PROPERTY ACCOUNTING SYSTEM

(a) This subchapter applies to: (1) all personal property belonging to the state; and (2) real and personal property acquired by or otherwise under the jurisdiction of the state under 40 U.S.C. Section 483c, 484(j), or 484(k), and Subchapter G, Chapter 2175. (b) The comptroller shall administer the property accounting system and maintain centralized records based on information supplied by state agencies and the uniform statewide accounting system. The comptroller shall adopt necessary rules for the implementation of the property accounting system, including setting the dollar value amount for capital assets and authorizing exemptions from reporting. (c) The property accounting system shall constitute, to the extent possible, the fixed asset component of the uniform statewide accounting system. (d) The comptroller may authorize a state agency to keep property accounting records at the agency's principal office if the agency maintains complete, accurate, and detailed records. When the comptroller makes such a finding, it shall keep summary records of the property held by that agency. The agency shall maintain detailed records in the manner prescribed by the comptroller and shall furnish reports at the time and in the form directed by the comptroller. (e) A state agency shall mark and identify state property in its possession. The agency shall follow the rules issued by the comptroller in marking state property.