Understanding Asset Types and Definitions in Financial Management
Exploring various asset types like real property, personal property, and equipment, along with definitions such as capital assets and Comptroller-controlled assets. Learn about capitalization thresholds and the classification of assets based on value and risk factors.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
E N D
Presentation Transcript
Asset Types and Definitions Mike Castillo Director of Central Services
Asset Types and Definitions Types of Fixed Assets Real Property Land/Land Improvements Buildings/Building Improvements Facilities and Other Improvements Infrastructure Personal Property Equipment Furniture Software Vehicles
Asset Types and Definitions Asset Definitions Capital Assets Real or personal property that have an estimated life of greater than one year. A value equal to or greater than the capitalization threshold established for that asset type. Capitalized assets are reported in an agency s annual financial report. Capital assets should be recorded and reported in both the Uniform Statewide Accounting System (USAS) and State Property Accounting (SPA) at their historical costs, which include the vendor s invoice (plus the value of any trade-in), plus sales tax, initial installation cost (excluding in-house labor), modifications, attachments, accessories or apparatus necessary to make the asset usable and render it into service.
Asset Types and Definitions Asset Definitions Capital Thresholds Class of Asset Land/land improvements Buildings/building improvements Facilities and other improvements Infrastructure Personal property Library books/materials (collections) Works of art/historical treasures Leasehold improvements Threshold Capitalize All $100,000 $100,000 $500,000 $5,000 Capitalize All Capitalize All $100,000
Asset Types and Definitions Asset Definitions Comptroller Controlled Assets A capital asset that has a value less than the capitalization threshold established for that asset type, however due to its high-risk nature, is required to be reported to SPA. Comptroller Controlled Assets are tracked from $500 to $4999.99. Controlled assets are not reported in an agency s annual financial report. Locally Controlled Assets A capital asset that is not capitalized or on the Comptroller s controlled asset list, but is tracked and accounted for as mandated by agency management. Locally Controlled assets are tracked from $0 to $4999.99. Controlled assets are not reported in an agency s annual financial report.
Asset Types and Definitions Asset Definitions Comptroller Controlled Assets Class Description Desktop CPU - not Apple CPU Desktop Apple Printer (not portable) Portable CPU - not Apple Apple CPU/Laptops Computers and guns are inventoried regardless of value Hand Guns Rifles Stereo Systems Cameras Video Recorder/Laser Disk Player (TV, VCR, Camcorder) Data Projectors
