8650     ACCOUNTING AND CONTROL OF PROPERTY
(Revised 3/96)

Departments will record the following information when property is acquired:

1. Date acquired;
2. Property description;
3. Property identification number;
4. Cost or other basis of valuation;
5. Owner fund; and
6. Rate of depreciation (or depreciation schedule), if applicable.

Departments will keep track of state property, whether capitalized or not, in an automated property accounting system (if one is used) or on Property Record Cards form, STD. 153–A.

The property information for each item of property constitutes the property register (i.e., an inventory listing of all departmental property).  It shall include both capitalized and non-capitalized property.  The capitalized segment shall serve as the subsidiary ledger for the General Fixed Asset Account Group or for the fixed assets of Proprietary and Fiduciary funds. Groups of similar property may be combined on one record, but for convenience in analyzing movements and transfers, a separate record for each property is usually desirable.