Kentucky County Treasurer’s Fundamentals Course

1. STATE /LOCAL FINANCE OFFICER REQUIREMENT Kentucky County Treasurer’s Fundamentals Course Asset Inventory Accounting Records and Procedures April 23, 2015 http://www.kactfo.com Slide 1 of 14

2. Kentucky County Treasurer’s Fundamentals Course Asset Inventory - Accounting Records and Procedures • For purposes of internal control, an asset inventory listing must be maintained for all asset purchases/donations above a reasonable dollar amount, and have a useful life of greater than one year. • The asset inventory listing should provide the following detail: • Property Tag number April 23, 2015 http://www.kactfo.com Slide 2 of 14

3. Kentucky County Treasurer’s Fundamentals Course Asset Inventory - Accounting Records and Procedures • For purposes of internal control, an asset inventory listing must be maintained for all asset purchases/donations above a reasonable dollar amount, and have a useful life of greater than one year. • The asset inventory listing should provide the following detail: • Asset description April 23, 2015 http://www.kactfo.com Slide 3 of 14

4. Kentucky County Treasurer’s Fundamentals Course Asset Inventory - Accounting Records and Procedures • For purposes of internal control, an asset inventory listing must be maintained for all asset purchases/donations above a reasonable dollar amount, and have a useful life of greater than one year. • The asset inventory listing should provide the following detail: • Serial number - if applicable April 23, 2015 http://www.kactfo.com Slide 4 of 14

5. Kentucky County Treasurer’s Fundamentals Course Asset Inventory - Accounting Records and Procedures • For purposes of internal control, an asset inventory listing must be maintained for all asset purchases/donations above a reasonable dollar amount, and have a useful life of greater than one year. • The asset inventory listing should provide the following detail: • Quantity - if applicable April 23, 2015 http://www.kactfo.com Slide 5 of 14

6. Kentucky County Treasurer’s Fundamentals Course Asset Inventory - Accounting Records and Procedures • For purposes of internal control, an asset inventory listing must be maintained for all asset purchases/donations above a reasonable dollar amount, and have a useful life of greater than one year. • The asset inventory listing should provide the following detail: • Cost (or FMV of donated asset at date of donation) April 23, 2015 http://www.kactfo.com Slide 6 of 14

7. Kentucky County Treasurer’s Fundamentals Course Asset Inventory - Accounting Records and Procedures • For purposes of internal control, an asset inventory listing must be maintained for all asset purchases/donations above a reasonable dollar amount, and have a useful life of greater than one year. • The asset inventory listing should provide the following detail: • Date of acquisition April 23, 2015 http://www.kactfo.com Slide 7 of 14

8. Kentucky County Treasurer’s Fundamentals Course Asset Inventory - Accounting Records and Procedures • For purposes of internal control, an asset inventory listing must be maintained for all asset purchases/donations above a reasonable dollar amount, and have a useful life of greater than one year. • The asset inventory listing should provide the following detail: • Date of disposal (track all disposals for entire fiscal year) April 23, 2015 http://www.kactfo.com Slide 8 of 14

9. Kentucky County Treasurer’s Fundamentals Course Asset Inventory - Accounting Records and Procedures • For purposes of internal control, an asset inventory listing must be maintained for all asset purchases/donations above a reasonable dollar amount, and have a useful life of greater than one year. • The asset inventory listing should provide the following detail: • Property location (by department, building & room number) April 23, 2015 http://www.kactfo.com Slide 9 of 14

10. Kentucky County Treasurer’s Fundamentals Course Asset Inventory - Accounting Records and Procedures • For purposes of internal control, an asset inventory listing must be maintained for all asset purchases/donations above a reasonable dollar amount, and have a useful life of greater than one year. • Please Note: • The Asset Inventory Listing will include assets reported on the Capital Asset Listing, with the exception of infrastructure assets. April 23, 2015 http://www.kactfo.com Slide 10 of 14

11. Kentucky County Treasurer’s Fundamentals Course Asset Inventory - Accounting Records and Procedures • Procedures: Record • For purposes of internal control, an asset inventory listing must be maintained for all asset purchases/donations above a reasonable dollar amount, and have a useful life of greater than one year. • An asset inventory record should be prepared for each asset acquisition above $100, and have a useful life of greater than one year. The asset inventory record must identify the asset (e.g. description, serial number), cost (or Fair Market Value of donated asset at date of donation), date acquired, date of disposal, fund charged, property location, manager or individual responsible and other information. A “Physical Property Record” or “Real Estate Record” must be completed for each asset. April 23, 2015 http://www.kactfo.com Slide 11 of 14

12. Kentucky County Treasurer’s Fundamentals Course Asset Inventory - Accounting Records and Procedures • Procedures: Inventory • For purposes of internal control, an asset inventory listing must be maintained for all asset purchases/donations above a reasonable dollar amount, and have a useful life of greater than one year. • An annual physical inventory of property and equipment shall be conducted on or before June 30. Physical counts must be compared to the master asset inventory listing. Resulting differences must be reconciled, explained, and documented. April 23, 2015 http://www.kactfo.com Slide 12 of 14

13. Kentucky County Treasurer’s Fundamentals Course Asset Inventory - Accounting Records and Procedures • Procedures: Updating • For purposes of internal control, an asset inventory listing must be maintained for all asset purchases/donations above a reasonable dollar amount, and have a useful life of greater than one year. • The asset inventory listing should be updated for all additions, disposals, and property location changes, etc. Authorization must be given to appropriate accounting personnel for asset record and asset inventory listing modifications. April 23, 2015 http://www.kactfo.com Slide 13 of 14

14. This is to certify that, on this day, Thursday, April 23, 2015 FIRST LAST Has successfully completed the Kentucky County Treasurer’s Fundamentals Course Asset Inventory - Accounting Records and Procedures Tammy Robertson K.A.C.T.F.O. President http://www.kactfo.com