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Real Property Here and Now

Real Property Here and Now. Region 3 Fiscal Forum. OMB Circulars. Revised May 10, 2004 Consistency among Circulars Changes A-87, Attachment B, Item 15 A-122, Attachment B, Item 15 A-21, Section J, Item 18 Capital assets charged in the year of acquisition. Impact of Change.

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Real Property Here and Now

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  1. Real PropertyHere and Now Region 3 Fiscal Forum

  2. OMB Circulars • Revised May 10, 2004 • Consistency among Circulars • Changes • A-87, Attachment B, Item 15 • A-122, Attachment B, Item 15 • A-21, Section J, Item 18 • Capital assets charged in the year of acquisition

  3. Impact of Change • Amortization is not an option • Without specific waiver from Grant Officer • Applicability to new acquisitions • Applicability to current agreements • Repayment of Reed Act funds

  4. State Workforce Agency (SWA) Amortization Waiver Process

  5. TEGL 07-04 • Issued October 20, 2004 • Applies to both SWA and WIA real property • Addresses procedures and accounting for use of buildings with Federal equity • Requires action by SWA and WIA • Compliance with requirements by 12/31/04

  6. Allowable Premises Costs • Represent cost of occupying space • Do not require prior approval • Depreciation or use allowances • Excludes cost of land • Allocable interest costs • Operation & maintenance costs (O&M)

  7. Ownership Issues • Equity arrangements • Capital leases vs. amortization • Disposition requirements • Uniform administrative requirements • Including use of proceeds for both UI and WP programs

  8. Disposition of Real Property • Request Disposition Instructions • Three Viable Alternatives • Retention of Title • Sale of Property • Transfer of Title

  9. Replacement Property • New property to replace existing property • Expanding or enlarging existing property • Capital improvements on existing property

  10. One-Stop Occupancy by Partners • One-Stop system occupancies under WIA Section 193 (a) • Cost-free occupancy not permitted • Amortization vs. Allowable Premises Costs • Capital lease issues • Fully amortized buildings

  11. WIA-funded Capital Improvements • Repairs, renovations and alterations • OMB Circular A-87, Attachment B • Current operating costs • Maintenance, operations and repairs • Renovations & other capital improvements • Allowable costs

  12. Prior Approval Requirements • SWAs must obtain prior approval • Acquisitions of real property • Capital expenditures • W-P, UI or TAA funds • Improvements to leaseholds • Allowable if conditions met • $100,000 threshold for prior approval

  13. ACTION Required • Review amortization arrangements • Update amortization schedules • Request exceptions as needed • Examine real property procedures and update for compliance with TEGL • Update real property records • Costs of land, buildings, etc. • Fund sources used for acquisition

  14. Questions???

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