H. Management – shall mean maintaining control and oversight of Assets by the responsible Delaware County Department and its Department Head.
I. Sale Proceeds – shall mean the receipt of monetary value for the Disposal of an Asset.

SECTION 3: POLICIES

A.
Asset Acquisition. All Departments shall purchase Assets consistent with this Ordinance.
B.
Asset Disposition. All Departments shall Dispose of Assets consistent with this Ordinance, unless otherwise authorized by the Board of Commissioners for Delaware County by resolution or ordinance.
i.
Disposal Procedures. The Department Head shall dispose of any Assets under its control through an auction sale or similar commercially reasonable sale in order to invite competitive bidding for the Assets being sold. All such sales shall be approved and coordinated with the Delaware County Board of Commissioners.
ii.
Reporting Procedures. The Department Heads shall report the Assets that have been sold to the Auditor in the month following the sale of said Assets.
iii.
Asset Sale Proceeds. The Department Heads shall deliver to the Auditor for Delaware County the sale proceeds, which the Auditor shall then deposit according to and as described at Section 2, subsection E herein below.
C.
Annual Reports. Each Department Head shall be responsible for submitting an Annual Report that shall consist of the inventory of the Assets of their respective Department to the Auditor for Delaware County that includes:
i.
12 Months Prior. Assets purchased or acquired by the Department during the previous twelve (12) months having a value equal to or greater than $5,000.00;
ii.
Sale Proceeds. Disposal of any Assets of the Department and the amount of sale proceeds for the sale of Assets;
iii.
Repair Costs. Costs of repairs to any Assets of the Department; and
iv.
Verification of Inspection. Each Department Head shall certify that he or she has physically inspected any assets identified on any Annual Report.
D.
Maintaining Records. The Auditor for Delaware County shall be responsible for maintaining and tracking the information contained in the Annual Reports that includes:
i.
Identification. By name or number assigned for the Asset;
ii.
Initial Cost. The initial cost of each Asset date is acquired (if known);
iii.
Depreciation. The Depreciation for each Asset for the previous twelve (12) months, if any;
iv.
Accumulated Depreciation. The accumulated Depreciation for each Asset;
v.
Disposal Amount. The Disposal of each Asset by the Department and the date of the disposal and amount of Sale Proceeds received, if any; and
vi.
Asset Life. The estimated useful life of the asset.
E.
Sale Proceeds. The Auditor of Delaware County shall deposit into the Delaware County General fund or the appropriate fund from which the capital asset was purchased, all the Sale Proceeds received for the Disposal of each Asset for the previous twelve (12) months.

SECTION 4: CAPITAL ASSSET ACCOUNTING

A.
All items with a useful life of more than one year and a cost of $10,000.00 or more shall be capitalized, including acquisitions by lease-purchase agreements and donated items. All land will be capitalized but not depreciated. Construction work in progress will be included in the capital asset inventory and will be depreciated once the project is complete and transferred to the appropriate county department. Items costing less than $10,000.00 that are permanently installed as a part of the cost of the original construction or installation of a larger building or equipment unit, or that prolong a fixed asset's economic life or expand its usefulness, will be included in the cost of the larger unit.
B.
All capital assets meeting the criteria will be included in the county's fixed asset inventory and reported in the county's financial statements. Assets that are not capitalized are expensed in the year of acquisition.