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:February 9, 2009
Re:Mid-year Capital (Fixed) Asset Inventory ReviewComptroller Memo
FY#2009-23
 

Executive Summary

The purpose of this memo is to announce the institution of mid-year and annual Capital Asset Inventory Reviews and give departments guidance to review Capital (Fixed) Asset inventory.

During the FY2008 audit of the Commonwealth, the Commonwealth's independent auditors, KPMG, noticed significant issues with the inventory recordkeeping of the Commonwealth's fixed assets. In order to meet the inventory controls and reporting guidelines, we are instituting a mid-year and 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 for the current fiscal year as of January and June. Departments' inventory can be found on PartnerNet accessed through the Comptroller's Internal Applications page. Instructions for utilizing PartnerNet are attached.

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

Please complete the confirmation form no later than February 27, 2009 and upload it to the Comptroller's General Inbound Box on PartnerNet. Note: 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 PartnerNet Instructions doc format of FA_Inv_PN_ Instr.doc pdf format of FA_Inv_PN_ Instr.pdf

 

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