AssetWorks Announces Support for Key State and Local Government Financial Standard; FM Enterprise Represents the First Facility Management Solution to Support GASB Statement 34

Business Wire, Jan 19, 2000

Business Editors & High-Tech Writers

SAN ANTONIO--(BUSINESS WIRE)--Jan. 19, 2000

AssetWorks Inc., a leading provider of infrastructure management solutions, announced today that FM Enterprise supports GASB Statement 34, a new financial reporting requirement for property and facility managers in State and Local Governments, universities and public school systems.

GASB Statement 34 requires governments to report on all capital assets, including buildings, building improvements, machinery, equipment, vehicles, land and infrastructure assets. To meet this new standard, governments need to know the costs associated with these assets -- both initial construction costs as well as the cost for all capital improvements -- and the associated depreciation expense.

"If we didn't know better, we'd say GASB Statement 34 was written to take advantage of the core capabilities of FM Enterprise," says Ken Slaughter, President of AssetWorks. "FM Enterprise, with even a basic implementation, keeps track of all the information required to meet GASB Statement 34's requirements."

In addition to tracking the costs of building and associated equipment assets, FM Enterprise provides support for infrastructure assets as well. These assets are defined by GASB to be long-lived assets, such as roads, bridges and water and wastewater systems. GASB Statement 34 allows organizations to avoid depreciating these assets, as long as a condition assessment is done and maintenance is performed to meet the agreed upon condition assessment level. FM Enterprise is the only facility management solution that provides this critical integration with Facility Condition Assessment vendors, enabling organizations to easily meet this requirement.

Additional information on GASB Statement 34 can be found at www.gasb.org.

FM Enterprise allows organizations to improve, automate and integrate all of their existing facility management, asset management and maintenance operations. With FM Enterprise, customers can confidently manage millions of square feet of buildings and associated assets daily.

About AssetWorks Inc.

AssetWorks Inc. is a leading provider of software solutions for infrastructure-intensive organizations. AssetWorks' family of enterprise software solutions maintain, track, analyze and reduce the cost of maintaining physical assets, including facilities, space, equipment, material and people. Leveraging Internet and e-commerce technologies to provide complete and scaleable software solutions, AssetWorks enables organizations to maximize their resource utilization while elevating and enhancing their customer service. Additional information on AssetWorks and its products can be found at www.assetworks.com.