Orange County NC Website
Browse       Search
:. <br />3 <br />FIXED ASSETS CAPITALIZATION POLICY <br />(Effective July 1, 2000) <br />Recordins of Fixed Assets <br />For the purposes of this policy, fixed assets aze defined as assets that have a useful life of <br />more than one year and exceed $5,000 in value. Certain other assets maybe classified as <br />fixed assets at the discretion of the Purchasing and Finance Directors to insure controls <br />are in place to prevent theft or misuse. In addition, inventory accounting and tracking of <br />certain assets excluded from capitalization, asfixed assets will be required. Fixed assets <br />acquired with grant funds will be recorded in accordance with the specific grant <br />requirements. <br />Maintenance of Fixed Assets <br />All records of fixed assets will be maintained in the department of Purchasing and Central <br />Services. The Finance Department shall supervise a physical audit of fixed assets at least <br />annually. Department heads shall be responsible for adequate control over fixed assets <br />and other inventoriable assets assigned to their respective departments. <br />Transfer and Dis$osal of Fixed Assets <br />Transfer of fixed assets between departments and disposal of assets is subject to the <br />approval of the Purchasing and Central Services Director. <br />