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Florida Administrative Code (Last Updated: November 11, 2024) |
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69. Department of Financial Services |
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69I. Division of Accounting and Auditing |
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69I-72. State-Owned Tangible Personal Property |
1The following terms, as used in rule Chapter 69I-72, F.A.C., are defined as set forth below:
17(1) “Attractive Items” means tangible personal property used in operations that has a cost less than an established capitalization threshold and that requires special attention to ensure legal compliance, protection public safety, and avoid potential liability, or to compensate for a heightened risk of theft.
62(2) “Class Code” means a classification number used to identify similar items of property that is established by the State’s Chief Financial Officer in the State's financial system.
90(3) “Control Accounts” means summary accounts designed to control accountability for individual property records. Unlike individual property records that establish accountability for particular items of property, control accounts accumulate the total cost or value of the custodian’s property and through entries to the control accounts documenting acquisitions, transfers, and dispositions, provide evidence of the change in that total cost or value over periods of time as well as the total cost or value at any point in time.
168(4) “Cost” means the amount paid to acquire or procure property (i.e., invoice price plus freight and installation charges less discounts). In determining cost, the value of property exchanged by a custodian in satisfaction of a portion of the purchase price of new property shall not be deducted from the full purchase price regardless of any property “traded in” on the new property.
231(5) “Custodian” has the meaning set forth in Section 240273.01(1), F.S.
242(6) “Custodian’s Delegate” means a person acting under the supervision of the custodian to whom the custody of property has been delegated by the custodian and from whom the custodian receives custody receipts.
275(7) 276“Depreciation” is the systematic and rational allocation of the acquisition cost of an asset over the expected useful life of the asset.
298(8) “Financial System” means the Florida Accounting Information Resource (FLAIR) or its successor.
311(9) “Fiscal Year” means the State’s fiscal year established in Section 322215.01, F.S., 324to begin on the first day of July and to end on the following thirtieth day of June, both dates inclusive, in each and every year; or the fiscal year established by other law applicable to a particular custodian.
363(10) “Identification Number” means a unique number assigned and affixed to each item of property to identify it as property held by the custodian and to differentiate one item of property from another.
396(11) “Property” has the meaning set forth in Section 405273.02, F.S. 407Data processing software, as defined in Section 414119.011(6), F.S., 416is not considered to be property within the meaning of this rule chapter.
429(12) “Unaccounted for Property” means property held by a custodian subject to the accountability provisions of Section 446273.03, F.S., 448that cannot be physically located by the custodian or custodian’s delegate and has not been otherwise lawfully disposed of.
467(13) “Value” means the worth or acquisition value at the date of acquisition for donated property.
483Rulemaking 484Authority 485273.02, 486273.025 FS. 488Law Implemented 490273.01, 491273.02, 492273.025, 493273.03, 494273.04, 495273.05 FS. 497History–New 1-13-08, Amended 7-1-20.
