COMPTROLLER'S MEMORANDUM NO. 98-19

May 15, 1998

TO THE HEADS OF ALL STATE AGENCIES

AUTHORITY

Section 4-36 of the Connecticut General Statutes states: "Each state department and state institution shall establish and keep an inventory account in the form prescribed by the comptroller, and shall, annually, on or before August first, transmit to him a detailed inventory, as of June thirtieth, of all property, real or personal, owned by the state and in the custody of such department or institution."

DUE DATE

As prescribed by the statute, this report must be transmitted to the State Comptroller on or before August 1, 1998.

REPORTING REQUIREMENTS

Refer to the State Comptroller's Property Control Manual, Chapter X. Enclosed are the required reporting forms:

• CO-59 Fixed Assets/Property Inventory Report/GAAP Reporting Form (Rev. 4/98)
• CO-648B Summary Motor Vehicle Report (Rev. 7/94)
• Tabulated Listings of Land and Buildings
• Property Control Questionnaire

CO-59 FIXED ASSETS/PROPERTY INVENTORY REPORT/GAAP REPORTING FORM

Cost (Value) Data Section

The "Last Year's Balance" column #2 is used to record the beginning property balances from the previous year's CO-59, column #5.

The "Additions" column #3 is used to record all property additions for the year at the property's original cost if purchased or value if donated or transferred. Additions should include transfers from the State and Federal Property Distribution Center.

Buildings acquired as gifts must reflect the estimated fair market value at the time of acquisition in the "Addition" column plus any costs incurred in obtaining the property. If the information is not available, it can be acquired from the town assessor's office where the property is located.

The "Deletions" column #4 is used to record all property deletions for the year at the original cost or value of the property when it was placed on the inventory listing. Deletions should include property scrapped, lost, transferred to the State and Federal Property Distribution Center, and the deletion of items less than $1,000 as prescribed by the Property Control Manual, page 34.

Any real property that was sold, transferred or demolished should be reflected in this column. The deletion amount should reflect the original acquisition cost and 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 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 tabulated listing of buildings. This "Building Value" reflects an increase of 1.2% for 1997.

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 fine arts categories.

TABULATED LISTINGS

Land - ALL NEW ACREAGE LISTED MUST REFLECT A COST OR VALUE. Buildings - ALL NEW BUILDINGS LISTED MUST REFLECT A COST OR VALUE.

The building fire codes must be corrected and/or added to the buildings tabulated listing as prescribed by the Property Control Manual, pages 9 through 12.

Additions, deletions or corrections on the tabulated listings must be made in RED.

RECONCILIATION

The Totals on all detailed reports must equal the summarized totals on the CO-59.

GENERAL INFORMATION

The canary copy of the CO-59 must be sent directly to the Accounting Services Division of the Comptroller's Office, 55 Elm St., 6th floor, Hartford, CT.

The white copy of the CO-59 with a copy of each of the other forms must be sent directly to the Management Services Division of the Comptroller's Office, 55 Elm St., 1st floor, Hartford, CT.

The Property Control Questionnaire must be sent directly to the Policy Services Division of the Comptroller's Office, 55 Elm St., 2nd floor, Hartford, CT.

QUESTIONS AND FORMS

If there are any questions regarding the completion of the CO-59, please contact Barbara Gilletti at (860) 702-3436 or Carol Hagstrom at (860) 702-3437. If additional forms are required, please contact James Corsair at (860) 702-3347.

NANCY WYMAN
STATE COMPTROLLER

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