Chief Fiscal Officers
|From:||Martin J. Benison, Comptroller|
|Date:||July 15, 2009|
|Re:||FY 2009 year end Capital (Fixed) Asset Inventory Review|
The purpose of this memo is to announce the FY2009 year-end (annual) Capital Asset Inventory Review and give departments guidance on how to review the Capital (Fixed) Asset inventory.
During the FY2008 audit of the Commonwealth, KPMG, the state's independent auditors, raised significant issues with the inventory recordkeeping of the Commonwealth's fixed assets. To meet the inventory controls and reporting guidelines, departments must perform an annual Capital Asset Inventory Review.
Capital Assets are defined as GAAP and Non-GAAP fixed assets - please see Comptroller's Fixed Asset Acquisition policy for detail. To complete the Capital Asset Inventory Review, the Office of the Comptroller will provide your department with an inventory of Capital Assets currently recorded on MMARS for the fiscal year ended June 30, 2009. Department inventories can be found on PartnerNet accessed through the Comptroller's Intranet. Instructions for fiscal asset inventory downloading and uploading are attached. All CFOs and GAAP Liaisons have been given access. For more details on PartnerNet, see FY2009-14: New Intranet Site: PartnerNet (issued 12/1/2008).
Please review the inventory for any Capital Asset additions, disposals or transfers your department has processed and answer the following review questions:
Please complete the confirmation form no later than August 7, 2009 and upload it to the Comptroller's General Inbound Box on PartnerNet. Note: A confirmation form should be uploaded even if your department currently has no inventory.
For further assistance, please contact B.J. Trivedi, Director of the Financial Reporting Bureau at 617-973-2663 or Patricia McKenna at 617-973-2425.