In the U.S. Virgin Islands, the Fixed Asset Management Division (FAMD) is responsible for managing and tracking fixed and capital assets territory-wide, including asset inspections, reconciliation of newly purchased assets, and managing the biennial physical inventory and asset disposition. The division consists of two main sectors, analyst and specialists. They both work together to monitor the assets purchased by federal and local funds, while ensuring the utilization and integrity of those assets.
The objectives:
Our purpose is to ensure the following:
Consistent procedures for fixed asset accounting, management, control and accountability throughout the Government of the Virgin Islands.
Management has adequately minimized risk to assets through internal controls
Proper management, financial accounting and reporting in accordance with Generally Accepted Accounting Principles (GAAP), the Governmental Accounting Standards Board (GASB), and other applicable government accounting standards.
