Inventory Reporting Threshold Requirements

OMES has set the reporting threshold of all agencies at $2,500.00 per item for the purposes of tangible asset inventory reports and $750.00 per item for telecommunications and IT 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.

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 the OMES director as specified by OAC 260:110-1-3 after an individual review.

For questions regarding the annual inventory report, please contact Kathy Allen at kathy.allen@omes.ok.gov or submit a ServiceNow request.