Asset Inventory & Valuation Services
Innovative Solutions. Accurate Valuations.
AssetWorks has unparalleled capabilities and expertise to support entities in accomplishing the challenges faced in meeting the financial reporting requirements of GASB Statement 34/35. To help entities meet GASB, GAAP, and state standards, we develop original and historical costs of fixed assets and infrastructure. By inventorying capital assets and tagging equipment with barcodes, AssetWorks implements fixed asset systems to develop and maintain proper stewardship of assets. Our services provide both initial and long-term benefits addressing:
- Financial reporting (GASB 34/35)
- Grant funded compliance reporting (OMB A-133)
- Infrastructure inventory and valuation
- Property insurance
- Property control and management
- Valuation and inventory record perpetuation
- Annual updating of values
A typical engagement involves compiling property inventories, inventory valuation, barcode asset tagging, developing property control procedures, drafting reports, and implementing technology solutions.
Helping our clients to create accurate "useful life" and depreciation schedules for all capital assets is an integral component of AssetWorks capital asset management services. The data enables AssetWorks to prepare reports that satisfy various financial reporting standards, including those established by the Government Accounting Standards Board for annual capital asset audits.
Our capital asset inventory and related services include the following:
- Physical Inventories – Comprehensive, on-site inventory services to establish accurate capital asset records, determine the "useful life" of assets, and create depreciation schedules for infrastructure, buildings, improvements, land, and equipment.
- Barcode Tracking Systems – Affixing bar code tags and implementing the use of barcode scanning technology to facilitate improved inventory control.
- Valuations – Calculating supportable original cost, replacement cost, and actual cash value for infrastructure, buildings, improvements, land, and equipment.
- Asset Reporting – Capital asset management programs from AssetWorks enable our clients to generate meaningful reports that address a wide variety of site-specific requirements.
- Infrastructure Inventory and Valuation Services – AssetWorks understands the difficult task of gathering data and valuing infrastructure assets. AssetWorks has the experienced personnel and resources available to conduct and complete inventory and valuation of all owned infrastructure asset and provide the reports required for compliance with GASB Statement 34/35.
- Perpetuation – Physical re-inventories and annual update services to ensure that capital asset records and insured values are current.
- On-Site Re-Inventory and Asset Reconciliation – AssetWorks has the experience and technology to complete periodic re-inventory and asset reconciliation services to update all capital asset records. This service accounts for all asset additions, disposals, and transfers.
- Property Control Consulting – Reviewing and enhancing internal policies and procedures related to ongoing capital asset management functions.
AssetMAXX (Web-Based Capital Asset Management System)
- Property insurance reporting
- Property underwriting and loss control data management
- Annual trending of values
- GASB 34/35 compliant with reporting
- Asset addition, disposal, and transfer functions
- Multiple depreciation records and capitalization levels
- Maintenance and repair history tracking
- Barcode scanner interface
- Data import and export capabilities