Inventory Reporting Threshold Requirements
OMES Capital Assets Management has set the reporting threshold of all agencies at $2,500.00 per item for the purposes of tangible asset inventory reports submitted annually by agencies in accordance with Title 74, Section 110.1, and OAC 260:110-1-1.
“Tangible assets” means machinery, implements, tools, furniture, livestock, vehicles and other items an agency may use repeatedly without impairment of its physical condition and have a calculable period of service and an original acquisition cost exceeding the designated reporting threshold amount.
The new tangible asset threshold does not apply to telecommunications and electronic information technology applications specified in Title 62, Section 34.12, Subsection 6, which requires maintaining “a directory for the following which have a value of Five Hundred Dollars ($500.00) or more: application systems, systems software, hardware, internal and external information technology, communication or telecommunication equipment owned, leased or rented for use in communication services for state government, including communication services provided as part of any other total system to be used by the state or any of its agencies.”
All agencies are encouraged to internally track their assets under the reporting threshold limit to promote prudent financial responsibility and internal control. An agency reporting threshold may be increased or decreased by CAM as specified by OAC 260:110-1-3 after an individual review. If you have any questions, please contact Lisa Whiteman, state inventory control officer at 405-522-1164, email@example.com.