Orange County NC Website
Page 4 of 12 5 <br />11. The Department shall have an annual audit performed in accordance with <br />The Single Audit Act of 1984 as implemented by OMB Circular A -128. <br />Audit findings and resolution of said findings shall be handled by the <br />Division of Fiscal Management, Budget & Analysis Section. <br />12. Equipment is a type of fixed asset consisting of specific items of <br />property that: (1) are tangible in nature; (2) have a life longer than <br />one year; and (3) have a significant value. <br />a. For Budgeting and Reporting Purposes <br />1. Equipment purchases meeting the above definition and having an <br />acquisition cost of $500 or more must be budgeted and reported <br />in Line Item 5000. <br />b. For Inventory Purposes <br />1. Equipment must be accounted for in accordance with Local <br />Government Accounting System Procedure No. 15. <br />2. Women, Infants and Children Program <br />All equipment with an acquisition cost of $500.00 or more must <br />be inventoried with the Division of Maternal and Child Health. <br />C. For Prior Approval Purposes <br />I. Equipment purchased or equipment leased where there is an <br />option to purchase with State /Federal funds must receive prior <br />written approval from the appropriate Division, Section, or <br />Branch when the acquisition cost exceeds $500.00. <br />2. Women, Infants and Children Program <br />All medical equipment and computer equipment, regardless of <br />cost and all other equipment with an acquisition cost of <br />$500.00 or more must receive prior approval from the <br />program office. <br />3. Equipment purchased with program income generated by the <br />expenditure of Title X Family Planning Funds with an <br />acquisition cost of $500.00 or more must receive prior <br />written approval from the program. <br />C. FISCAL CONTROL <br />1. The Department shall comply with the Local Government Budget and Fiscal <br />Control Act, North Carolina General Statute Chapter 159, Article 3. <br />a. The Department shall maintain a purchasing and procurement system <br />in accordance with generally accepted accounting practices and <br />procedures set forth by the Local Government Commission. <br />