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(A) Warrick County shall capitalize and inventory furniture and fixture assets with an individual value equal to or greater than $5,000. Furniture and/or fixtures combined with other furniture and/or fixtures to form one unit with a total value greater than the above-described limit shall be considered to be one unit.
(B) Any other reasonable and necessary costs associated with the purchase, delivery, and/or set up of the furniture and/or fixtures shall be capitalized.
(C) Improvements, repairs, or renovations to existing furniture and/or fixtures shall be capitalized only if the result of such improvement(s), repair(s), or renovation(s) meet all of the following conditions:
(1) Total cost of such improvement(s), repair(s), or renovation(s) exceed $5,000;
(2) The useful life of the furniture or fixture is extended two years or more; and
(3) The total cost of such improvement(s), repair(s), or renovation(s) will be greater than the current book value and less than the fair market value.
(D) An office or department shall record donated furniture and/or fixtures at fair market value on the date of transfer, with any associated costs.
(E) Purchases of furniture and/or fixtures using federal or state funding shall follow the source funding policies and above procedures.
(BC Ord. 2021-12, passed 1-25-21; Am. BC Ord. 2022-08, passed 2-14-22)
(A) The county and its various departments shall classify capital expenditures as capital outlays within the fund from which the expenditure was made in accordance with generally accepted accounting principles. The cost of property, plant and equipment includes all expenditures necessary to put the asset into position and ready for use. For purposes of recording fixed assets of the county and its departments, the valuation of assets shall be based on historical cost or where the historical cost is indeterminable, by estimation for those assets in existence.
(B) When an asset is purchased for cash, the acquisition is simply recorded as the amount of cash paid, including all outlays relating to its purchase and preparation for intended use. Assets may be acquired under a number of other arrangements including:
(1) Assets acquired for a lump-sum purchase price;
(2) Purchase on deferred payment contract;
(3) Acquisition under capital lease;
(4) Acquisition by exchange of nonmonetary assets;
(5) Acquisition by issuance of securities;
(6) Acquisition by self-construction;
(7) Acquisition by donation or discovery.
Some of these arrangements present special problems relating to the cost to be recorded. For example, in utility accounting, interest during a period of construction has long been recognized as a part of the asset cost. Reference to an intermediate accounting manual will illustrate the recording of acquisition of assets under the aforementioned acquisition arrangements. For purposes of recording fixed assets of the utilities, the valuation of assets shall be based on historical cost.
(C) In addition, an asset register (prescribed form 211) shall be maintained to provide a detailed record of the capital assets of the governmental unit.
(BC Ord. 1997-19, passed 12-1-97)
Accounting controls shall be designed and implemented to provide reasonable assurances that:
(1) Capital expenditures made by the county, its various departments and possible future utilities be in accordance with management’s authorization as documented in the minutes.
(2) Transactions of the possible future utilities be recorded as necessary to permit preparation of financial statements in conformity with generally accepted principles.
(3) Adequate detail records be maintained to assure accountability for county and possible future utility owned assets.
(4) Access to assets be permitted in accordance with management’s authorization.
(5) The recorded accountability for assets be compared with the existing assets at least every two years and appropriate action be taken with respect to any differences.
(BC Ord. 1997-19, passed 12-1-97)
DEPARTMENT: ___________________________
THIS NOTIFICATION IS FOR: ADDITION UPDATE TRANSFER DISPOSAL
ACQUISITION IS BY: PURCHASE DONATION LEASE TRANSFER
(ATTACH COPY)
DATE OF TRANSACTION: ________________________________________
ACCOUNT NO. _______________ P. O. NO. __________________
ESTIMATED: LIFE EXPECTANCY _________ MILEAGE OR HOURS ________
CIP NUMBER: __________________ LOCATION: ___________________
SERIAL OR VIN NUMBER: ________________________________________
TOTAL/PARTIAL VALUE OF ASSET: _______________________________________
(PLEASE ATTACH OR FORWARD COPY OF CHECK(S) TO DOCUMENT COST.
IF DONATED FAIR MARKET VALUE, HOW DETERMINED, AND DATE BOARD APPROVED.)
DESCRIPTION: ___________________________________________________________________________
_________________________________________________________________________________________
(BUILDING DESCRIPTION MUST INCLUDE SQUARE FOOTAGE, BUILDING MATERIAL, ROOF TYPE, AND IF EQUIPPED WITH SPRINKLER SYSTEM OR BOILER.)
BRAND OR MAKE: _______________ MODEL NO.: _________________
YEAR: _______________________ LICENSE NO.: ________________
ATTACH COPY OF REGISTRATION
GROSS VEHICLE WEIGHT: ___________ TYPE OF FUEL: __________________
TRUCKS ONLY
IF DISPOSED-METHOD: SOLD $________ TRADED JUNKED SCRAPPED
STOLEN/WRECKED END-OF-LEASE TRANSFERRED TO: _____________
(ATTACH POLICE REPORT)
DATE BOARD APPROVED: ___________ DATE COUNCIL APPROVED: _______
(ATTACH COPY OF MINUTES) (REAL PROPERTY VALUE> $9,999)
DATE MAYOR APPROVED: ___________ SIGNATURE: _____________________________________
(REAL PROPERTY ONLY)
PERSON RESPONSIBLE: ___________________ ______________________________
SIGNATURE PRINTED NAME
RESPONSIBLE DEPARTMENT HEAD'S SIGNATURE: ________________________
IF TRANSFERRED
RECEIVING PERSON'S SIGNATURE: ___________________________________
PRINTED NAME: _________________________________
CLERK-TREASURER'S USE ONLY
RECEIVED: ______________________ ENTERED FIXED ASSET: ___________
INSURED: _______________________ CLERK-TREASURER'S INITIAL: _______