FIXED ASSETS MANAGEMENT

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FIXED ASSETS MANAGEMENT

• Financial Services Department
• Property Control
• POC DAWN MURRAY (PROPERTY CONTROL
  SPECIALIST)
• Office [phone]
• Cell [phone]
• REVISED/UPDATED 10/01/2006

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TOPICS

• MISSION
• CRITERIA FOR FIXED ASSETS
• CUSTODIANS RESPONSIBILITIES
• PROPERTY CONTROLS RESPONSIBILITIES
• PROCESSES
• Acquisition
• Tagging
• Transfer
• Disposition
• Inventory
• REFERENCE

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MISSION

• STAY WITHIN THE GUIDELINES OF THE POLICIES
  GOVERNING FIXED ASSETS
• TAG ALL FIXED ASSETS
• ACCOMPLISH ANNUAL INVENTORY
• ESTABLISH AND MAINTAIN 100 ACCOUNTABILITY

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CRITERIA FOR FIXED ASSETS

• Fixtures and other tangible personal property
• Of a non-consumable nature
• Has a value of 1,000.00 or more and
• The normal expected life of which is at least one
  year or more.
• Examples Equipment, furniture, vehicles,
  buildings, roads, etc.

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CUSTODIANS RESPONSIBILITY

• REPORT ALL NEWLY ACQUIRED FIXED ASSETS FOR
  TAGGING AND ALL DEPARTMENT TRANSFERS TO THE
  PROPERTY CONTROL OFFICE
• KNOW THE LOCATION OF ALL FIXED ASSETS ASSIGNED
• SUBMIT ALL APPROPRIATE DOCUMENTATION FOR ALL
  TRANSACTIONS (ACQUISTIONS, TRANSFERS, AND
  DISPOSITIONS)

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PROPERTY CONTROLS RESPONSIBILITIES

• TAG ALL NEWLY ACQUIRED FIXED ASSETS
• MAINTAIN PROPERTY CONTROL FILES AND DATABASE
• CONDUCT INVENTORY
• EXPEDITE ALL TRANSACTION REQUEST
• COORDINATE THE DISPOSITION PROCESS FOR AUCTION,
  SALE OR DONATION
• CONDUCT RECONCIALITION OF PROPERTY RECORDS
• CONDUCT TRAINING FOR NEW CUSTODIANS

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PROCESSES

• Property Tagging
• Property Acquisition
• Property Transfer
• Property Disposition
• Inventory

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PROPERTY ACQUISITION

• Verify item meets the Fixed Asset Criteria
• Have proper documentation ready and assets
  unpacked prior to appointment for tagging A,
• Copy of the invoice
• Packing Slip, and
• Purchase Order Number
• Schedule appointment for tagging

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PROPERTY TAGGING

• 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.

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PROPERTY TRANSFER

• Utilize Property Transfer/Disposition Form
• Receiving/gaining department sign the form
  acknowledging receipt and responsibility for the
  asset
• Please note the name of the responsible
  Department head and the new physical address and
  location of the asset
• Forward the original disposition form to the
  Property Control Specialist in the Finance Office.

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TEMPORARY LOAN OR TRANSFER

• Temporary loan/transfer of equipment allows
  departments to loan or borrow assets from another
  department while maintaining accountability.
• 1. Utilize Temporary loan of equipment Form
• (click here to view temporary loan of equipment
  form)
• 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.

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PROPERTY DISPOSITION

• Utilize the Disposition Form
• (click here to download Form from the web)
• Submit Disposition Form
• Utilize Property Disposition Chart

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PROPERTY DISPOSITION CHART
Vehicles Electronics
Other
Property Disposition Form
Make Available to other Departments
Hold until Board approves disposition
Transfer to I.T.
Transfer to RB
Auction, Sale, or Donation
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INVENTORY

• Inventory on all Fixed Assets is conducted
  Annually and whenever there is a change of
  custodian.

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Department Custodians Checklist

• Locate all assets that are listed on the
  inventory list.
• 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.
• Provide the locations and assist in finding all
  the locations for assets assigned.
• For unrecorded property found during inventory,
  provide supporting documentation (Purchase Order,
  Invoice etc.) to the Property Control Specialist.

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INVENTORY COMPLETION

• The Respective Department upon receiving the
  Result of
• the inventory has ten (10) working days to do the
• following
• Sign final copy of the Inventory List.
• Locate any missing assets or.
• Submit justification letter or documentations for
  missing assets that were destroyed, cannibalized
  etc or.
• Initiate investigation and submit results or
  police report to the Chief Finance Officer, via
  Property Control Specialist.
• 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.

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REFERENCE

• Section 274.02, Florida Statutes
• Osceola County Policies and Procedures Manual
  Asset Management Section.
• Rules of the Auditor General, Chapter 10.400
  Local Government-Owned Tangible Personal Property