Policy
FIACCT 09-12_00 Fixed Assets – Information-Only Assets
Effective: March 16, 1998
Revised: July 2, 2001
Purpose
This policy defines the statewide policies and procedures for information-only assets.
Policy
An agency may choose not to track information-only assets. If an agency chooses to track information only assets, the agency must identify these assets in FINET Fixed Assets by specifying Fixed Asset Type X.
Background
Information-only assets are assets that an agency desires to track but do not qualify as fixed assets for reporting purposes. These assets have a historical cost of less than $5,000.00 and/or a useful life of less than one year.
Agencies are encouraged to track as information-only assets items such as cameras, radios, firearms, electronic equipment, data processing equipment, and anything that may be considered pilferable. The Division of Risk Management may suggest additional assets for the purpose of substantiating a claim in case of a loss. An agency may also include items that do not belong to the State, but for which the State is accountable. For example, federal property used in connection with a grant may be added as information-only.
Information-only assets are added, changed, deleted, and copied similar to fixed assets. However, when recording information-only assets as scratch add FAs, an IAT does not need to be processed. They are excluded from CAFR reporting and are not included in the monthly reconciliation to capital expenditures. The user must identify information-only assets as Type X.
Procedures
Responsibility
Action
Agency
- Log onto the mainframe and access the FINET accounting system.
- Information-only assets are added to FINET Fixed Assets by processing an FA – Scratch Add document. The user must specify Type X (for information-only). Do not process an IAT.
- Changes to information-only assets are accomplished by processing an FC – Fixed Asset Change document or FT – Fixed Asset Transfer document.
- Information-only assets are deleted by processing an FD – Fixed Asset Disposition document.
Division of Finance
When preparing the CAFR, exclude information-only assets.