CG OM&S What is it? Where is it? Rotables * Audit What’s left?
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Transcript of CG OM&S What is it? Where is it? Rotables * Audit What’s left?
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CG OM&S
• What is it?• Where is it?• Rotables *• Audit• What’s left?
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TOUCHSTONE PICTURES
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TOUCHSTONE PICTURES
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TOUCHSTONE PICTURES
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WHAT IS MATERIAL
NOTHING THIS FISCAL YEAR
TOUCHSTONE PICTURES
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OM&S; Who’s part is it anyway?
• OM&S key concepts: – Standardize your standard– Define the end user– Valuation methods– Consumption vs. purchases method
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Coast Guard OM&S
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CG OM&S
• Inventory Control Points (ICPs)– Aviation Logistics Center (ALC)
– 39,333 NIINs; $1,287,989,568.57 extended value– Inventory located at ALC, 26 Airsta’s & 42 Sectors
– Surface Forces Logistics Center (SFLC)– 21,611 NIINs; $431,174,482.93 extended value– Inventory located at SFLC, 42 sectors
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Information System
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Standards
• SFFAS 3: Accounting for Inventory and Related Property
• Interpretation 7: Items Held for Remanufacture
• SFFAS 6: Accounting for Property, Plant and Equipment
• 26 CFR 1.162-3 *
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CG OM&S
• OM&S - Two types: Depot and Field Held– Field Held: Purchases method of recognition
• Expensed when purchased or issued from depot
– Depot: Consumption method of recognition• OM&S asset until issued to end user for consumption in normal
operations; • Valuation: historical cost or approved alternate method
approximating historical cost; moving average cost flow assumption
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Depot vs. End user
• Depot: held for issuance to end user– Warehouses– Remote stock locations
• End user: consumed in normal operations– Repair facilities– Field unit– Contractors
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OM&S: USSGLs
• 1511: Held for use• 1514/1519: Held for repair (w/ allowance)• 1512: Held for future use• 1513: Excess, obsolete and unserviceable
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Not Coast Guard OM&S
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Activity: now for the “where”
• Receipts• “Issuances”
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Supply Chain - Repairables
Dem
a
nd
OST ALC Warehouse
RFI________
ALC Warehouse
NRFI
Air Station CommercialOGA
Internal Repair 6000 WO Series
Repairable PartsCarcass returned to
depot
NRFI held in the warehouse until additional
RFI assets needed
Part repair:- Commercial- OGA vendor
- In-house
Repaired part receipted at Warehouse:
-Commercial/OGA, AP created
RFI stored for:- RSP allowance - Asset demand
- Depot level maint
RCT
RCTIf the part cannot be repaired, then
Scrapped
45 days
OST = Order/ship timeRCT = Repair cycle time
Invoice is paid
=Process resulting in a general ledger entry and the use of funds
=Process resulting in a general ledger entry and no use of funds
Invoice/IPAC received
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Valuation
• Moving Average Price (MAP)• Moving average price used per SFFAS• 2 components: QOH x MAP = Ext MAP
• Alternate valuation• SFFAS 35
– NIIN like item – Items with no DIS documentation
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Average Repair Cost
• Allowance method • USSGL 1519• 3 year moving average of repair costs
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And now for the fun part!A rotating rotable story:
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SFFAS 3 SFFAS 6 26 CFR 1.162-3Interpretation 7
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SFFAS 3 SFFAS 6 26 CFR 1.162-3Interpretation 7
GAAP
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Touchstone Pictures and Holding Pictures Distribution Co., LLC.
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What’s left in the closet?
• Contractor Held• OGA held• Unknown remote stock points or populations
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35U.S. Coast Guard
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Questions?