Resolutions - Jersey City

applicable
same
sale of property that is not coordinated through the Offce of Design and Construction
or the Offce of Property and Lease M-anagement, is the responsibilty of the
agency and therefore must be reported by that agency.
b. The acquisition of an asset through a series of regular contract payments, i.e.,
inta11ent purchases of qualfyg assets, as well as an asset acquired through
Certificates of Paricipation or "Master Lease" fiancing, should be reported the
as a purchase ofan asset.
7. Documentation Requirements.
a. System defitions and intructions for asset additions and/or retirements are avaiable
on-lie via the HELP screen in the LRAM.
b. Agencies are required to maintain supporting documents for all fied asset
tranactions that meet the capitaliation criteria.
c. The source offunding, or combination ofsources offunding, must be identified.
d. Each asset must be identified and entered into the LBAM by a unique individual
number. The number maybe a tag'number issued by OMB, a license number in the,
case ofavehicle or another number approved by OMB.
8. Agency Reporting Responsibilties.
a. Each agency wil designate a unit and personnel responsible for updating LBAM.
b. Each agency is required to maintain an internal system that is capable ofutiling the..
.LBAM program
c. Each agency wil submit a diskette to OMB, which wil identify all assets added
or retired as entered on the agency's version of the LBAM program
d. Each agency wil alo be responsible for conducting an anual physical inventory of
fied assets, which must be reconciled to the LBAM. Program A preliary
inventory including the fist six mO,nths oftranactions should be submitted to OMB by
May 31 of each year. A complete physical inventory liting as of June 30:must be
submitted to OMB prior to July 31 ofeach year.
E. Requirements for Nonprofit Grants. -
L. The recipient's property management standards for equipment acquired with Federa1
funds and federally owned equipment shall include all of the following;
a. Equipment records shall be maintained accurately and shall include the following
informtion.
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