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. R, rK:. - - .7.g.,,,.:.°:,,--...-:-.7,7, } , _w <br /> 3 . _. _--: . -- a. 7 -- : ;4, .. •:=w:.:7,,, -,1w E.:,e ->:- <br /> The definition of a fixed asset usually consist of a minimum-monetary value <br /> item must at least be worth and a. minimum time period in which the item is <br /> _ -cted to remain in useful condition. If one sets these criteria too high, i.e.. <br /> gh monetary value and a long usediul• life, then many items that should be <br /> I uded in the fixed asset system will, be excluded and the purpose of the•fixed <br /> t system will defeated- On the other hand, if one sets the criteria too low, <br /> the administrative costs of trying to control for items of minimum value . .. -_ <br /> i be prohibitive. .In order:to strike a.balance between these two conflicting•. <br /> oaches, the following shall be Orange County's definition•of a fixed asset...- <br /> "A fixed.asset is any equipment, useful life of <br /> ..ax acquisition cost-of.$100.00 and an expected _• :• <br /> and Central. -' <br /> more than•ane.year:•. The Director of purchasing - - <br /> • Services may at his or*her discretion add items'to the fixed . . <br /> d <br /> ' asset system that do not meet this definition."• <br /> r... <br /> Since the County allows the use of County-owned fixed assts such as chairs, <br /> 1•les r'and recreational egu pment-to be used•by groups•and organ.i.zations not .. - _ <br /> rectly supervised by ,Orange County either on.a temporary or permanent basis <br /> re control should.be placed on these items. - Therefore/ it will be policy of <br /> e'Department of purchasing and Central Services to use its discretionary power <br /> County-owned piece of <br /> • cause to be included in the fixed asset system any Countraril or'permanently,furniture or apparatus-that is lent either temporarily <br /> • an outside organization, even though the monetary value of the item may be <br /> ss than $100.00.' _ . " ... .• _ <br /> In'order to,remove: from the fixed asset system items already present in it' <br /> -t did not meet the definition of a fixed asset in effect at'the time they. .. <br /> ere placed in the system or tO remove items that may have been inadvertently <br /> 'laced in the fixed asset system when'they should not have been, the Director <br /> .f Purchasing and Central Services may delete those items from the fixed asset ' <br /> ystem_ _• • <br />