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I , <br /> G. FIXED ASSET LIST <br /> PRIOR YEARS FINDING <br /> I <br /> The Town did not have an updated fixed asset inventory list for each <br /> i <br /> ! <br /> department, as required by the Town' s by-law Article 3. 4. The Town <br /> ii <br /> should consider standardizing the format of the inventory list for <br /> Town departments. <br /> CURRENT YEARS STATUS <br /> The Town did not fully implement the above recommendations. Adequate <br /> accounting records and controls are essential to the safeguarding of <br /> capital assets. Annual inventories of fixed assets would aid the Town <br /> in. (a) establishing responsibility for custody of the assets, (b) <br /> j <br /> insuring the adequacy of insurance coverage, (c) helping to sub- <br /> stantiate lases recoverable from insurance, (d) forecasting capital <br /> replacement and (e) helping identify assets in excess of the Town' s <br /> needs. A comprehensive inventory list would include the following <br /> information: <br /> I <br /> 1. Quantity of items <br /> i <br /> i. Description and location of items <br /> 3. Identification and/or manufacturer' s serial number <br /> 4. Date of purchase <br /> 5. Cost of items and source of fundingused to make the <br /> purchase <br /> G. Present condition of the asset <br /> 7. Date and method of disposition of fixed assets II <br /> I i <br /> 8. Date and signature of person conducting the inventory <br /> The above information would also assist the Town in creating a fixed <br /> asset account group on its accounting records. <br /> 18 <br />