Current through Register Vol. XLI, No. 50, December 13, 2024
Section 63-4-12 - Fixed Assets12.1. Conservation districts shall maintain a list of all reportable fixed assets and depreciation schedules with their accounting/bookkeeping service.12.2. Reportable assets include: 12.2.1. All assets with an original acquisition cost of $1,000 or more and a useful life of one year or longer is reportable.12.2.2. All computers (including laptops and central processing units [CPU]) with an acquisition cost of $500 or more.12.3. The acquisition costs of assets shall be determined as the actual cost of that asset as evidenced by invoices or purchase orders. The conservation district can also determine acquisition cost by a reasonable method of estimation provided that no invoice or purchase order records exist. The conservation district thoroughly documents the estimation method used, and the documentation related to the estimate is maintained in the appropriate file for audit purposes.12.4. Assets shall be inventoried on a per item basis. Individual items making one working component are to be inventoried as one asset. However, should an asset be purchased for the purpose of enhancing or upgrading the item, the cost of the upgrade can be added to the original cost as a betterment.12.5. Donated assets acquired as a gift from an individual or organization are to be included on the list if the donation or gift is valued at $1,000 or more and has a useful life of one year or longer. Donated assets are valued at fair market value on the date the gift is given.12.6. Computer software is an intangible asset and considered non-reportable.12.7. All reportable assets should have a numbered identification tag affixed to the asset. Conservation districts will be responsible for obtaining and placing the proper tags on all reportable assets under their jurisdiction. Tags are to be placed on all reportable assets in such a manner that it can be easily seen and read.12.8. Conservation districts shall take a physical inventory once every three (3) years and shall have completed the physical inventory by June 30th of the relevant year. The physical inventory shall include viewing of all reportable assets under the conservation district's jurisdiction.12.9. Conservation districts may dispose of reportable assets by sell on-site, trade-in, sell for scrap, or recycle/dispose as waste.12.10. Lost or stolen assets should be documented in the file and accompanied by a copy of a policy report is stolen.12.11. Disposed assets shall be removed from the tracking list.12.12. Assets purchased with federal funds shall be disposed of following guidelines from the grantor and 2CFR 200.