Library Policies - Fixed Assets
PURPOSE
The Dixon Library staff shall be responsible for recording, maintaining, safeguarding, transferring, disposing and properly utilizing all Fixed Assets in the conduct of normal library business.
DEFINITION
A Fixed Asset is an item valued at $500.00 [tax included] or more that has a utility life of three [3] years or more.
RESPONSIBILITIES
- Ensure that adequate safeguards are in place to protect the assets
- Maintain current and annual Fixed Assets inventories
ADEQUATE SAFEGUARDS
- Any off-site loan of a Fixed Asset shall be properly documented
- Reasonable caution shall be exercised over Fixed Assets to protect against theft or damage
PROCEDURES
- Designate a staff member as the Fixed Assets control technician who shall be responsible for recording new items as Fixed Assets and for conducting an annual inventory before June 30th of each year.
- Report Lost, Damaged or Stolen Property to the Police Department and Library Commission as soon as possible.
- The Library Commission will consider action recommended by the District Librarian concerning the disposition of any Fixed Asset
EXPENDITURE ACCOUNTS FOR FIXED ASSETS
- Expenditures for Fixed Assets will be charged to the following accounts
3231 CAPITAL LEASE EQUIPMENT
- Includes the acquisition of equipment using lease agreements rather than direct purchase or other methods of financing. Also includes lease to purchase agreements.
3230 LONG TERM LOAN REDEMPTION
4101 LAND
- Includes expenditures for the acquisition of land [except that land acquired for infrastructure is optional] such as appraisal, negotiations, title search, surveying fees, cost of obtaining consent and payment for condemnation costs, filing costs, clearing land for use and the cost of demolishing or relocating structures.
- Does not include purchase of ‘Right of Way” where title is not acquired by the District [Post to OTHER CHARGES Right of Way] or land acquired in fee title for infrastructure purposes is not treated a Fixed Asset [Post tof OTHER CHARGES Right of Way].
4201 BUILDINGS AND IMPROVEMENTS
- Includes expenditures for the acquisition of structures and improvements such as architect fees, costs of permits and licenses, condemnation costs, insurance during construction, cost of fixtures
- attached to and forming a permanent part of structures and major alterations of improvements of existing structures.
- Does not include non-removable leasehold improvements such as landscaping, pipelines, wells, pavement, sewers, drains, fences, and dams.
4301 EQUIPMENT
- Includes expenditures for acquisition of physical property of a permanent nature, other than land, buildings and improvements.
4304 COMPUTER EQUIPMENT
- All equipment purchases used in data processing in excess of the threshold for capitalizing equipment, as adopted in the Fixed Assets Policy. Such items include PCs, printers, mainframes, disc drives, etc., and all the hardware and software [system only] associated with installation of such equipment.
Approved by the Library Commission on 24 April 2000
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