(A) Warrick County shall capitalize and inventory machinery and equipment assets with an individual value equal to or greater than $5,000. Machinery and/or equipment combined with other machinery and/or equipment to form one unit with a total value greater than the above-mentioned limit shall be considered to be one unit.
(B) Any other reasonable and necessary costs incurred to make such machinery and/or equipment operable for its intended purposes shall be capitalized, including, without limitation, the following:
(1) Shipping and/or transportation charges;
(2) Professional fees, such as consultant and accounting fees;
(3) Damage payments;
(4) Any other cost directly associated with the purchase, delivery, or set up of the machinery and/or equipment, including payments to contractors and/or salary and benefit payments to Warrick County employees.
(C) Improvements or renovations to existing machinery and/or equipment shall be capitalized only if the result of such improvement(s) or renovation(s) meet all of the following conditions:
(1) Total cost of such improvement(s) or renovation(s) exceed $5,000;
(2) The useful life is extended two years or more; and
(3) The total cost of such improvement(s) or renovation(s) will be greater than the current book value and less than the fair market value.
(D) A department shall record donated machinery and equipment at fair market value on the date of transfer, with any associated costs.
(E) Purchases of machinery and/or equipment using federal or state funding shall follow the source funding policies and above procedures.
(BC Ord. 1997-19, passed 12-1-97; Am. BC Ord. 2021-11, passed 1-11-21)