ADM-30 Asset Management Flashcards
The department shall record:
Government generally accepted accounting principles (GAAP) Of $50,000 or more within the Massachusetts management, accounting and reporting system twice per year.
The department shall also maintain:
An asset management system that reflects all non-GAAP fixed assets with a useful life of one year or more at a cost between $1000 and $49,999.
What is an asset forfeiture or federal grant fixed asset?
Tangible property funded with asset, forfeiture or federal grant funds with a useful life of one year or more, regardless of original cost.
What is a fixed asset?
Tangible property with the cost of $1000 or more and a useful life of one year or more.
Who manages fixed assets transactions and conduct an annual inventory?
Asset management unit
What should commanding officers do when they acquire, transfer, lose, or dispose of fixed assets?
Notify the asset management unit by forwarding a copy of the SP 255 equipment transfer form or by providing information via email. (The 255 & 255A are both required for disposal)
What does the form SP255 a do?
Complete and return this form for all disposals.
When does the asset management unit send out reports of their fixed asset inventory?
June 30 of each year
When is the biannual capital (gaap/fixed) asset report completed?
December 31 and June 30 of each year
If you are a unit that receives asset forfeiture, technology, and federal grant inventory you will receive report as of when?
January 31 of each year. All section/units must complete this inventory annually, regardless of value.
When is another reason an asset inventory shall be completed?
Whenever there is a change of command at a reporting entity, or a change in the personal assigned to manage specified fixed assets.
Who should I notify before fixed assets are disposed of, so that surplus procedures can be followed?
The asset management unit
When are annual inventories completed?
June 30 of each year report to the asset management unit.
