Diocese of Pueblo Accounting Policies and Procedures Manual. Chapter 14 - Fixed Assets
|
|
- Derek Wilcox
- 5 years ago
- Views:
Transcription
1 Policy: Purpose: Scope: General Comments: In order to maintain adequate accountability of parish/school assets, the Parish/School will follow these guidelines for all capital acquisitions, transfers and dispositions in order to provide internal control of capital assets and to assist in reporting. The parish/school is responsible and accountable for furniture, equipment, machinery, and all other capital assets in the parish/school and must maintain positive control over these assets. Accounting will assist and evaluate any department's capital asset control procedures. To outline the procedures for acquiring, disposing and maintaining control of capital assets. This procedure applies to all capital assets with a unit value of more than $1,000 and a useful life greater than one year. For additional guidance, forms and administrative tools relating to material in this chapter please see Chapters 20. A. Capitalization All assets with a useful life of greater than one year and costing more than $1,000 (except for land) will be recorded in the accounting systems depreciation accounts. Any asset that does not meet the above criteria should be classified as operating expense such as small tools and equipment or repairs and maintenance. The cost basis of furniture and equipment will include all charges relating to the purchase of the asset including the purchase price, freight charges and installation if applicable. Leasehold improvements including painting are to be capitalized if they relate to the occupancy of a new office or a major renovation of an existing office. Expenditures incurred in connection with maintaining an existing facility in good working order should be recorded as repair expense. The cost of buildings should include all expenditures related directly to their acquisition or construction. These costs include materials, labor and overhead incurred during construction and fees, such as attorney's and architects and building permits. 14-1
2 B. Depreciation The following depreciation methods and useful lives should be used for the following asset classifications and for financial reporting purposes: Asset Class Useful Life Method Computers Three Years Straight Line Office Equipment/Vehicles Five Years Straight Line Furniture Ten Years Straight Line Leasehold Remaining life of Straight Line Improvements Lease term (including option renewals) Machinery Twenty Years Straight Line Buildings Forty Years Straight Line All parishes/schools must maintain a depreciation schedule. C. Categories of Fixed Assets Land and Improvements -Land should be recorded at its purchase price. If purchase price information is not available; it should be recorded at appraised value. Land improvements include any additions or changes to land, including preparations that make the land suitable for building construction, but not the construction costs. Buildings and Improvements -Buildings should be valued at their original purchase price or their construction cost. Where these are unknown, a professional appraisal may be necessary. Existing buildings, new construction of buildings, building additions, and major repairs and replacements, which are expected to prolong the useful life of the building, should be capitalized and recorded here. The cost of new carpeting, paving of parking lots, and the replacement of roofs should be capitalized and recorded here as well. Furnishing and Equipment -This fixed asset category includes furniture, office equipment, statues, and fixtures, which can be easily removed. Installed fixtures or fixtures of a permanent nature, which cannot be easily removed, should be recorded as Buildings and Improvements. Automobiles -Cars, vans, and buses should be listed in a manner similar to that used for other fixed assets. Machinery -Boilers, air conditioning units. 14-2
3 D. Replacement Funds Designated Capital Replacement Reserve Fund -The Finance Council of the parish/school may recommend to designate a portion of their unrestricted net assets as a capital reserve fund. This fund would then be used to replace any capital asset or obtain a new capital asset, as the advisory body deems necessary. For financial reporting purposes, the Balance sheet should indicate a separate asset account for the Reserve as well as delineating the unrestricted net assets into designated and unrestricted. Whenever decisions are made concerning the acquisition of or disposition of capital assets specific procedures should be followed in order to accurately account for and maintain the records with regard to the capital assets and to provide internal control for the parish/school. A financial savings plan should be established to provide sufficient funds for the replacement and repairs of specified fixed assets. Some of the steps involved in the establishment of such a fund would be to do the following: Develop a list of all major repairs and maintenance. Include such items as carpet replacement, boiler replacement, roof replacement, etc. Itemize on this list the last replacement date, the cost of replacement (or repairs), the estimated useful life of the asset, an estimated date of future replacement, and if possible, an estimated cost of future replacement. To calculate future replacement, use current replacement cost adjusted for inflation until the estimated date of replacement. Based upon the estimated costs of the future replacement dates, a specific amount of the parish/school receipts each year would then be placed into a separate reserve account on a regular basis to build up funds for the future. E. Acquisitions All purchases of assets costing more than $1,000 and less than $5,000 will be recommended by the Finance Council, and approved by the Pastor/Parish Director/Administrator and Parish Pastoral Council. Assets with a cost greater than or equal to $5,000 will also require the approval of the Diocesan Bishop. Any internally constructed or donated equipment will be reported to accounting if the item cost or has a value of $1,000 or more. A complete description of the property, date manufactured or received, number of items, cost or estimated value and a statement that it was internally constructed or donated will be included in the report. To maintain proper segregation and control upon termination of any employees or resignation of any members, any employee or member owned tools, equipment or furniture brought on the parish/school premises will be reported to the Pastor/Parish 14-3
4 Director/Administrator. The report should include the employee's name, description of items, identification numbers if any and reason for using the asset. F. Dispositions Capital assets may be sold or traded-in on new equipment. An Asset Disposition Form is to be completed by the accounting personnel and approved by the Pastor/Parish Director/Administrator. Upon approval, the parish/school may advertise the property for sale. After completion of the sale, the Asset Disposition Form will be submitted to Accounting. Accounting will delete the item from the asset records and record any gain or loss on the disposition. Worn-out or obsolete property with no cash value will be reported to Accounting on the Asset Disposition Form with the description, serial number and condition. Accounting will inspect all worn-out or obsolete property before it is removed from the parish/school and discarded. Upon disposition, the asset will then be removed from the asset records. Any asset that is missing or has been stolen will be reported in writing to the Pastor/Parish Director/Administrator and Accounting as soon as possible. The description, serial number, and other information about the lost item should be included in the report. Accounting will determine the proper course of action and will notify the parish or school insurance carrier and any outside authorities deemed appropriate. If unrecovered, the asset will then be removed from the asset records. G. Asset Records Upon any asset acquisition, Accounting is responsible for assigning and attaching asset number tags to the property where it can be readily located. Accounting will then maintain a detailed listing of each capital asset item along with depreciation records which will include the description, date acquired, vendor, cost basis, assigned location, depreciation method/life and accumulated depreciation and net book value. H. Donations of Fixed Assets Fixed asset donations are recorded at fair market value when received if the organization has a clearly measurable and objective basis for determining the value. The parish/school should ensure the donor provides documentation of the value. If values cannot be reasonably determined, other methods can be used, such as, 14-4
5 appraisers, tax experts, blue book value (motor vehicles), or comparison to the purchase price of a similar item. The parish/school is never to determine the value. Gifts of real property require the approval of the Bishop. If the parish/school does not give accounting recognition to donated assets, the Fixed Asset account balances in the general ledger and the Financial Statements will be understated, which will result in an understatement of net assets. The following examples should provide the Pastor/Parish Director/Administrator and bookkeeper with an understanding of how to account for donations. The parish/school receives a donation of a piece of land. Because of the nature of real estate, its value may be difficult to determine. A reasonable fair market value can be supplied by the tax assessor or a real estate appraiser. The property should be recorded at the appraised value. The appraisal serves as support for the amount recorded in the general ledger and fixed asset listing. A small computer is donated. According to a local computer salesman, its value is approximately $1,500. The parish/school should add the computer to the fixed asset listing and general ledger at $1,500. An air conditioning unit is donated to the rectory. Because of the unit's age and its physical condition, it is difficult to estimate a reasonable fair value. According to a heating and air conditioning contractor, the unit is probably worth less than $500. Therefore, no entry is recorded on the fixed asset listing. However, a nonmonetary gift entry (41--) is made. I. Physical Protection of Assets The Pastor/Parish Director/Administrator and his duly appointed staff is to make all attempts to protect the parish/school fixed assets from being damaged, stolen, or destroyed. Some of the methods a parish/school may use to protect its physical assets would include: Securing furniture and fixtures to the floors or walls. Locking the church doors, when possible. Maintaining smoke detectors and fire sprinkler systems. Preparing outside plumbing for winter weather, and Inspecting building exteriors and interiors, furniture, and fixtures for routine maintenance, and Maintaining and reviewing the fixed asset inventory listing. J. Computer and Data Security Computer security entails the protection of two different aspects: protection of the 14-5
6 equipment itself, and protection of the software and data files on the computer. Secure computer equipment in a locked office to prevent theft. Plug computer into a dedicated circuit or a surge protector. Use a locking keyboard to prevent unauthorized use. Register all computer equipment with the computer company and all software with the software company so that you will receive information about updates or recalls. After loading new software onto the hard drive of a computer, put the software diskettes in a secure area (a fire, and water proof cabinet or safe) to prevent unauthorized use. Always back up the computer on a weekly basis. This may be done using a utility program to back up your files onto diskettes. Use several sets of diskettes then rotate them so that there is always a month's worth of diskettes. (For example, use set # 1 this week, set #2 next week, set #3 for the week after next, and set #4 for the week after that. Then, start over with set #1 and so forth.) Backup diskettes should then be kept at a remote location so that if fire, flood, or vandalism destroys the computer, the back up diskettes are still secure. Save your work file every 5 or 10 minutes or whenever you leave your desk or take a telephone call. Print, file, and retain the hard copies of any reports for the proper length of time. (See Chapter 18 -Record Keeping) Delete files that are no longer needed. Password protect your work so that others will not be able to access and destroy it, even accidentally. The Pastor/Parish Director/Administrator or office manager should have a copy of all passwords in order to access the files in the event of an emergency. 14-6
California State University, Long Beach Research Foundation. Fixed Assets Policy & Procedures
California State University, Long Beach Research Foundation Fixed Assets Policy & Procedures Page 1 University Research Foundation Table of Contents Fixed Asset Policy... 3 Introduction... 3 Asset Definitions...
More informationCAPITAL ASSET POLICY
CAPITAL ASSET POLICY POLICY STATEMENT Morningside College, through each of its operating departments acquires and disposes of capital assets. Each department is responsible for following College procedures
More informationAdministration s Finance Office Approval Date: 4/10/12 Effective Date: 4/10/12 Capital Assets and Property Review Date:
County of Butte Administration s Finance Office Approval Date: 4/10/12 Effective Date: 4/10/12 Capital Assets and Property Review Date: Control County Wide Version: One Last Revision Date: 4/10/12 PURPOSE
More informationAstrophysical Research Consortium Rev. 11/06/2013 Property Management
1. OVERVIEW The Astrophysical Research Consortium (ARC) is responsible for ensuring that adequate accountability systems are established and administered for acquiring, using, maintaining, controlling,
More informationPROPERTY MANAGEMENT. These procedures apply to all tangible, non-consumable equipment meeting all the following criteria;
PURPOSE To provide procedures and guidance to ensure University property is properly recorded, maintained and safeguarded, and that appropriate tracking and disposal methods are followed in accordance
More informationFixed Asset Management
Fixed Asset Management Policy/Procedure This policy applies to faculty and staff with responsibility for purchasing, maintaining or disposing of Fixed Assets, including Department Chairs, Department Heads,
More informationVersion Date Comments / Changes 1.0 June 2006 Initial Policy Released 2.0 June 2012 Revised 3.0 November 2017 Revised
Page 1 of 13 APPROVED (S) REVISED / REVIEWED SUMMARY Version Date Comments / Changes 1.0 Initial Policy Released 2.0 June 2012 Revised 3.0 Revised 1. Purpose The purpose of this policy is to establish
More informationDiocese of Madison. Policy for Recording Capital Assets. A. Definition of Capital Asset. B. Categories of Capital Assets
Diocese of Madison Policy for Recording Capital Assets In accordance with GAAP and the USCCB, parishes and schools must account for the capital assets used in their operations. Capital Assets, sometimes
More informationCapitalization and Depreciation of Property, Plant, and Equipment
Boston College Office of the Financial Vice President Capitalization and Depreciation of Property, Plant, and Equipment University Policy Overview It is the policy of Boston College (the University) to
More informationTOWN OF LINCOLN COUNCIL POLICY
Page 1 of 10 PURPOSE The purpose of this policy is to prescribe the accounting treatment for tangible capital assets so that users of the financial report can discern information about the investment in
More informationBoard Policy No. 29 Asset Management
Board Policy No. 29 Asset Management Summary This policy establishes the guidelines that the North County Transit District (NCTD) will utilize in distinguishing capital acquisitions from operational expenditures
More informationCAPITAL ASSETS. POLICY No
CAPITAL ASSETS POLICY No. 07-04 PURPOSE: DEFINITION: To provide for the safeguarding of fixed assets and to provide County personnel with accounting guidance applicable to the several categories of fixed
More informationCapitalization and Depreciation Guidelines
Capitalization and Depreciation Guidelines Guidelines Statement University of Vermont assets that are capitalized are considered fixed assets and are recorded in the Capital Assets section of the University's
More informationPolicy Policy Title: LWDA-10 Property Management Policy
Policy Title: LWDA-10 Property Management Policy Policy 00-31 Purpose: This policy communicates methods used by Tennessee Department of Labor and Workforce Development (TDLWD) for the procurement of goods
More informationEXHIBIT I FIXED ASSET ACCOUNTING SYSTEMS MANUAL POLICIES AND PROCEDURES CITY OF PAINESVILLE PREPARED BY FINANCE DEPARTMENT
EXHIBIT I FIXED ASSET ACCOUNTING SYSTEMS MANUAL POLICIES AND PROCEDURES PREPARED BY FINANCE DEPARTMENT Adopted: October 20, 2003 Resolution No. 60-03 Effective: January 1, 2003 FIXED ASSET ACCOUNTING POLICIES
More informationOFFICE OF FINANCIAL MANAGEMENT & BUDGET (OFMB) CUSTODY AND DISPOSAL OF SURPLUS ASSETS
TO: FROM: PREPARED BY: SUBJECT: ALL COUNTY PERSONNEL VERDENIA C. BAKER COUNTY ADMINISTRATOR OFFICE OF FINANCIAL MANAGEMENT & BUDGET (OFMB) CUSTODY AND DISPOSAL OF SURPLUS ASSETS PPM#: CW-O-027 ====================================================================
More informationCITY OF SEASIDE. Infrastructure and Fixed Asset Capitalization and Inventory Control Policy PURPOSE
PURPOSE The purpose of this policy is to ensure adequate control, appropriate use of, and proper reporting of the City s infrastructure assets and fixed assets. This policy and the related procedures are
More informationPage 1 of 5 Retrieval Number: 90,046
POLICY Retrieval Number: 90,046 Page: 1 of 4 Prepared by: Pat Duffy Applicable Area: Plant Fund Policy Original Date: 01/31/2005 Revised Date: 09/23/16 FINANCIAL AFFAIRS SUBJECT: CLASSIFICATION AND CAPITALIZATION
More informationFIXED ASSET PROCEDURES
FIXED ASSET PROCEDURES It is the policy of St. Norbert College to maintain accurate and complete records of Fixed Assets held and to capitalize and depreciate them according to appropriate accounting requirements.
More informationUPPER BUCKS COUNTY AREA VOCATIONAL TECHNICAL SCHOOL
No. 622 UPPER BUCKS COUNTY AREA VOCATIONAL TECHNICAL SCHOOL SECTION: FINANCES TITLE: GASB STATEMENT 34/ CAPITAL ASSETS ADOPTED: January 15, 2009 REVISED: 622. GASB STATEMENT 34/CAPITAL ASSETS 1. Purpose
More informationSwift Academies Assets & Disposal Policy
Swift Academies Assets & Disposal Policy Accepted by: Board of Trustees March 2018 Approving Body : Board of Trustees Committee : Finance & Resources Review Cycle: 3 years Last reviewed: March 2018 Date
More informationSTATE, TANGIBLE PERSONAL PROPERTY CHAPTER 45-1 RULES OF THE OFFICE OF THE STATE AUDITOR CHAPTER 45-1 STATE-OWNED TANGIBLE PERSONAL PROPERTY 45-1.
STATE, TANGIBLE PERSONAL PROPERTY CHAPTER 45-1 45-1.01 Preamble. (273.02 F.S.) 45-1.02 Definitions. (273.02 F. S.) 45-1.03 Property records required. (273.02 F.S.) 45-1.04 Content of property record. (273.02
More informationThe Care and Keeping of Inventory and Fixed Assets
Andrews University Digital Commons @ Andrews University Faculty Publications 3-2011 The Care and Keeping of Inventory and Fixed Assets Annetta M. Gibson Andrews University, gibson@andrews.edu Follow this
More informationSCHOOL DISTRICT FIXED ASSET POLICY
ADMINISTRATION 7.0 POLICY 7.33 The Centennial School Board recognizes the importance of maintaining a comprehensive capital asset inventory. The Superintendent shall be responsible for implementing this
More informationNoRTEC Policy Statement Property Purchasing, Inventory and Disposal
NoRTEC Policy Statement Property Purchasing, Inventory and Disposal Effective: November 10, 2016 Last Updated: November 10, 2016 PURPOSE This policy provides guidance and establishes the procedures for
More informationProperty Control Procedure
Property Control Procedure Procedure Number 5.1.1P Effective Date May 10, 2011 1.0 POLICY & PURPOSE Laramie County Community College (LCCC) is required to provide centralized and uniform property (inventory)
More informationCounty of Riverside OFFICE OF THE AUDITOR-CONTROLLER STANDARD PRACTICE MANUAL
County of Riverside OFFICE OF THE AUDITOR-CONTROLLER STANDARD PRACTICE MANUAL SECTION: 5 POLICY NUMBER: 506 SUBJECT: CATEGORY: ACCOUNTING FOR: MODULAR FURNITURE CAPITAL ASSET POLICIES REVISED DATE: 07/01/17
More informationSUMMER VILLAGE OF YELLOWSTONE ACCOUNTING FOR TANGIBLE CAPITAL ASSETS CLASSIFICATION/CAPITALIZATION THRESHOLD/AMORTIZATION POLICY NO.
RESPONSIBILITY: C.A.O. APPROVED BY COUNCIL: DATE: September 16, 2009 PURPOSE: The objective of this policy is to prescribe the accounting treatment for tangible capital assets so that users of the financial
More informationCapital Asset Accounting Policies POLICY STATEMENT
Responsible Executive: Controller Responsible Department: A&FS Review Date: February, 2015 Accounting & Financial Services Capital Asset Accounting Policies POLICY STATEMENT I. Capital Asset Policy A.
More informationCITY OF RIO COMMUNITIES, NEW MEXICO
CITY OF RIO COMMUNITIES, NEW MEXICO FIXED ASSET POLICY RESOLUTION 2016-66 A RESOLUTION RELATING TO THE PROPER ACCOUNTING FOR CAPITAL ASSETS, THE ADOPTION OF THE STATE STATUTORY CAPITALIZATION LIMIT; AND,
More informationThe American University in Cairo. Financial Policies and Procedures
The American University in Cairo Financial Policies and Procedures Policy : Capitalization & Depreciation Policy Effective Date : April 1, 2011 Date Revised : December 2016 Prepared by Related Policies
More informationVINCENNES UNIVERSITY FIXED ASSET SYSTEM POLICY & PROCEDURES
VINCENNES UNIVERSITY FIXED ASSET SYSTEM POLICY & PROCEDURES I. PURPOSE: To assist responsible University personnel to administer, account for, and preserve the institution s property, plant, and equipment
More informationBOSSIER PARISH COMMUNITY COLLEGE Moveable Property Policy and Procedures SECTION 1 REGULATIONS
BOSSIER PARISH COMMUNITY COLLEGE Moveable Property Policy and Procedures SECTION 1 REGULATIONS 1.0 PURPOSE Bossier Parish Community College s Property Control Program was established to comply with the
More informationOffice of Business and Financial Services Procurement and Contracts Division Section
2520.1 SUBJECT: CAPITAL ASSETS :1 OBJECTIVE: The Capital Asset Policies and Procedures Manual establishes policies, guidelines and procedures for the inventory, depreciation, disposal and maintenance of
More informationBedford County Board of Education
Bedford County Board of Education Monitoring: Review: Annually, in January Descriptor Term: Fixed Assets Descriptor Code:.0 Rescinds:.0 Issued Date: 0/0/ Issued: 0//0 0 0 0 The purpose of this policy is
More informationASSET CONTROL & ACCOUNTING POLICY
ASSET CONTROL & ACCOUNTING POLICY WHERE LEARNING IS UNSTOPPABLE AND ASPIRATIONS HAVE NO LIMITS Drafted by: Jenny Hunwicke Version Number: V1.2 Date Ratified by Board: 1 st May 2018 Review Date: Annual
More informationCounty of Monterey. Capital Asset Policy
County of Monterey Capital Asset Policy Office of the Auditor-Controller 168 W. Alisal Street Salinas, California Effective December 11, 2007 [Version November 16, 2007] County of Monterey Capital Asset
More informationFixed Asset Policy and Procedure Manual
UNIVERSITY OF OREGON Fixed Asset Policy and Procedure Manual Draft Rob Freytag, Brett Giles, Bob Swanson, Teri Rowe, Shereé Johnson, George Baiting, Jennifer Creighton Neiwert 4/22/2010 In compliance with
More informationPOLICY ON THE DISPOSAL OF SURPLUS COLLEGE PERSONAL PROPERTY
POLICY ON THE DISPOSAL OF SURPLUS COLLEGE PERSONAL PROPERTY I. PURPOSE This policy provides guidelines to assist Suffolk County Community College and Suffolk County Community College Association collectively
More informationEffective Date: 07/01/2014
Area/Division: Purpose: Provide policies and procedures for identifying, controlling, disposing, and assigning responsibility for property. Policy Statement: The University of Alabama s Property and Inventory
More informationType of Costs, Obligations and Property Management Federal Programs
Type of Costs, Obligations and Property Management Federal Programs The Interlocal establishes and maintains board policies, administrative regulations, and administrative procedures on administration
More informationVice President for Finance Policy/Procedure
Subject: and Fabricated Equipment Author: David Adams Effective Date: December 2005 Last Review Date: June 2007 Vice President for Finance Policy/Procedure Last Revision: June 2007 Revised By: David Adams
More informationIn accordance with Property Management Policy C.2.7, the following procedures under Property Management are further expanded to include:
Property for the purposes of these procedures is defined as all artwork, furniture, equipment and other movable property, excluding only real property and non-movable fixtures. All property acquired, requisitioned,
More informationFixed Assets in Policies and Procedures at Evergreen
Page 1 of 5 POLICIES AND PROCEDURES Policy Fixed Assets Adopted Category(ies) December 20, 2007 Finance and Administration TABLE OF CONTENTS General Definitions Responsibilities Receiving, Tagging and
More informationADMINISTRATION FIXED ASSETS Board of Trustees Approval: 09/12/2001 CHAPTER 1 Date of Last Cabinet Review: 12/12/2017 POLICY 6.
FIXED ASSETS Board of Trustees Approval: 09/12/2001 POLICY 6.01 Page 1 of 1 I. POLICY Salt Lake Community College shall maintain a system to account for institutional property under the control and responsibility
More informationPurchasing, Inventory and Disposal of Property
Policy Number: P-WIOA-PIDP-1.A Effective Date: April 11, 2017 Approved By: Nick Schultz, Executive Director Purchasing, Inventory and Disposal of Property PURPOSE This policy provides guidance and establishes
More informationPolicy Title ACCOUNTING FOR TANGIBLE CAPITAL ASSETS
Department Administration ACCOUNTING FOR TANGIBLE CAPITAL ASSETS Date: October 13, 2011 1 of 6 Resolution No. C/627/11 Policy Statement: This policy prescribes the accounting treatment for tangible capital
More informationProperty and Inventory Management Policy
Property and Inventory Management Policy Unit: Logistics and Support Services Effective Date: 7/1/2014 Revision Date: 11/15/2018 Contact: Tony Johnson Title: Senior Executive Director of Logistics and
More informationSEMINOLE COUNTY AUDIT OF TANGIBLE PERSONAL PROPERTY REPORT NO February 2006
SEMINOLE COUNTY AUDIT OF TANGIBLE PERSONAL PROPERTY REPORT NO. - 020906 February 2006 Clerk of the Circuit Court DISTRIBUTION LIST BOARD OF COUNTY COMMISSIONERS Mr. Carlton Henley Ms. Brenda Carey Mr.
More informationProperty Accountability and Inventory Control. Finance and Accounting
Property Accountability and Inventory Control Finance and Accounting Table of Contents Definitions...1 Definition of Property...1 Library Resources...1 Capitalized Property (Assets)...1 Non-capitalized
More informationBUILDINGS, LAND AND LAND IMPROVEMENTS
Approved: Effective: February 19, 2014 Office: Office of Comptroller, General Accounting Topic No. 350-090-315-g Department of Transportation BUILDINGS, LAND AND LAND IMPROVEMENTS PURPOSE: To define requirements
More informationPOLICY 6600 CAPITALIZATION AND CONTROL OF ASSETS
POLICY 6600 CAPITALIZATION AND CONTROL OF ASSETS Policy Category: Finance and Business Services Area of Administrative Responsibility: Finance Board of Trustees Approval Date: March 21, 2017 Effective
More informationAdopted: November 2013 MSBA/MASA Model Policy 704 Orig Revised: May 2015 Rev. 2009
Adopted: November 2013 MSBA/MASA Model Policy 704 Orig. 1995 Revised: May 2015 Rev. 2009 704 DEVELOPMENT AND MAINTENANCE OF AN INVENTORY OF FIXED ASSETS AND A FIXED ASSET ACCOUNTING SYSTEM I. PURPOSE The
More informationMANUAL OF PROCEDURE. Property Management. 3. Includes other selected items of property or equipment.
MANUAL OF PROCEDURE PROCEDURE NUMBER: 3900 PAGE 1 of 10 PROCEDURE TITLE: Property Management STATUTORY REFERENCE: FLORIDA STATUTE 1001.64 AND 1001.65 BASED ON POLICY: III-60 College Property: Receipt,
More informationRESOLUTION NO A RESOLUTION OF THE CITY COUNCIL OF THE ClTY OF WOODINVILLE, WASHINGTON, ESTABLISHING A FIXED ASSET POLICY.
RESOLUTION NO. 279 A RESOLUTION OF THE CITY COUNCIL OF THE ClTY OF WOODINVILLE, WASHINGTON, ESTABLISHING A FIXED ASSET POLICY. WHEREAS, the City Council authorizes the purchase of fixed assets through
More informationCONTROLLER'S OFFICE PROCEDURE
CONTROLLER'S OFFICE PROCEDURE Procedure Subject Effective Revised Number Date Date C-PR-01 Property Procedures 12/15/2003 07/26/2018 I. Overview The purpose of the Property Procedures is to ensure that
More informationFLORIDA DEPARTMENT OF JUVENILE JUSTICE PROCEDURE
PROCEDURE Title: Property Management and Control Procedures Related Policy: FDJJ 1312 I. DEFINITIONS Department of Financial Services - Agency responsible for managing the State s official financial records
More informationADMINISTRATIVE FIXED ASSET POLICY Board of Trustees Approval: 09/12/2001 CHAPTER 1 Date of Last Cabinet Review: 00/00/0000 POLICY 6.
FIXED ASSET POLICY Board of Trustees Approval: 09/12/2001 POLICY 6.01 Page 1 of 7 I. POLICY maintains a system for recording institutional property that is the responsibility of the College. The College
More informationOPERATIONS MANUAL CHAPTER 3 ACQUISITION AND PROPERTY MANAGEMENT
OPERATIONS MANUAL CHAPTER 3 ACQUISITION AND PROPERTY MANAGEMENT REVISED NOVEMBER 14, 2016 TABLE OF CONTENTS Sec 1. Scope and Applicability... 3 Sec 2. Purpose of Property Management... 3 Sec 3. Definitions...
More informationInventory Accountability Procedures Manual
APPROVED April 11, 2017 Inventory Accountability Procedures Manual Leon County School District April 2017 Inventory Accountability Procedures Manual Index Section Page A. Introduction...........................................
More informationTANGIBLE CAPITAL ASSETS
Administrative Procedure 535 Background TANGIBLE CAPITAL ASSETS The Division will follow a prescribed procedure to record and manage the tangible capital assets (TCA) owned by the Division. The treatment
More informationState of Mexicali Ad Valorem Taxation of Property Statutes, Rules and Regulations
STATUTES CODE OF MEXICALI OF 2000, TITLE 50 REVENUE AND TAXATION, CHAPTER 7 AD VALOREM TAXATION OF PROPERTY Sec. 50-7-1. Legislative intent The intent and purpose of the tax laws of this state are to have
More informationCOUNTY OF YANCEY North Carolina INVESTMENT GRANT PROGRAM
Yancey Manager 110 Town Square, Room 11 Burnsville, NC 28714 828-682-3971 COUNTY OF YANCEY North Carolina INVESTMENT GRANT PROGRAM Instructions for form Y-1 GENERAL INFORMATION Form Y-1 is required to
More informationCity of Richmond Administrative Manual
I. Purpose A. To set forth the City of Richmond s Administrative Policy for the transfer and disposition of surplus property, equipment and materials. B. To set forth the City of Richmond s Administrative
More informationCORPORATION OF THE TOWNSHIP OF LEEDS AND THE THOUSAND ISLANDS BY-LAW
CORPORATION OF THE TOWNSHIP OF LEEDS AND THE THOUSAND ISLANDS BY-LAW 16-025 BEING A BY-LAW TO ADOPT A TANGILBLE CAPITAL ASSET POLICY FOR THE TOWNSHIP OF LEEDS AND THE THOUSAND ISLANDS. WHEREAS Section
More informationCAPITAL ASSET POLICY CITY OF CLEARWATER MINNESOTA
CAPITAL ASSET POLICY For the CITY OF CLEARWATER MINNESOTA P.O. Box 171, Clearwater, MN 55320-0171 Phone: 320-558-2428 fax: 320-558-2794 Policy.doc 12/4/2013 1 Which capital assets need to be inventoried?
More informationHow to file your Form 571-L Business Property Statement (BPS) For Small Business Owners
How to file your Form 571-L Business Property Statement (BPS) For Small Business Owners What is a Form 571L Business Property Statement (BPS)? A property tax form that is required for declaring business
More informationEARLY LEARNING COALITION OF OSCEOLA COUNTY
Page of 1 of 9 POLICY STATEMENT The Coalition shall adhere to Federal and state laws, regulations, and rules requiring the implementation of proper controls related to the management, maintenance, reporting,
More informationDepartment: Corporate Finance. Issued by: Kelley Roberson COO & CFO. Approved by: Thomas M. Driskill, Jr. President & CEO
Subject: HAWAII HEALTH SYSTEMS C O R P O R A T I O N Touching Lives Everyday" Policies and Procedures Corporate Office Material and Equipment Inventory and Disposal Department: Corporate Finance Issued
More informationChicago Public Schools Policy Manual
Chicago Public Schools Policy Manual Title: ACCOUNTING AND FINANCIAL REPORTING FOR CAPITAL ASSETS Section: 401.23 Board Report: 17-1025-PO2 Date Adopted: October 25, 2017 Policy: THE CHIEF EXECUTIVE OFFICER
More informationGRAMBLING STATE UNIVERSITY PROPERTY CONTROL MANAGEMENT PROPERTY CONTROL PROCEDURES AGENCY:
GRAMBLING STATE UNIVERSITY PROPERTY CONTROL MANAGEMENT PROPERTY CONTROL PROCEDURES AGENCY: 338-00 INTRODUCTION: The Property Control Department is responsible for: Tagging newly acquired capital equipment
More informationCAPITALIZATION POLICY
Southern Nevada Regional Housing Authority CAPITALIZATION POLICY Revised July 2017 Page 1 of 7 7/2017 Objective: The Southern Nevada Regional Housing Authority (SNRHA) adopts the following capitalization
More informationFINANCE. Tangible Capital Assets are non-financial assets having physical substance that:
EMC Reviewed: November 5, 2013 Policy Council Review: First Reading: November 4, 2013 Board Approved December 10, 2013: BM # 14:2013-2014 EMC Reviewed May 15, 2017 Board Approved June 22, 2017 BM# 46:
More informationSection: FS Financial Services. Department: Finance. FS-03 Tangible Capital Asset Policy. Policy Statement LEDUC COUNTY MUNICIPAL POLICY
FS-03 Tangible Capital Asset Policy Policy Statement Any object purchased for use by the County whose individual cost is less than the threshold and with a life span of less than one year shall not be
More informationCapital Asset Procedures
Florida A&M University Capital Asset Procedures Office of the Controller Revised June 2017 TABLE OF CONTENTS 1.0 OVERVIEW.... 3 2.0 DEFINITIONS.... 3 3.0 RESPONSIBILITIES.. 6 4.0 GENERAL PROCEDURES...
More informationUniversity of Missouri System Accounting Policies and Procedures
University of Missouri System Accounting Policies and Procedures Policy Number: APM-20.05.10 Policy Name: Capital Assets Buildings and Improvements General Policy and Procedure Overview: This policy provides
More informationTOWN OF SAN ANSELMO STAFF REPORT November 3, 2015
TOWN OF SAN ANSELMO STAFF REPORT November 3, 2015 For the Meeting of November 10, 2015 TO: FROM: SUBJECT: Town Council Daria Carrillo, Finance & Admin Services Director Approval of Resolution Setting a
More informationMDOT Real Estate Division. Your Rights and Benefits: When Displaced by a Transportation Project
MDOT Real Estate Division Your Rights and Benefits: When Displaced by a Transportation Project MDOT Real Estate Division Your Rights and Benefits: When Displaced by a Transportation Project Contents Introduction
More informationThe Research Foundation for The State University of New York. Property Management Handbook
The Research Foundation for The State University of New York Property Management Handbook Table of Contents Introduction... 1 Audience... 1 Overview... 1 Property Information... 1 Property Control System...
More informationAuditing PP&E, Including Leases
Auditing PP&E, Including Leases Learning Objectives Discuss typical audit risks and special considerations. Tailor an audit plan to assessed audit risk. Explain key controls related to PP&E. Describe lease
More informationAP TANGIBLE CAPITAL ASSETS
AP 531 - TANGIBLE CAPITAL ASSETS The following topics are discussed in this administrative procedure: 1. Policy 2. Purpose 3. Scope 4. Glossary 5. Categorization of Assets 6. Accounting and Reporting of
More informationWUPRPM. Regulations and Procedures Effective Date: December 14, 2007 M. Capital Assets Revision Date: N/A. Table of Contents
Table of Contents 1. Purpose...3 2. Definitions...3 3. Applicability...4 4. Ownership and Title...4 5. Responsibility...4 6. Capitalization Thresholds...5 7. Reporting Capital Assets...5 8. Depreciating
More informationCapital Asset Procedures
Capital assets include land, improvements to land, easements, buildings, building improvements, vehicles, machinery, equipment, works of art, historical treasures, infrastructure, software and all other
More informationProperty Record Manual
The School District of Osceola County, Florida Property Record Manual 817 Bill Beck Boulevard Kissimmee, Florida 34744 407-870-4600 Student Achievement-Our Number One Priority An Equal Opportunity Agency
More informationSHARPSVILLE AREA SCHOOL DISTRICT
No. 622 SHARPSVILLE AREA SCHOOL DISTRICT SECTION: FINANCES TITLE: GASB STATEMENT 34 ADOPTED: January 22, 2008 REVISED: 622. GASB STATEMENT 34 1. Purpose SC 613 The Board recognizes the need to implement
More informationFloridaWorks Standard Operating Procedure (SOP)
FloridaWorks Standard Operating Procedure (SOP) FloridaWorks 408 W. University Avenue, Suite 501 Gainesville, FL 32601 Tel: 352-955-6096 / Fax: 352-955-6511 SOP Number: Subject: Property Management Date
More informationKey Control and Access Procedures Knox County Housing Authority 255 W. Tompkins St. Galesburg, IL (309)
Key Control and Access Procedures Knox County Housing Authority 255 W. Tompkins St. Galesburg, IL 61401 (309) 342-8129 Article I. Purpose / Scope of the Procedures Section 1.01 It is the policy of the
More informationCLARK ATLANTA UNIVERSITY Policy Equipment Property Management and Control
CLARK ATLANTA UNIVERSITY Policy 7.4.1 Equipment Property Management and Control CLARK ATLANTA UNIVERSITY POLICY and PROCEDURE Subject: Equipment Property Management and Control Department: Division of
More informationChapter 11 Investments in Noncurrent Operating Assets Utilization and Retirement
Chapter 11 Investments in Noncurrent Operating Assets Utilization and Retirement 1. The annual depreciation expense 2. The depletion of natural resources 3. The changes in estimates and methods in the
More informationLWDB PROCUREMENT / PROPERTY MANAGEMENT POLICY
NWPA WDB POLICY - 100 Rev. Level: C LWDB PROCUREMENT / PROPERTY MANAGEMENT POLICY The system of property and procurement management must have procedures to determine the actions of responsible parties
More informationAccounting 1 Instructor Notes
Accounting 1 Instructor Notes CHAPTER 10 FIXED ASSETS AND INTANGIBLE ASSETS McDonald's was founded in 1955 and the company now has 22,500 restaurants in 122 countries around the world. Approximately 70
More informationFISCAL POLICIES MANUAL... 1
FISCAL POLICIES MANUAL... 1 CAPITAL ASSETS...1 PREFACE... 1 DEFINITIONS... 1 POLICY... 5 ASSET IDENTIFICATION...5 CAPITAL ASSETS...6 CAPITALIZED ASSETS...6 INTANGIBLE ASSETS...7 DEPRECIATION AND AMORTIZATION...9
More informationTitle: Government-Furnished Property
Title: Government-Furnished Property Date: 9 July 2009 Number: 4.08 rev 0 Approved: Dennis M. McCarley, President 1. Policy: The government may provide or permit purchase of property for use on a contract.
More informationSOUTHERN METHODIST UNIVERSITY
SOUTHERN METHODIST UNIVERSITY SPONSORED PROJECT PROPERTY MANAGEMENT PROCEDURE January 15, 2015 TABLE OF CONTENTS Topic Page Purpose 1 Who Must Comply 1 Procedures 1 I. Equipment Classifications 1 II. Acquisition/Purchase
More informationNUMBER: A-7 SUBJECT: Controller APPROVED: Infrastructures Structures and. Software = 3 to. 5 years. capital asset. master file follows: should then
ADMINISTRATIVE MEMORANDUM COUNTY OF SAN MATEO NUMBER: A-7 SUBJECT: Accounting for Capital Assets RESPONSIBLE DEPARTMENT: Controller APPROVED: John L. Maltbie, County Manager DATE: September 22, 2014 This
More informationCopyright 2009 The Learning House, Inc. Fixed and Intangible Assets Page 1 of 13
Copyright 2009 The Learning House, Inc. Fixed and Intangible Assets Page 1 of 13 Introduction This lesson focuses on the long-term assets used to operate a company. These assets can be grouped into fixed
More informationChapter 10: Fixed Assets and Intangible Assets
Chapter 10: Fixed Assets and Intangible Assets Nature of Fixed Assets Fixed assets are long-term or relatively permanent assets, such as equipment, machinery, buildings, and land. Other descriptive titles
More informationFixed Asset Accounting. 1.0 Purpose. 2.0 Policy NO General Provisions. Virginia Polytechnic Institute and State University
Fixed Asset Accounting NO. 3950 Policy Effective Date: 2/14/1989 Last Revision Date: 9/25/2015 Policy Owner: Dwight Shelton Policy Author: (Contact Person) Savita Sharma Affected Parties: Faculty Staff
More informationCALIFORNIA STATE UNIVERSITY, BAKERSFIELD AUXILIARY FOR SPONSORED PROGRAMS ADMINISTRATION. Equipment Management Policy
CALIFORNIA STATE UNIVERSITY, BAKERSFIELD AUXILIARY FOR SPONSORED PROGRAMS ADMINISTRATION Equipment Management Policy I. Policy Objective It is the policy of the California State University Bakersfield
More informationSTATE OF WEST VIRGINIA
OF WEST VIRGINIA Office of County Assessor Commercial Business Property Return County Code: 20 District: Account No.: Business Code: (rev. 2017) THIS RETURN IS TO BE FILED AS SOON AS POSSIBLE AFTER JULY
More information