1. Kentucky County Treasurer’s Fundamentals Course
STATE /LOCAL FINANCE OFFICER REQUIREMENT
Kentucky County Treasurer’s
Fundamentals Course
Fixed Asset Documentation and Procedures
January 16, 2019
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2. Kentucky County Treasurer’s Fixed Asset Documentation and Procedures
Fundamentals Course
Fixed Asset Documentation and Procedures
Fixed assets are those items purchased that have a useful life of greater than one year and a significant value as determined by the Fiscal Court.
Examples include vehicles, buildings, land, equipment, furnishings, and other items.
Adequate fixed asset records provide the information necessary to:
Report the cost or other basis of valuation
January 16, 2019
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3. Kentucky County Treasurer’s Fixed Asset Documentation and Procedures
Fundamentals Course
Fixed Asset Documentation and Procedures
Fixed assets are those items purchased that have a useful life of greater than one year and a significant value as determined by the Fiscal Court.
Examples include vehicles, buildings, land, equipment, furnishings, and other items.
Adequate fixed asset records provide the information necessary to:
Determine the accuracy of insurance coverage
January 16, 2019
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4. Kentucky County Treasurer’s Fixed Asset Documentation and Procedures
Fundamentals Course
Fixed Asset Documentation and Procedures
Fixed assets are those items purchased that have a useful life of greater than one year and a significant value as determined by the Fiscal Court.
Examples include vehicles, buildings, land, equipment, furnishings, and other items.
Adequate fixed asset records provide the information necessary to:
Maintain control of county property
January 16, 2019
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5. Kentucky County Treasurer’s Fixed Asset Documentation and Procedures
Fundamentals Course
Fixed Asset Documentation and Procedures
Fixed assets are those items purchased that have a useful life of greater than one year and a significant value as determined by the Fiscal Court.
Examples include vehicles, buildings, land, equipment, furnishings, and other items.
Adequate fixed asset records provide the information necessary to:
Long range planning for property replacement
January 16, 2019
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6. Kentucky County Treasurer’s Fixed Asset Documentation and Procedures
Fundamentals Course
Fixed Asset Documentation and Procedures
Fixed assets are those items purchased that have a useful life of greater than one year and a significant value as determined by the Fiscal Court.
Examples include vehicles, buildings, land, equipment, furnishings, and other items.
Capitalization Policy
The policy is to capitalize assets when the useful life is greater than one (1) year and the acquisition cost meets the capitalization threshold.
Purchased or constructed capital assets and infrastructure are reported at acquisition or construction cost or estimated historical cost.
January 16, 2019
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7. Kentucky County Treasurer’s Fixed Asset Documentation and Procedures
Fundamentals Course
Fixed Asset Documentation and Procedures
Fixed assets are those items purchased that have a useful life of greater than one year and a significant value as determined by the Fiscal Court.
Examples include vehicles, buildings, land, equipment, furnishings, and other items.
Capitalization Policy
Capital assets and infrastructure are capitalized and depreciated as outline in the capitalization threshold table for the Fiscal Court.
Establish The Capital Assets Threshold Table which should include; Type of Asset (Land, Buildings, Construction in Progress, Machinery/Equip, etc.) a dollar amount for Track and Inventory, and a threshold amount to Capitalize and Depreciate.
January 16, 2019
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8. Kentucky County Treasurer’s Fixed Asset Documentation and Procedures
Fundamentals Course
Fixed Asset Documentation and Procedures
Fixed assets are those items purchased that have a useful life of greater than one year and a significant value as determined by the Fiscal Court.
Examples include vehicles, buildings, land, equipment, furnishings, and other items.
Capitalization Policy
An asset will be depreciated on the straight-line basis over its estimated useful life.
Establish The Capital Assets Useful Life Table which should include; Type of Asset and a Useful Life (expressed in years).
January 16, 2019
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9. Kentucky County Treasurer’s Fixed Asset Documentation and Procedures
Fundamentals Course
Fixed Asset Documentation and Procedures
Fixed assets are those items purchased that have a useful life of greater than one year and a significant value as determined by the Fiscal Court.
Examples include vehicles, buildings, land, equipment, furnishings, and other items.
Capitalization Policy
Establish the Capital Assets Salvage Table which should include; Type of Asset and a Salvage Application (expressed in % or No Salvage)
Establish a Method to Determine Historical Costs for Buildings and Infrastructure.
January 16, 2019
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10. Kentucky County Treasurer’s Fixed Asset Documentation and Procedures
Fundamentals Course
Fixed Asset Documentation and Procedures
Fixed assets are those items purchased that have a useful life of greater than one year and a significant value as determined by the Fiscal Court.
Examples include vehicles, buildings, land, equipment, furnishings, and other items.
Maintenance of records for general fixed assets which fall into any of the following three categories is a requirement of the Uniform System of Accounts for Kentucky counties.
Real Estate
January 16, 2019
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11. Kentucky County Treasurer’s Fixed Asset Documentation and Procedures
Fundamentals Course
Fixed Asset Documentation and Procedures
Fixed assets are those items purchased that have a useful life of greater than one year and a significant value as determined by the Fiscal Court.
Examples include vehicles, buildings, land, equipment, furnishings, and other items.
Maintenance of records for general fixed assets which fall into any of the following three categories is a requirement of the Uniform System of Accounts for Kentucky counties.
Motor vehicles (including road equipment)
January 16, 2019
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12. Kentucky County Treasurer’s Fixed Asset Documentation and Procedures
Fundamentals Course
Fixed Asset Documentation and Procedures
Fixed assets are those items purchased that have a useful life of greater than one year and a significant value as determined by the Fiscal Court.
Examples include vehicles, buildings, land, equipment, furnishings, and other items.
Maintenance of records for general fixed assets which fall into any of the following three categories is a requirement of the Uniform System of Accounts for Kentucky counties.
Valuation in excess of the amount determined by the Fiscal Court
January 16, 2019
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13. Kentucky County Treasurer’s Fixed Asset Documentation and Procedures
Fundamentals Course
Fixed Asset Documentation and Procedures
A physical inventory of property and equipment will have to be made to establish the records. The Fiscal Court designates the individual responsible for creating and maintaining inventory records.
Procedures: Record
The fixed asset record must identify the asset, its cost or other basis of valuation, date acquired, fund charged, location, and other information.
January 16, 2019
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14. Kentucky County Treasurer’s Fixed Asset Documentation and Procedures
Fundamentals Course
Fixed Asset Documentation and Procedures
A physical inventory of property and equipment will have to be made to establish the records. The Fiscal Court designates the individual responsible for creating and maintaining inventory records.
Procedures: Inventory
An annual inventory of fixed assets must be conducted and compared to the fixed assets records. A master inventory list should be prepared.
January 16, 2019
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15. Kentucky County Treasurer’s Fixed Asset Documentation and Procedures
Fundamentals Course
Fixed Asset Documentation and Procedures
A physical inventory of property and equipment will have to be made to establish the records. The Fiscal Court designates the individual responsible for creating and maintaining inventory records.
Procedures: Updating
A fixed asset record should be prepared for each acquisition. The total of the capital outlay accounts for the year should be compared to the total general fixed asset additions. The deletions to general fixed assets (disposal information) should be documented.
January 16, 2019
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16. This is to certify that, on this day, FIRST LAST
Wednesday, January 16, 2019
FIRST LAST
Has successfully completed the
Kentucky County Treasurer’s Fundamentals Course
Fixed Asset Documentation and Procedures
Tammy Robertson
K.A.C.T.F.O. President