PURPOSE AND OBJECTIVE OF PROPERTY ACCOUNTING - 8600

Property accounting policies and procedures are designed to maintain uniform accountability for the management, control, accounting, and record-keeping of state property.

A combination of accurate accounting records and strong internal controls must be in place to prevent and detect the unauthorized use of state property. Management is responsible for the implementation of this policy and must ensure that property accounting procedures and internal controls are in place.

These standard procedures are used to provide accurate records for the acquisition, maintenance, control, and disposition of property.

Agencies/departments that purchase property with federal funds should consider federal pre-approval of the state property accounting procedures, if state procedures are significantly different than federal regulations.