When it comes to asset management for government entities, we have extensive experience. Better data means better outcomes for your public entity, and we’re here to get you exactly that.
According to GFOA (Government Finance Officers Association), “Capital assets include major government facilities, infrastructure, equipment and networks that enable the delivery of public sector services. The performance and continued use of these capital assets is essential to the health, safety, economic development and quality of life of those receiving services.”
GFOA’s recommendations for asset management for government entities:
- Develop policies to guide capital asset management practices that are supported by both finance and operational/engineering expertise.
- Establish condition/functional performance standards and ensure each type of capital assets uphold these standards.
- Evaluate existing capital assets to determine if they still provide the most appropriate method to deliver services.
- Develop financial policies that identify and dedicate fees or other revenue sources to help maintain the expected service levels of capital assets.
- Allocate funds for asset management, including reporting, preventative maintenance, repair, renewal, and replacement of capital assets.
- Monitor and communicate your progress with appropriate controls.
- Craft a “plain language” report on capital assets at least every three years.
At HCA, we can help you:
- Establish clean baseline inventory with accurate historical costs
- Accurately report infrastructure
- Develop accounting class useful lives supported by your data
- Reduce insurance costs
- Create resource efficiencies for internal stakeholders
- Comply with Sarbanes-Oxley, GASB, GAAP, and Uniform Guidance (UG)
We provide a team of experienced valuation consultants familiar with capital equipment, infrastructure, land, and facilities to complete physical inventories utilizing our proprietary software. We offer fully trained staff to physically verify and collect the pertinent data points of all qualifying assets.
The updated baseline inventory of assets and financial reports produce audit confidence and compliance. Our team has completed inventory and valuation engagements for numerous public entities, resulting in clean, unmodified audit results. Accurate asset data reduces the risk of overpayment of insurance, increases depreciation accuracy, and reduces the risk of audit findings.
Ready to talk about your entity’s assets? Reach out to us today.