The equipment, buildings, and parking areas supporting LFCC operations are state property that must be recorded, tracked, and disposed of in accordance with Commonwealth Accounting Policies and Procedures Manual, function 30000, Fixed Assets and Lease Accounting. Compliance with these regulations ensures proper asset management and financial reporting of LFCC's fixed assets.
LFCC uses the Fixed Assets Tracking System (FATS) for taking an annual inventory using scanning technology. Applicable information in this system is reconciled to asset information maintained in the state system using AIS asset management functionality.
To surplus equipment and/or furniture, employees must complete and submit the Request to Surplus form to the inventory clerk.
To borrow equipment or transfer equipment, employees should contact the budget and finance director or the purchasing officer.