger Car |
| Bus | Truck | Jeep |
| Van | Trailer | Forklift |
| Tractor | Payloader | Grader |
| Motorcycle and Bike | Cushman Vehicle | Camper |
| Miscellaneous |
All reports must be submitted by October 1.
Core-CT Depreciation Queries - Only For OSC Use
CT_CORE_FIN_AM_DEPR_NEG
Select this query to calculate the negative depreciation of assets
for a specific fiscal year for the CO-59 report to the Office of the
State Comptroller. This Report is displayed by business unit and
category.
CT_CORE_FIN_DEPR_POS
Select this query to calculate the positive depreciation of
assets for a specific fiscal year form CO-59 report to the Office of
the State Comptroller. This report is displayed by business unit
and category.