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AG 2001 12 17
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AG 2001 12 17
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Last modified
7/19/2002 4:28:34 PM
Creation date
11/27/2017 11:46:34 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
12/17/2001
Board
Board of Commissioners
Meeting Type
Regular
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Procedure: <br /> <br />gift (donation), the valuation recorded should be the appraised <br />value at the time of acquisition. <br /> <br />o <br /> <br />Land Improvements <br />The basis for valuation is the same as for buildings and building <br />improvements. <br /> <br />Equipment, Vehicles and Furniture (Account 9860) <br />The basis for valuation of purchased equipment includes the net <br />contract price, transportation charges, and the cost of installing <br />special devices or other preparations required to ready the asset for <br />its intended use. The basis for valuation of donated equipment is <br />the appraised value at the date acquired. <br /> <br />Accounting for Fixed Assets <br />Fixed assets transactions arrive primarily from acquisitions and disposals <br />of fixed assets. These transactions appear first in the expenditure ledger as <br />purchases. It is important that fixed assets' records be maintained once <br />they have been established. <br /> <br />Fixed Assets' Inventory <br />The existence and condition of all fixed assets should be verified annually <br />by each department. Any discrepancies discovered should be brought to <br />the attention of the Purchasing Agent for correction. <br /> <br />Recording Fixed Assets <br />The County may acquire fixed assets by several methods. Possible <br />acquisition methods include: purchase, lease-purchase, installment <br />purchase, construction, eminent domain, tax foreclosures, and gifts <br />(donations). Listed below are the categories in which we record <br />assets in the County. <br /> <br />a° <br /> <br />Land <br />All land and permanent rights to land (e.g., easements) <br />should be recorded without regard to value. <br />Buildings and Building Improvements <br />All buildings should be recorded at acquisition cost without <br />regard to significant value. Additions costing $50,000 or <br />more should be recorded as fixed assets. <br /> <br />c. Land Improvements <br /> <br />28 <br /> <br /> <br />
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