Comptroller Fiscal Year Memo Letter Head


M E M O R A N D U M

To:

Chief Fiscal Officers

From:Martin J. Benison, Comptroller
Date:July 15, 2009
Re:FY 2009 year end Capital (Fixed) Asset Inventory Review

Comptroller Memo
FY#2009-39


Executive Summary

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 doc format of    po_fa_acquisition.doc  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 doc format of    2009_39_ instructions.doc  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:

  1. Asset Additions: Does the attached inventory represent all the capital assets acquired or constructed by your department during FY09? If not, provide detail.
  2. Asset Deletions: Are there capital assets that should be removed or not in possession of your department listed on the inventory list? If so, provide detail.
  3. Asset Transfer: Was a capital asset transferred from your department to another department during the fiscal year? If so, provide detail.
  4. Asset not in service: Are there any assets listed on the inventory list that are no longer in service? If so, provide detail.

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.

Enc. Fixed Asset FA Inventory Download and Upload Instructions doc format of    2009_39_ instructions.doc



cc:GAAP Liaisons
MMARS Liaisons
Payroll Directors
General Counsels
Internal Distribution