(A) For the purpose of this section, the following definition applies unless the context clearly indicates or requires a different meaning.
FIXED ASSET. Tangible property acquired by the village which will not be consumed or converted into cash within the current accounting period in which the asset is obtained by the village.
(B) The Clerk or Treasurer for the village shall maintain a log of all fixed assets with a purchase or replacement value of $5,000 or more at the time of acquisition. Such log shall include the acquisition value of the asset, the description of the asset, serial number (if applicable) of the asset, and the location or custodian of the asset.
(C) A complete inventory of all logged assets shall be taken every year to verify account balances and ensure control of the village’s fixed assets. All employees of the village shall cooperate with and assist the Clerk or Treasurer in completing the inventory.
(D) Any fixed assets acquired prior to the date of the ordinance from which this section is derived of less than $5,000 value that have not yet been logged on the village’s fixed asset log need not be logged following the date of the adoption of the ordinance from which this section is derived.
(Ord. 741, passed 9-4-2013)