Property Reconciliation Activities and Initiatives

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Property Reconciliation Activities and Initiatives

• Presented byJoe Giorlando

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Property Financial Indicators

• Current State of Property

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Reconciliation Status
Reconciling Item Counts as of January 2005
Accumulated Depr/Amort (1759/1839)
Cost Items (1750/1830)
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Status of Inventories
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Aging of Suspense
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Property Initiatives

• Were Earning Our Keep

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Continuous Monitoring of Property Activity

• Monthly Preparation of Inventory Status
• Weekly Review/Monthly Reporting of Suspense
  Activity
• Identification and Resolution of Reconciling
  Items
• February 2005 Submitted 83 Line Adjustments
• March 2005 Submitted 327 Line Adjustments

8
Data Clean-up Efforts

• Annual Accounting Code Roll
• Sync Accounting Codes Between PROP and FFIS
• Review Existing Records in Anticipation of CPAIS
• Spearheaded by OPPM
• Correcting Data or Supplying Missing Data within
  PROP Records, e.g., BOCs, SIN for Vehicles,
  Location Data, etc.

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Formulation of Accounting Standards for Property

• Drafting Departmental Policy to be published by
  September 30, 2005
• Provide Specific Guidance on Accounting Issues
• Ownership
• Capitalization Criteria, Enhancements and
  Components
• Gains and Losses
• Reference with Clear Examples for Unique
  Situations

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Procedural Changes for Certain Property
Transactions

• Cost Allocation Model Changes
• Unique Allocation Account
• Modification of Posting Models
• Property Purchased Under Reimbursable Agreements
• Federal, Non-USDA Partner
• Non-Federal Partner
• USDA Partner

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CPAIS Development

• Integral Part of the Development Team
• Requirements
• Conversion
• Testing
• Training
• Implementation
• Reconciliation