Heritage Assets

Heritage Assets June 2010

Jim Dieter, CPPM CF Sunflower Systems Director of Strategic Programs, NPMA East Region Vice President

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Topics  What are Heritage Assets? • Canada • Australia • USA  US Examples

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What Are Heritage Assets? Canada  “The Auditor General of Canada defines cultural heritage as the tangible evidence of human experience, such as artifacts, archives, printed material, cultural products, architectural heritage, sacred sites, and archaeology.”  “Movable heritage assets range from art and archaeological artifacts to everyday objects, including objects related to federal heritage buildings.” • Treasury Board of Canada Secretariat, www.tbssct.gc.ca

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What Are Heritage Assets? Canada  “To prevent organizations from accidentally

neglecting or disposing of the valued assets, the Guide proposes good practices for identifying and protecting these collections as part of daily operations. Furthermore, the Guide encourages accountability for the management of these assets through public reporting.” • Treasury Board of Canada Secretariat, www.tbssct.gc.ca

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What Are Heritage Assets? Australia (Victoria)  “Cultural heritage assets include all places

and objects of aesthetic, cultural, historic, scientific, social or spiritual value. This includes places and objects of significance to all Victorians from the first inhabitants to recent arrivals. • Heritage Victoria, http://www.heritage.vic.gov.au/Home.aspx

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What Are Heritage Assets? Australia (Victoria)  “The management of heritage assets is a Victorian Government responsibility, to be jointly managed with other service delivery responsibilities.  The objective of managing a heritage asset is to identify, protect, conserve and present its cultural heritage significance for current and future generations.” • Heritage Victoria, http://www.heritage.vic.gov.au/Home.aspx

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What Are Heritage Assets? Australia (Victoria)  “It is recognised that the effective management of heritage assets will achieve an appropriate balance between the twin objectives of efficient provision of government services and conserving Victoria’s heritage for future generations.” • Heritage Victoria, http://www.heritage.vic.gov.au/Home.aspx

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What Are Heritage Assets? Australia (Victoria)  “The actions necessary can be summarised as: • Have a strategy • Develop an inventory • Get the appropriate expertise • Apply management Principles • Monitor performance.” • Heritage Victoria, http://www.heritage.vic.gov.au/Home.aspx

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What Are Heritage Assets? USA  “Heritage assets are property, plant and equipment (PP&E) that are unique for one or more of the following reasons: • historical or natural significance, • cultural, educational, or artistic (e.g., aesthetic) importance; or • significant architectural characteristics.” • Source: Federal Accounting Standards Advisory Board (FASAB), SFFAS 29, Heritage Assets and Stewardship Land

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What Are Heritage Assets? USA  “Heritage assets consist of • (1) collection type heritage assets, such as objects gathered and maintained for exhibition, for example, museum collections, art collections, and library collections; and • (2) non-collection-type heritage assets, such as parks, memorials, monuments, and buildings.” • Source: Federal Accounting Standards Advisory Board (FASAB), SFFAS 29, Heritage Assets and Stewardship Land

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Statement of Federal Financial Accounting Standards (SFFAS) 29  SFFAS 29 requires that entities disclose information about heritage assets and stewardship land, but with no asset dollar amount  Requirements include: • Description of major categories • Physical unit information for the end of the reporting period • Physical units added and withdrawn during the year • Description of the methods of acquisition and withdrawal, and condition information National Property Management Association

Statement of Federal Financial Accounting Standards 29  SFFAS 29 also requires two disclosures for heritage assets: • Reporting disclosures about entity stewardship policies • Explanation of how heritage assets and stewardship land relate to the mission of the entity • Source: Federal Accounting Standards Advisory Board (FASAB), SFFAS 29, Heritage Assets and Stewardship Land

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Topics  What are Heritage Assets? • Canada • Australia • USA  US Examples

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 “Whether you visit one of the twelve official US Navy Museums, take advantage of public programs and publications, or seek knowledge through the artifacts, documents, images and artwork available at the NHHC, you will find that this is where the history, legacy and traditions of the United States Navy come alive.” • Source: NHHC Website: http://www.history.navy.mil/index.html

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NOAA Heritage Assets  “This rare coin was a prime example of exploration of the voyages that lead pirates to the deep treasures buried in the Florida Keys National Marine Sanctuary 1733 coffin patch shipwreck trails.” • Source: NOAA; http://www.pps.noaa.gov/Her itage/92-15751.html

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NASA Heritage Assets  “The purpose of this website is to provide a unique portal for authorized recipients to view NASA's Space Programs potential artifacts and request desired items.” • Source: GSAXcess; http://gsaxcess.gov/NASAWel.htm

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Take Aways  Heritage Assets are recognized as important around the world  As Asset/Property Managers, there are many usual characteristics to managing Heritage Assets, and some unusual aspects  By definition, it is an interesting field, of relevance to government entities and the general public

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Discussion Topics  Have you had experiences with Heritage Assets?  Does your organization have Heritage Assets? • Who, if anyone, is responsible for managing them?  Is anyone familiar with other SFFAS Standards?  Is managing Heritage Assets an opportunity for Asset/Property Managers?

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Thank you! Jim Dieter Sunflower Systems

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