FIXED ASSETS MANAGEMENT Financial Services Department

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FIXED ASSETS MANAGEMENT Financial Services Department

  1. 1. FIXED ASSETS MANAGEMENT Financial Services Department Property Control POC: DAWN MURRAY (PROPERTY CONTROL SPECIALIST) Office: (407) 343-2738 Cell: (321) 624-5043 REVISED/UPDATED 10/01/2006
  2. 2. TOPICS <ul><li>MISSION </li></ul><ul><li>CRITERIA FOR FIXED ASSETS </li></ul><ul><li>CUSTODIAN’S RESPONSIBILITIES </li></ul><ul><li>PROPERTY CONTROL’S RESPONSIBILITIES </li></ul><ul><li>PROCESSES </li></ul><ul><ul><li>Acquisition </li></ul></ul><ul><ul><li>Tagging </li></ul></ul><ul><ul><li>Transfer </li></ul></ul><ul><ul><li>Disposition </li></ul></ul><ul><ul><li>Inventory </li></ul></ul><ul><li>REFERENCE </li></ul>
  3. 3. MISSION: <ul><li>STAY WITHIN THE GUIDELINES OF THE POLICIES GOVERNING FIXED ASSETS </li></ul><ul><li>TAG ALL FIXED ASSETS </li></ul><ul><li>ACCOMPLISH ANNUAL INVENTORY </li></ul><ul><li>ESTABLISH AND MAINTAIN 100% ACCOUNTABILITY </li></ul>
  4. 4. CRITERIA FOR FIXED ASSETS <ul><li>Fixtures and other tangible personal property </li></ul><ul><li>Of a non-consumable nature </li></ul><ul><li>Has a value of $1,000.00 or more and </li></ul><ul><li>The normal expected life of which is at least one year or more. </li></ul><ul><li>Examples: Equipment, furniture, vehicles, buildings, roads, etc. </li></ul>
  5. 5. CUSTODIAN’S RESPONSIBILITY <ul><li>REPORT ALL NEWLY ACQUIRED FIXED ASSETS FOR TAGGING AND ALL DEPARTMENT TRANSFERS TO THE PROPERTY CONTROL OFFICE </li></ul><ul><li>KNOW THE LOCATION OF ALL FIXED ASSETS ASSIGNED </li></ul><ul><li>SUBMIT ALL APPROPRIATE DOCUMENTATION FOR ALL TRANSACTIONS (ACQUISTIONS, TRANSFERS, AND DISPOSITIONS) </li></ul>
  6. 6. PROPERTY CONTROL’S RESPONSIBILITIES <ul><li>TAG ALL NEWLY ACQUIRED FIXED ASSETS </li></ul><ul><li>MAINTAIN PROPERTY CONTROL FILES AND DATABASE </li></ul><ul><li>CONDUCT INVENTORY </li></ul><ul><li>EXPEDITE ALL TRANSACTION REQUEST </li></ul><ul><li>COORDINATE THE DISPOSITION PROCESS FOR AUCTION, SALE OR DONATION </li></ul><ul><li>CONDUCT RECONCIALITION OF PROPERTY RECORDS </li></ul><ul><li>CONDUCT TRAINING FOR NEW CUSTODIANS </li></ul>
  7. 7. PROCESSES <ul><li>Property Tagging </li></ul><ul><li>Property Acquisition </li></ul><ul><li>Property Transfer </li></ul><ul><li>Property Disposition </li></ul><ul><li>Inventory </li></ul>
  8. 8. PROPERTY ACQUISITION <ul><li>Verify item meets the Fixed Asset Criteria </li></ul><ul><li>Have proper documentation ready and assets unpacked prior to appointment for tagging A, </li></ul><ul><ul><ul><li>Copy of the invoice </li></ul></ul></ul><ul><ul><ul><li>Packing Slip, and </li></ul></ul></ul><ul><ul><ul><li>Purchase Order Number </li></ul></ul></ul><ul><li>Schedule appointment for tagging </li></ul>
  9. 9. PROPERTY TAGGING <ul><li>Upon the receipt of newly acquired assets that meets the criteria for Fixed Assets, the Department Custodian will ensure the asset is tagged in a timely Manner. </li></ul>
  10. 10. PROPERTY TRANSFER <ul><li>Utilize Property Transfer/Disposition Form </li></ul><ul><li>Receiving/gaining department sign the form acknowledging receipt and responsibility for the asset </li></ul><ul><ul><li>Please note the name of the responsible Department head and the new physical address and location of the asset </li></ul></ul><ul><li>Forward the original disposition form to the Property Control Specialist in the Finance Office. </li></ul>
  11. 11. TEMPORARY LOAN OR TRANSFER <ul><li>Temporary loan/transfer of equipment allows departments to loan or borrow assets from another department while maintaining accountability. </li></ul><ul><li>1. Utilize Temporary loan of equipment Form </li></ul><ul><li>( click here to view temporary loan of equipment form ) </li></ul><ul><li>* Temporary loan of equipment shall not exceed fifty nine (59) calendar days. The receiving department should submit a new form to extend the original request prior to the fifty ninth (59th) day of the original temporary loan request form. </li></ul>
  12. 12. PROPERTY DISPOSITION <ul><li>Utilize the Disposition Form </li></ul><ul><li>( click here to download Form from the web ) </li></ul><ul><li>Submit Disposition Form </li></ul><ul><li>Utilize Property Disposition Chart </li></ul>
  13. 13. PROPERTY DISPOSITION CHART Vehicles Electronics Other Property Disposition Form Transfer to R&B Transfer to I.T. Hold until Board approves disposition Auction, Sale, or Donation Make Available to other Departments
  14. 14. INVENTORY <ul><li>Inventory on all Fixed Assets is conducted Annually and whenever there is a change of custodian. </li></ul>
  15. 15. Department Custodians Checklist: <ul><li>Locate all assets that are listed on the inventory list. </li></ul><ul><li>Contact all equipment users who have assets that are mobile and schedule those assets to be on location at the time and date of the inventory. </li></ul><ul><li>Provide the locations and assist in finding all the locations for assets assigned. </li></ul><ul><li>For unrecorded property found during inventory, provide supporting documentation (Purchase Order, Invoice etc.) to the Property Control Specialist. </li></ul>
  16. 16. INVENTORY COMPLETION <ul><li>The Respective Department upon receiving the Result of </li></ul><ul><li>the inventory has ten (10) working days to do the </li></ul><ul><li>following: </li></ul><ul><li>Sign final copy of the Inventory List. </li></ul><ul><li>Locate any missing assets or. </li></ul><ul><li>Submit justification letter or documentations for missing assets that were destroyed, cannibalized etc or. </li></ul><ul><li>Initiate investigation and submit results or police report to the Chief Finance Officer, via Property Control Specialist. </li></ul><ul><li>All assets that are missing and not justifiable must be approved by the Board of County Commissioners to be removed from the Property Records. These assets shall be presented before the BOCC for review and action. </li></ul>
  17. 17. REFERENCE: <ul><li>Section 274.02, Florida Statutes </li></ul><ul><li>Osceola County Policies and Procedures Manual – Asset Management Section. </li></ul><ul><li>Rules of the Auditor General, Chapter 10.400 – Local Government-Owned Tangible Personal Property </li></ul>

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