AG 2001 12 17 - Laserfiche WebLink

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Improvements other than buildings that cost $50,000 or more should be recorded as fixed assets (e.g., parking lots, sidewalks, and fences). Equipment, Vehicles and Furniture Equipment costing $5,000 or more should be recorded as fixed assets. Construction in Progress All costs incurred in the construction of buildings or other capital construction projects which have not been completed by the end of the fiscal year should be capitalized. When the County decides to increase the dollar value for capitalization, all old assets not meeting the new requirement should be removed from the fixed assets records. Controlling Fixed Assets Each month Fixed Assets will be updated by the Purchasing Agent, Any department with changes in their Fixed Assets listing will receive a report which indicates the changes made. For any addition (excluding transferred items which will already be tagged) made to a department, a tag will also be sent that should be attached to the asset. Annually, a current Fixed Asset report will be submitted to each department, listing all assets maintained by the respective department. The report should be reviewed upon receipt. Each department head should assign a person to assume responsibility for that department's fixed assets. This person should physically identify and tag the fixed asset in the appropriate place. This person should also be responsible for informing the Purchasing Agent of any transfers, to another department or to surplus for disposal/auction or if any item is no longer utilized and might be useful in another department. Any time a department wishes to transfer a fixed asset to another department, or to surplus, a transfer form must be completed. The basic information needed for each asset is the original department location, description, serial number, tag number, destination department/surplus and date of transfer. This form should be submitted to the Purchasing Agent so that fixed asset records can be updated. 29