(A) All county departments shall henceforth maintain an inventory list in the Auditor’s Office of all equipment with a purchase value of $500 or more, and/or an anticipated life of three or more years, if:
(1) The equipment is an addition to existing equipment; and/or
(2) The equipment is uniquely identifiable in an asset audit (such as by serial number or as one of a kind within a department) or is a new replacement for an existing piece of equipment which has been retired from use by trade-in, disposal, or sale.
(B) All capitalized equipment shall bear an inventory identification tag issued by the Auditor’s Office and affixed to the equipment so long as it is maintained in the department’s inventory. Equipment retired shall be removed from the inventory.
(C) Within three working days of receipt of any equipment which is new to the inventory, the department head shall add the equipment to the department’s inventory list in the Auditor’s office and remove retired equipment from the inventory.
(D) Building and structure improvements, regardless of value, shall be capitalized on the building inventory if the expenditure meets any of the following criteria:
(1) It is an addition to the existing building or structure;
(2) It adds permanent value to the total book value of the department; and/or
(3) It prolongs the useful life of the existing structure, is permanent in nature, and does not require periodic reoccurrence of the expenditure.
(Res. 97-12, passed 10-14-97)