Board Policy No. 29 Asset Management
|
|
- Tyler Flowers
- 5 years ago
- Views:
Transcription
1 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 with regard to tangible assets and for the management of property, pursuant to Resolution No , dated October 20, General Policy The NCTD Finance Division establishes property management standards and procedures with other NCTD Divisions and Departments to implement the standards set forth below, and in accordance with federal, including federal grant and circular requirements, state and local grantor requirements. Property Determination 1. Capital assets are defined as assets of significant value that yield service to the District for a period of time longer than twelve (12) months, this include assets derived though project construction to include surplus and spare items. 2. Capital assets have a minimum acquisition cost of $5,000. However, the minimum cost standard may be applied to aggregates of units of similar type or purpose, rather than the unit itself. The minimum useful life for aggregates will be determined based on NCTD historical experience and adherence to federal and state requirements and guidelines. See Attachment A, which shall be modified from time to time as a ministerial matter without the need for Board approval, for a listing of asset categories and standard useful lives. 3. Treatment of costs subsequent to acquisition: Expenditures on capital assets which are incurred after their original acquisition are defined and recorded as follows: a. Repair or maintenance: Expenditures which neither materially add to the value of property nor appreciably prolong its life, but merely keep it in an ordinary efficient operating condition. These costs are expensed and not capitalized. b. Betterments: Consist of the replacement of a unit of an existing asset by an improved or superior unit, usually resulting in a more productive, efficient, or longer-lived asset. These items shall be capitalized as individual asset records in the fixed asset system and shall refer to the original asset. Examples include adding air conditioning to a passenger car, carpeting the entire floor of a building not previously carpeted, and replacing regular windows in a building with solar windows for greater energy efficiency. c. Replacements: Replacement of a part of an existing asset with another of like quality is not a betterment, even though the useful life is maintained or extended. These items shall be capitalized as individual asset records in the fixed asset system and shall refer to the original asset. Examples include replacing existing carpeting because of flooding and replacing a window with the same type of window because it is broken. Page 1 of 6
2 Board Policy No. 29 Asset Management 4. The decision whether or not to capitalize an expenditure must be based on the definitions and rules described above and the ability to have control of the item. 5. Assets which are not capitalized shall be maintained, secured, and controlled by the division that acquired the asset. For such assets, asset records will be maintained by the Finance Division. Asset Management 1. Property records of capitalized assets shall be maintained accurately and shall include: a. Description of the property b. Manufacturer s serial number, model number, and the District s identification number c. Acquisition date and cost d. Source of funds used to purchase the property (the grant number under which it was procured.) e. Percentage of Federal participation in the cost, if Federal funding is used. f. The NCTD purchase order, contract number, and check number g. Location of the property h. Estimated life of property i. User of property j. Any disposition data, including the date of disposal and sale price, or, where applicable, method used to determine its fair market value 2. When practical, within thirty (30) days of acquisition, capital assets must be permanently marked or tagged. It is the responsibility of the department acquiring the asset to mark or tag the asset and notify the Finance Division with the following information (see Attachment B NCTD Fixed Assets Tagging Form : a. Property tag number/serial number b. Date placed into service and purchase order number c. Description including manufacturer and model, if applicable d. Location of property e. User of property/responsible department f. Estimated life of property 3. The NCTD Finance Division, working with assigned department personnel, will be responsible for the inventory of capitalized property assigned to the individual departments. A complete physical inventory of assets costing $5,000 or more with federal interest must be taken and the results reconciled with the property records at least once every two years. A computer listing will be provided by the Finance Division to each Department Manager. This listing will include description, location, and property number. Each department shall, in connection with the inventory, verify the existence and current utilization of the property. Any differences between quantities determined by the physical inspection and those shown in the accounting records shall be investigated to determine the reasons for the difference. Page 2 of 6
3 Board Policy No. 29 Asset Management The computer listing of the assets shall be returned to the Finance Division noting any changes to the asset records and explanation of any assets not accounted for during the inventory. Explanation for the missing assets shall include: a. Property tag number/serial number b. Date of acquisition c. Description d. Location from which item is missing e. Original cost f. Cause, if known, of missing item g. User of property 4. NCTD shall institute a control system to insure adequate safeguards to prevent loss, damage, or theft of the property. Any loss, damage, or theft of property shall be investigated and fully documented and forwarded to the Finance Department in a timely manner. When an asset funded with grantor funds is damaged or destroyed, the grantor must be notified per the funding source(s) for the respective capital asset. For capital assets acquired with Federal Transit Administration (FTA) funds is damaged or destroyed, the FTA must be notified if the market value is $5,000 or more. If the asset is replaced with insurance proceeds or otherwise, the federal portion is transferred to the new asset. If the asset is not replaced, NCTD may be required to reimburse FTA the federal share at the fair market value immediately prior to the loss. 5. It is the responsibility of each Division Chief to institute an adequate maintenance program to keep the property in good condition. 6. It is the responsibility of the Division Chief and/or his/her designee to notify the Finance Division when any property is being transferred to another individual either in their own department or to another department. The Department shall prepare the NCTD Fixed Assets Transfer Form. This form is included in this policy as Attachment C. Asset Disposal 1. Upon determination that an asset is obsolete and/or useless for District purposes, each department shall prepare the appropriate disposal form, either the Asset disposal formnon auction or Asset disposal form-for auction. 2. Assets may be disposed of by the following methods: a. County of San Diego auction; b. County of San Diego auction contractor, if the District is named as a participating agency in the contract; c. Donation, sale, or barter to any governmental agency; d. Recycled at an authorized recycling center operated under private or governmental auspices; e. Sold by online auction, reverse auction, or other methods employing internet technology; Page 3 of 6
4
5 Board Policy No. 29 Asset Management DATE ISSUED REVISION NUMBER RESOLUTION NUMBER COMMENTS 10/18/2012 Adopted 10/17/ Revision 10/16/ Revision 10/20/ Revision Page 5 of 6
6 ASSET CODE ATTACHMENT A Assets and Useful Lives ASSET OBJECT Board Policy No. 29 Asset Management JDE SUBSIDIARY EQUIPMENT ITEM DESCRIPTIONS USEFUL LIFE in YEARS Revenue Vehicles Buses HDB 30 feet or longer Buses LDF Bus Improvements/Refurbishments Other Revenue Vehicles (LIFT sedans and 5 vans) Rail Vehicles (Rail cars & locomotives) Rail Vehicles 7 Improvements/Refurbishments Service Vehicles (Autos, Trucks, Trailers requires 5 Department of Motor Vehicle Registration) Buildings and Structures Improvement to Buildings and Structures (up to 5 $15,000) Improvement to Buildings and Structures (over to 10 $15,000) Transit Way Equipment (Bus Shelters, Signs, 5 Poles, Trash Containers) Right of Way Rail (Ballasts, Bridges, Tracks, 20 Ties, Culverts, Grade Crossings, Gradings) Improvements to Right of Way Operating Yard Equipment (Bus Washers, Service 10 Islands, etc.) Shop and Garage Equipment (up to $15,000) Shop and Garage Equipment (over to $15,000) Communication Signal Equipment (Electricode Project, Antenna Towers, Switch Machines, Electric Locks, Crossing Gate Mechanisms, Wayside and Crossing Signals, Signal Relays) Vehicle Control Equipment (Radios) Revenue Collection Equipment Sorters & Counters Fareboxes Data Processing Software & Hardware Furniture and Fixtures Land N/A Improvements to Land (Landscaping, parking lots, sidewalks, gutter) 10 Page 6 of 6
7 NCTD Fixed Assets Tagging Form Return completed form to the Accounting Dept. Attn: Fixed Assets Date Completed Tag # S/N Manufacturer Model Description Location Placed in to Service Date Responsible Department Project / Account # Vendor P. O. #
8 NCTD Fixed Assets Transfer Form Return completed form to Accounting Dept. Attn: Fixed Assets Date Completed Transfer from Responsible Tag # S/N Manufacturer Model Description Location Department Location Transfer to Responsible Department
CAPITAL 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 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 informationDiocese of Pueblo Accounting Policies and Procedures Manual. Chapter 14 - Fixed Assets
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
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 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 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 informationTRIBAL CODE CHAPTER 13 PROCUREMENT AND PROPERTY MANAGEMENT
TRIBAL CODE CHAPTER 13 PROCUREMENT AND PROPERTY MANAGEMENT CONTENTS: 13.101 Definitions. 13.102 Compliance. 13.103 Financial Reporting and Recordkeeping. 13.104 Maintenance of Property. 13.105 Disposition
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 informationMETROPOLITAN TRANSPORTATION AUTHORITY ALL-AGENCY GUIDELINES FOR THE DISPOSAL OF PERSONAL PROPERTY
METROPOLITAN TRANSPORTATION AUTHORITY ALL-AGENCY GUIDELIN NES FOR THE DISPOSAL OF PERSONAL PROPERTY Adopted by the Board on March 25, 2015 These guidelines, which have been adoptedd by the Board of the
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 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 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 informationPurpose: Intended Audience: Introduction: Federal Regulation: 29 CFR Equipment.
Purpose: This technical assistance guide has been created to provide guidance in developing policy and procedures regarding inventory. Adherence to a comprehensive policy and procedures will ensure the
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 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 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 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 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 informationPOLICY: DISPOSAL OF SURPLUS PROPERTY OTHER THAN REAL ESTATE
CITY OF Yakima REISSUED POLICY NUMBER: 3-100 ADMINISTRATIVE POLICIES FORMER POLICY NUMBER: ADM 201 DEPARTMENT: Purchasing EFFECTIVE DATE: 1/6/2009 SUPERSEDES: AUTHORIZED BY: City Manager, Purchasing Mgr
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 informationProcurement and Purchasing Procedure Manual October 15, 2015
Independent School District 192 Procurement and Purchasing Procedure Manual October 15, 2015 Business Office District Service Center 20655 Flagstaff Ave Farmington, MN 55024 Phone: 651-463-5045 Fax 651-463-5071
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 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 informationUniversity Policy UNIVERSITY PROPERTY AND EQUIPMENT INVENTORY
University Policy 700.02 UNIVERSITY PROPERTY AND EQUIPMENT INVENTORY Responsible Administrator: Vice President of Administration Responsible Office: Auxiliary Services Originally Issued: September 2010
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 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 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 informationCalifornia 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 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 informationCity of Bellingham Policy
Policy - FIN 09.00.03 City of Bellingham Policy Title: FIN 09.00.03 Capital and Attractive Theft Sensitive Assets Code: FIN 09.00.03 Chapter: Financial Management Level of Policy: Administrative Date Issued:
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 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 informationDISPOSITION OF SURPLUS
CHAPTER 21 DISPOSITION OF SURPLUS 21-1 GENERAL The final step in the purchasing cycle is the disposition of the item when it is no longer useful to the school/department. Timely identification of surplus
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 informationFLORIDA INTERNATIONAL UNIVERSITY PROPERTY CONTROL MANUAL
FLORIDA INTERNATIONAL UNIVERSITY PROPERTY CONTROL MANUAL (Revised July 2011) TABLE OF CONTENTS I. PROPERTY CONTROL GENERAL II. III. IV. DEFINITIONS - PROPERTY PROPERTY IDENTIFICATION RESPONSIBILITIES AND
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 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 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 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 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 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 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 informationFederal Grants Manual Webinar Series: Property Management
Federal Grants Manual Webinar Series: Property Management June 24, 2015 The content and materials are not to be shared or distributed unless you have written permission from TASBO to do so. That includes:
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 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 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 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 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 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 informationWhat is the Omni-Circular Final Guidance on the Uniform Administrative Requirements, Cost Principals and Audit Requirements for Federal Awards
What is the Omni-Circular Final Guidance on the Uniform Administrative Requirements, Cost Principals and Audit Requirements for Federal Awards What are the Goals? Streamline guidance Reduce administrative
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 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 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 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 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 informationProsecuting Attorneys Council of Georgia
1. Purpose. To establish policies for the management of personal property owned by the Prosecuting Attorneys Council of Georgia. 2. Authority. 3. Scope. O.C.G.A. 15-18-40(c)(2); 15-18-73(b); 45-6-7; 45-6-8;
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 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 informationAUBURN UNIVERSITY PROCEDURES FOR THE MANAGEMENT OF GOVERNMENT PROPERTY
AUBURN UNIVERSITY PROCEDURES FOR THE MANAGEMENT OF GOVERNMENT PROPERTY REVISED: October 2013 Table of Contents 1. INTRODUCTION..3 2. ORGANIZATION..3 3. DEFINITIONS.4 4. PROPERTY SYSTEM..6 5. PROPERTY RECORDS.12
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 informationWorkforce Investment Act State Compliance Policies. Section 3.11 Property Management March 2005
Workforce Investment Act State Compliance Policies Section 3.11 Property Management March 2005 I. The State and its grantees must adhere to the requirements outlined in 29 CFR Part 97 (97.31- Real Property,
More informationTangible Capital Assets Implementation of Section 3150 New Brunswick Local Governments. October 2010
Tangible Capital Assets Implementation of Section 3150 New Brunswick Local Governments October 2010 Agenda Review of the Inventory template Review of the Guide Identification of assets Costing of assets
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 informationCapital Assets, Supplies, Equipment, and Intangible Property
Capital Assets, Supplies, Equipment, and Intangible Property 1 Uniform Guidance vs. OMB Circulars Prior to the Uniform Guidance, requirements governing cost Designed for DOL-ETA direct principles, administrative
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 informationPROPERTY CONTROL. Policy 455 i
Table of Contents PROPERTY CONTROL Policy 455.1 PURPOSE AND POLICY... 1.4 ACCOUNTABILITY FOR COUNTY PROPERTY... 1.5 GENERAL POLICIES... 1 5.1 FIXED ASSET ACCOUNTING SYSTEM MAINTAINED BY THE AUDITOR...
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 informationCity of Urbandale Surplus Property Disposal Policy
City of Urbandale Surplus Property Disposal Policy Adopted: August 2013 I. GENERAL A. Surplus property is defined as City owned property that no longer is needed or has no practical use to a particular
More informationUAS GM 12: Property Standards
Overview The UA Statewide Accounting Manual definition of capital expenditures is found in Revenue and Expenditure Account Codes, Section 5000, and for UA purposes, is defined as over $5,000 and having
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 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 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 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 information(1) Purpose. The purpose of this regulation is to set forth guidelines with respect to the
UCF-7.302 Surplus Property. (1) Purpose. The purpose of this regulation is to set forth guidelines with respect to the disposition of state-owned tangible personal property in the custody of the University
More informationFixed Assets / Surplus Sales. Angie Evans
Fixed Assets / Surplus Sales Angie Evans Objective Provide useful information to increase your understanding in the guidelines and policies concerning fixed assets and surplus sales Topics to Discuss Define
More informationNYSDOT AMERICAN RECOVERY AND REINVENTMENT ACT OF 2009 (ARRA) TO BE ADMINISTERED THROUGHT THE FEDERAL SECTION 5311/5311(f) PROGRAM PROCESS
NYSDOT AMERICAN RECOVERY AND REINVENTMENT ACT OF 2009 (ARRA) TO BE ADMINISTERED THROUGHT THE FEDERAL SECTION 5311/5311(f) PROGRAM PROCESS CAPITAL ASSISTANCE APPLICATION INSTRUCTIONS THIS APPLICATION FOR
More informationADMINISTRATION & FINANCE August 2010 FEDERAL PROPERTY MANAGEMENT STANDARDS
[ FEDERAL PROPERTY MANAGEMENT STANDARDS 3-0127 ADMINISTRATION & FINANCE August 2010 1.01 The Director of Budget Operations through the Associate Vice President for Administration and Finance is designated
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 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 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 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 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 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 informationDEKALB COUNTY GOVERNMENT FIXED ASSESTS CAPITALIZATION POLICY
DEKALB COUNTY GOVERNMENT FIXED ASSESTS CAPITALIZATION POLICY Reviewed For Updates M arch 1, 2017 RESOLUTION R2016-18 A RESOLUTION AMENDING THE DEKALB COUNTY FIXED ASSETS CAPITALIZATION POLICY WHEREAS,
More informationPUBLIC TRANSPORTATION VEHICLE LEASING
Approved: Effective: June 22, 2000 Office: Transit Topic No.: 725-030-001-e Thomas F. Barry, Jr., P.E. Secretary PURPOSE: PUBLIC TRANSPORTATION VEHICLE LEASING To establish the requirements for the lease
More informationSurplus Property Policy
Surplus Property Policy Effective Date: February 24, 1997 Revised: January 9, 2017 Issued by: Finance & Administration Contact: Purchasing Office, 814-393-2166 Purpose: The purpose of the Surplus Property
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 informationADMINISTRATIVE MEMORANDUM COUNTY OF SAN MATE0
ADMINISTRATIVE MEMORANDUM COUNTY OF SAN MATE0 NUMBER: A-7 SUBJECT: Accounting for Fixed Assets RESPONSIBLE DEPARTMENT: Controller APPROVED:_Signature on file DATE: November 4, 2010 David S. Boesh, County
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 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 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 informationMARKETING AND REDISTRIBUTION CHAPTER 8 DEPARTMENT OF FINANCE AND ADMINISTRATION Marketing and Redistribution of state personal property.
MARKETING AND REDISTRIBUTION CHAPTER 8 DEPARTMENT OF FINANCE AND ADMINISTRATION 25-8-106. Marketing and Redistribution of state personal property. (a) The provisions of this section shall be applicable
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 informationCALIFORNIA POLYTECHNIC STATE UNIVERSITY SAN LUIS OBISPO GIFT-IN-KIND ( GIK ) ACCEPTANCE PROCEDURES
CALIFORNIA POLYTECHNIC STATE UNIVERSITY SAN LUIS OBISPO GIFT-IN-KIND ( GIK ) ACCEPTANCE PROCEDURES DEFINITIONS Accounting Standards are financial accounting rules that regulate the manner in which GIK
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 informationINTERNAL AUDIT DIVISION CLERK OF THE CIRCUIT COURT
INTERNAL AUDIT DIVISION CLERK OF THE CIRCUIT COURT INTERNAL AUDIT DIVISION CLERK OF THE CIRCUIT COURT AUDIT OF FACILITY MANAGEMENT AND FLEET MANAGEMENT PROPERTY DISPOSITION FUNCTION Ken Burke, CPA* Ex
More informationUS Government owned Property Control Manual Iowa State University Table of Contents. Page. Table of Contents 1. Section 1 Introduction 2
Table of Contents Table of Contents 1 Section 1 Introduction 2 Section 2 Definitions 3 Section 3 Acquisition 4 Section 4 Receiving 7 Section 5 Property Records 8 Section 6 Physical Inventory 9 Section
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 information