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B. Fixed_Asset_Inventor ListDRAFT <br /> y; <br /> During our review, it vas noted that the Town of Mashpee did not have an <br /> updated fixed asset inventory list for each department. As required in the town`s <br /> �F <br /> by-lave, article 3.4: <br /> "All department heads of the Town shall prepare and submit <br /> to the Selectmen between May 15 and no later than June 30 <br /> jj <br /> of each year, a complete inventory of all Town-owned property <br /> ' for which their department is responsible. " <br /> gAdequate accounting records and controls are essential to the safeguarding of <br /> capital assets. Annual inventories of fixed assets would aid the Town in: (a) <br /> [,11establishing responsibility for custody of the assets, (b) insuring the adequacy <br /> is <br /> sof insurance coverage, (c) helping to substantiate losses recoverable from <br /> `insurance, (d) forecasting capital replacement and (e) helping identify assets in <br /> excess of the town's needs. A comprehensive inventory list would include the <br /> folloving information: <br /> f-Yl <br /> L quantity of items <br /> 2. description and location of items <br /> DRAFT <br /> 3. identification and/or manufacturer's serial number <br /> 4. date of purchase <br /> ". <br /> 5. cost of items and source of funding used to make the purchase <br /> 6• present condition of the asset <br /> 7• date and method of disposition of fixed assets <br /> 8. date and signature of person conducting the inventory. <br /> Recommendation mill;; <br /> `:.The town should consider standardizing the format of the inventory list forJ:�� <br /> ;those departments located both inside and outside the town hall to include the <br /> DRAFT <br /> 12 <br />