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FIXED ASSET INVENTORY SYSTEM
I. PURPOSE:
To establish and maintain Fixed Asset Inventory records in conformity
with the 1980 edition of Governmental Accounting, Auditing, and
Financial Reporting, published by the Municipal Finance Officers
Association. A Fixed Asset Coordinator will be assigned by each facility
to manage the program.
II. DEFINITION:
The Fixed Asset Inventory System is a control required by the State
Treasury Department under Joint Circular Letter 83-8, Uniform Perpetual
Fixed Asset Inventory System.
III. PROCEDURE:
A. Identification of Units Involved:
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1. The Fixed Asset Coordinator shall initiate
the Data Entry Form from the report received from the
Storekeeper.
2. The Fixed Asset Coordinator is responsible for entering the
item into the Fixed Asset System.
3. The Fixed Asset Coordinator is responsible for the entry and
transfer of assets from one Department to another within the
facility on a continual basis.
4. At a minimum of once a year, the Fixed Asset Coordinator will
run a master inventory list for each department. Verification of
the list shall be completed and the master list signed by the
Department Head. |
B. Sequence of Actions:
The sequence of actions has been established to facilitate their flow,
and to establish areas of responsibility.
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1. The Fixed Asset Coordinator will ensure that
a Data Entry Form is generated utilizing the information on the
Receiving Report Form for any capital item costing more than
$1000.00 or for any item of equipment/furniture, i.e., chair,
calculator, bed, table, etc.
2. The completed Data Entry Form is then submitted to the
Accounting Department.
3. Based on the information received, an inventory tag is
assigned. Numerical sequence control is maintained by the Fixed
Asset Coordinator.
4. The Fixed Asset Coordinator enters the item into the Fixed
Asset Inventory System.
5. Items which cost less then $1000 may be kept on the inventory
system if deemed valuable and vulnerable, such as; computers,
paintings, fax machines, tools, medical items, etc. |
Revised: July 1998
BUSINESS OFFICE - 44-03-011
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