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AG 2006 08 21
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AG 2006 08 21
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Last modified
8/24/2006 1:40:13 PM
Creation date
11/27/2017 11:33:43 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
8/21/2006
Board
Board of Commissioners
Meeting Type
Regular
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<br />of-way and easements are recorded at purchase cost plus legal costs. If land is acquired as a gift (donation), <br />the valuation recorded should be the appraised value at the time of acquisition. Proceeds from the <br />salvaging of any assets removed from the land reduce the land's value. <br /> <br />2. Buildings and Building Improvements (Account 9820) <br />If purchased or constructed, the valuation of buildings includes such costs as the purchase price, acquisition <br />legal fees, and other professional fees (related to design or construction). If acquired as a gift (donation), the <br />valuation recorded should be the appraised value at the time of acquisition. <br /> <br />3. Land Improvements <br />The basis for valuation is the same as for buildings and building improvements. <br /> <br />4. Equipment Vehicles and Furniture (Account 9860) <br />The basis for valuation of purchased equipment includes the net contract price, transportation charges, and <br />the cost of installing special devices or other preparations required to ready the asset for its intended use. <br />The basis for valuation of donated equipment is the appraised value at the date acquired. <br /> <br />Accounting for Fixed Assets <br />Fixed assets transactions arrive primarily from acquisitions and disposals of fixed assets. These transactions appear <br />first in the expenditure ledger as purchases. It is important that fixed assets' records be maintained once they have <br />been established. <br /> <br />Fixed Assets' Inventory <br />The existence and condition of all fixed assets should be verified annually by each department. Any discrepancies <br />discovered should be brought to the attention of the Purchasing Agent for correction. <br /> <br />Procedure: <br /> <br />1. Recording Fixed Assets <br />The County may acquire fixed assets by several methods. Possible acquisition methods include: purchase, <br />lease-purchase, installment purchase, construction, eminent domain, tax foreclosures, and gifts (donations). <br />Listed below are the categories in which we record assets in the County. <br /> <br />a. Land <br />All land and permanent rights to land (e.g., easements) should be recorded without regard to <br />value. <br />b. Buildin~s and Building Improvements <br />All buildings should be recorded at acquisition cost without regard to significant value. Additions <br />costing $5,000 or more should be recorded as fixed assets. <br /> <br />c. Land Improvements <br />Improvements other than buildings that cost $5,000 or more should be recorded as fixed assets <br />(e.g., parking lots, sidewalks, and fences). <br />d. Equipment Vehicles and Furniture <br />Equipment costing $5,000 or more should be recorded as fixed assets. <br />e. Construction in Progress <br />All costs incurred in the construction of buildings or other capital construction projects which have <br />not been completed by the end of the fiscal year should be capitalized. <br /> <br />When the County decides to increase the dollar value for capitalization, all old assets not meeting the new <br />requirement should be removed from the fixed assets records. <br /> <br />2. Controlling Fixed Assets <br />Periodically, Fixed Assets records will be updated by the Fixed Asset Manager. <br /> <br />Annually, a current Fixed Asset report will be submitted to each department, listing all assets maintained by <br />the respective department. The report should be reviewed upon receipt. Each department head should <br />assign a person to assume responsibility for that department's fixed assets. This person should physically <br />identify aR4-t:ag the fixed asset in the appropriate place. This person should also be responsible for <br /> <br />F-b <br /> <br />23 <br />
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