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' 1 3 <br /> r' <br /> ORANGE COUNTY <br /> FIXED ASSET POLICY <br /> tagging an,d inventorying e�pment, furniture and <br /> A system of recording, g`3 g procedures and <br /> app is essential in the development of good management <br /> fiscal control. Same of the many benefits that can be realized from a properly;"A <br /> maintained Fixed Asset system are as follows: Z <br /> Control of theft or ],oss of valuable County Property <br /> Identification of unused property so that it may be moved to other wT <br /> operati6ns which may have use for <br /> CO <br /> be sold to increase <br /> Identification of idle property <br /> County revenues to be zefiected in its <br /> Allow for the true value-02 County property <br /> financial statements <br /> The-'legal` eq resaent fob maintaining a Ei3red Asset System can:be`fdund <br /> in 65159-2G/B8 which-states: " "Each local government or public au�oxi funds <br /> establish and maintain in its accounting systems such of the following fu <br /> and•ledgers as.are applicable to it .A ledger or group - <br /> irhich to record the details relating to the general fixed assets of the unit' <br /> ein public authority." <br /> Generally accepted accounting principles require that zoney for equip- <br /> ment purchases which have an acquisition cost over a certain dollar amount more than a set period of time be <br /> and which have an expected useful life Line item with different procedures <br /> budgeted into a separate Capital Equipment budget.° `lhe <br /> associated with it than one would find with a regular <br /> procedural requirements is that large sums of money <br /> reason for the different ` <br /> are often placed in hese accounts and significant impact an the <br /> can have a <br /> t <br /> ganization si nce the items <br /> budget process and on the overall worth of the or <br /> bought out of Capital Equipment Account are not expendable_ The procedures <br /> involved with Capital Equipment Account are as follows-- <br /> ng the ]iudget process, the Board of County Commissioners <br /> pi <br /> must approve each specific item before that money is allocated <br /> to the Capital Equipment Account <br /> circumstances, ' <br /> if a depaxts:sent head believes that due to changing <br /> the money allocated for a particular item may be better used by ..,_.-•-_r <br /> spending it on different items, he or she must request permission <br /> irom'tha Board'of1Cossianers to xeallacat purpose. <br /> a capital equipment account must. be <br /> All items purchased out of <br /> of which is attached)entered into the Fixed Asset System (nsib <br /> i <br /> ]Department heads have custodial respons3bality far all fixed assets <br /> within their department until the items are either transferred or <br /> disposed of in the manner required by the Law and the Orange <br /> County Fixed Asset Policy <br /> his or her discretion. transfer fixed <br /> The County tlanager may at <br /> n departments without the permission. of respective <br /> assets betwee <br /> ation <br /> department heads and without compens <br />