Software supports governmental financial reporting.
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Press Release Summary:
Web-enabled Synergen Series(TM) supports Statement Numbers 34 and 35 of Government Accounting Standards Board to help government institutions become GASB compliant. It enables agencies to accurately reflect expenditures made on assets, monitor maintenance, and report full cost of providing government services. Software addresses all aspects of MRO such as collaborative work management, inventory control and contract management, operational accounting, and safety/regulatory compliance.
Original Press Release:
Synergen Series(TM) Supports GASB 34 And 35
Integrated Solution Supports Governmental Financial Reporting for Public Entities
WALNUT CREEK, CA, December 3, 2002 - Synergen, Inc. (synergen.com
GASB 34/35 outlines comprehensive changes to upgrade the content and format of financial reports and accounting processes for state and local government agencies. Affected governmental agencies, including public school districts, public hospitals, public utilities, public colleges and universities will now be required to inventory and report depreciation expense for capital assets such as buildings, land, vehicles, and equipment; as well as infrastructure assets such as roads, bridges, water and sewer systems, sidewalks, lighting, etc. Government agencies will now more accurately reflect expenditures made on assets, monitor maintenance, and report the full cost of providing government services to help analyze their financial performance with a more private-sector-like accountability. All affected agencies must be in compliance with the new reporting structure by 2004.
By embracing the challenges facing government entities, Synergen has further augmented its solution to provide improved condition assessment and valuation using a single flexible asset module for managing infrastructure as well as distributed assets. This will inherently benefit all industries to help them better plan and budget maintenance activities, extend asset life and decrease costs while also complying with fiscal requirements.
In addition to enabling depreciation methodologies, Synergen developed an innovative approach to condition-based accounting which grades the condition of all assets. Asset inspection criteria are based on user-defined descriptors enabling customization for client-specific needs. The subjective nature of condition assessment is reduced, which enables asset class grading, creating a common scale to compare and prioritize maintenance needs amongst all classes of assets - a unique and invaluable tool for capital improvement planning.
"GASB 34 & 35 present a fantastic opportunity for state and local governments to better serve their 'customers,'" said Dick MacDonald, president and CEO of Synergen. "The Synergen Series provides a way for these institutions to better manage their operations, which will help them better preserve and get full capacity out of infrastructure and capital assets, ultimately enabling better service to the public. The creation and adoption of these GASB statements is a validation that asset management is not just a 'fad' but directly influences costs of services to its citizens and helps the public agencies become more efficient."
Synergen's Web-architected EAM/CMMS software suite, The Synergen Series(tm), addresses all aspects of MRO including: collaborative work management, asset reliability and maintenance; inventory control, purchasing, and contract management; operational accounting; reporting and analysis; project tracking; safety and regulatory compliance; and document control. Supported by the latest in Internet technology, users need only a standard Web browser to rapidly install, deploy and access Synergen solutions across the enterprise.
Synergen, Inc. has built an industry-wide reputation for excellence with the Synergen Series(tm), recently being named 2002 MRO Gold Product of the Year by Plant Services magazine - the only EAM/CMMS vendor to be recognized with this prestigious award. Established in 1986, Synergen has major installations in capital-intensive industries such as process and discrete manufacturing, energy, chemicals, mining and metals, food processing, pulp and paper, utilities, water services, as well as non-manufacturing industries, such as transportation, health care, education, aerospace/defense, government agencies, municipalities and those organizations faced with fleet and facility management challenges.
Sharon Close
Marketing & Communications Manager
Synergen, Inc.
(925) 935-7670
