FIXED ASSET MANAGEMENT OVERVIEW

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FIXED ASSET MANAGEMENTOVERVIEW

• Office of the Comptroller
• Property Control
• Kevin Williams, Property Control Specialist
• Office [phone]
• Cell [phone]
• REVISED/UPDATED 8/20/2008

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MISSION

• ADHERE TO THE POLICIES AND PROCEDURES GOVERNING
  FIXED ASSETS
• MAINTAIN FIXED ASSET DATABASE
• CONDUCT ANNUAL PHYSICAL INVENTORY COUNT
• ESTABLISH AND MAINTAIN 100 ACCOUNTABILITY

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CRITERIA FOR FIXED ASSETS

• Land, Bldg, Imp, Equipment etc
• Of a non-consumable nature
• Has a value of 1,000.00 or more and
• The normal expected life that benefit one year or
  more.

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CUSTODIAN RESPONSIBILITIES

• REPORT ALL ACTIVITY OF FIXED ASSETS TO PROPERTY
  CONTROL
• KNOW THE LOCATION OF ALL FIXED ASSETS ASSIGNED
• SUBMIT PROPER DOCUMENTATION FOR ALL TRANSACTIONS
  (ACQUISTIONS, TRANSFERS, AND DISPOSITIONS)

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PROPERTY CONTROL RESPONSIBILITIES

• TAG ALL NEWLY ACQUIRED FIXED ASSETS
• MAINTAIN PROPERTY RECORDS/DATABASE
• CONDUCT ANNUAL PHYSICAL INVENTORY COUNT
• EXPEDITE ALL TRANSACTION REQUESTS
• COORDINATE THE DISPOSITION PROCESS FOR AUCTION,
  SALE OR DONATION
• CONDUCT RECONCIALITION OF RECORDS
• CONDUCT TRAINING FOR NEW CUSTODIANS

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PROCESSES

• Property Acquisition
• Property Transfer
• Property Disposition
• Inventory Count

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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
• Purchase Order
• Schedule appointment for tagging with PCS

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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, Office of the
  Comptroller

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PROPERTY DISPOSITION

• All Fixed Asset will need a disposition form
  approved by the Board of County Commissioners
  prior to disposal.
• Submit Disposition Form to the PCS for agenda
  approval
• Utilize Property Disposition Chart

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DISPOSITION FLOW CHART(Form)
Vehicles Computers
Other
Disposition Request Form
Transfer to FLEET
Transfer to I.T.
Make Available to other Departments
Generate Report and submit to BOCC for
approval. Board approves disposition
Auction, Destroy, or Donate
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INVENTORY COUNT

• Conducted annually and whenever there is a change
  of custodian.
• Be prepared for inventory
• Follow up exceptions in a timely manner

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CUSTODIAN CHECKLIST

• Notify all employees in department of pending
  inventory count date to insure mobile equipment
  is on premises inventory day
• Review inventory list prior to inventory count
• Assist PCS during physical inventory count
• For unrecorded property found during inventory,
  provide supporting documentation (proof of
  ownership)

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INVENTORY COMPLETION

• The custodian receiving the results of the
  inventory count has 10 working days to
• Locate any items missed schedule a follow-up
  inventory count with the PCS
• Complete a disposition/transfer form if necessary
  
• Date, sign, and return the completed inventory
  list to the PCS. Retain a copy for your records.

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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