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ORANGE COUNTY FIXED ASSET <br /> INVENTORY SYSTEM <br /> I. I]EFINITION-- <br /> A fixed asset is any piece of equipment, furniture, apparatus or 'tool, ' <br /> with a, purchase 'value of more than one hundrea aollars and an expecked useful,.;' <br /> life of more thaix (l) year: 'The E]irectnr of Purchasing and Central Services = <br /> d items to the inventory that do not meet this <br /> may, at his discretion, ad is <br /> definition. <br /> IT. RECORDING A NEw FnMD ASSET <br /> (Please'refer to f lowchart A) _ <br /> A. A department submits a request to purchase a fixed asset to the <br /> epartmeat of Purchasing and Central Services. It is appz�ved <br /> 1 <br /> by the Director of Purchasing and Central Services and by the <br /> Finance Director !;_;,•_ .p_a , a . _ <br /> 5. A purchase order ig prepared and entered into the cnu cater. <br /> The computer prints (4) asset control forms (see document 1,2,31&4)) . <br /> and assigns a number to the fixed asset. <br /> C. The department receives a fixed asset tag, and the following Aowledg�- <br /> of the fixed asset cards: "Permanent Department Cop.. g <br /> ment COPY," and "Asset Transfer/Disposal. Form." <br /> Ii. The department may receive the fixed asset before the tag or the tag <br /> before the fixed asset. In either case, place the tag on the fixed <br /> asset..as soon as possible and-sign the "A. nowledgement Copy" of the <br /> asset control form. By so doifxg, the department is assuming respon- <br /> sibi.lity for 'the asset. <br /> E. The department returns the "Acknowledgement Copy" to the Dee <br /> partment <br /> o£ Purchasing and Central Services and places the "Permanent Depart-� <br /> went Copy" and the "Asset Trai�sfer/Disposal Form" in its own files. <br /> III. DELI'V'ERY AND/OR. INSTAL,ATION CHARGES <br /> A.. Since the.cost of a fixed asset includes all delivery and/6r instal- <br /> 1,ation charges, request for purchase orders must include the delivaxy_:: <br /> the condition "F.O.B_ Destinati.on." <br /> char a Uf applicable) Or <br /> IV. RECEIVING DATE ?' <br /> A. All "Asset Control Forms" wall have on it the date of the first clay Y, <br /> 1 of the fiscal year in which the fixed asset was ordered. For example;` <br /> all fixed assets ordered in F:Y. so will bear the date 7/l/80. <br /> i <br />