(A)
All capital assets purchased or acquired by the Town of Middlebury, Indiana that have a value of $5,000 or greater shall be considered inventory for accounting purposes. As such, all assets as described shall be submitted to the office of the Middlebury Clerk-Treasurer for recording and tracking of the items being placed in inventory.
(B) In addition to all assets purchased or acquired which are $5,000 or greater in value, the purchase or acquisition of all office machines, electronic devices, computers, equipment, and other items over $500 shall be reported to the office of the Clerk-Treasurer of the Town of Middlebury, Indiana for the purpose of tracking maintenance and repairs. These items and devices will not be considered capital assets for inventory purposes, but shall be documented and recorded for the purpose of coordination of maintenance and repair on these items.
(C) The Clerk-Treasurer of the Town of Middlebury, Indiana may establish and implement a capital assets policy consistent with the requirements of the Indiana State Board of Accounts for inventory and accounting purposes.
(Ord. 592, passed 1-16-2017; Am. Ord. 592-A, passed 7-15-2019)