Departments must maintain an inventory of capital assets under their supervision.
C.
Capital Assets shall be added to the marine insurance policy of the County on the date of acquisition.
D.
Capital assets are recorded at actual cost. Normally the cost recorded is the purchase price or construction cost of the asset but may also include any other reasonable and necessary costs incurred to place the asset in its intended location and intended use, including:
i.
Legal and title fees and closing costs;
ii.
Appraisal and negotiation fees, surveying costs;
iii.
Land preparation costs, demolition costs;
iv.
Architect, engineering and accounting fees; and
v.
Transportation charges.
F.
Donated or contributed assets should be recorded at the fair market value on the date donated. If no cost is available for a fixed asset, a replacement cost or a historic cost index may be used. Items that do not meet the definition of capital assets are to be expensed in the year the asset is acquired.
SECTION 5: CAPITAL ASSET DESCRIPTION AND INVENTORY RESPONSIBILITIES
A.
Capital Assets Description – Capital assets are described and placed in the following categories:
1.
Land - specified land, lots, parcels, roadbeds, land upon which bridges are placed or acreage including rights of way owed by Delaware County.
2.
Buildings and Improvements - All structures designed and erected to house equipment, services, or functions are included. This includes systems and fixtures within the buildings and attachments such as stairs, fire escapes, canopies, lighting fixtures, flagpoles, and other items that serve the building. Plumbing systems, lighting systems, heating, cooling, ventilating and air handling systems, sound systems, surveillance systems, elevators, built-in casework, walk-in coolers and freezers, fixed shelving, and other fixed equipment are included as building components. Roofing systems that are designed and used to cover structures from weather conditions. Included with this description are those structures or fixtures which are attached to real estate.
3.
Equipment - Equipment includes all other types of physical property, such as mechanical equipment, heavy equipment, office furniture, appliances, furnishings, machinery items, maintenance equipment, communication equipment, laboratory equipment, and data processing equipment. Supplies that typically get used within one year are not included.
4.
Vehicles – Motor vehicles include all vehicles for which title and license must be obtained including cars, trucks, buses, road-going trailers, dump trucks, and highway trucks. Vehicle accessories will be identified as a component asset of the vehicle to which they are attached.
5.
Infrastructure - Infrastructure assets are long-lived capital assets that normally can be preserved for a significantly greater number of years than most capital and that are normally stationary in nature. Examples include roads, bridges (as defined in I. C. 8-14-1-0.3), storm water and drainage systems.
B.
Responsibilities of County Departments and/or Elected Officials
1.
Department heads and/or Elected Officials are the stewards for each piece of capital asset obtained and utilized by their department or office. The Department heads and/or Elected Official will be the focal point for questions for availability, condition, and usage of the asset.
2.
The Department heads and/or Elected Official shall be designated as the person to record the receipt of the asset, to examine the asset to make sure no damage was incurred during