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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 |
1(1) Maintenance of Property Records – Custodians shall maintain records of property in their custody that contain, at a minimum, the information required by this rule.
27(2) Individual Records Required for Each Property Item – Each item of property shall be accounted for in a separate property record. Related individual items which constitute a single functional system may be designated as a property group item. A property group item may be accounted for in one record if the component items are separately identified within the record. Examples of property items that may be accounted for as a property group item include: modular furniture, computer components, book sets, and similar associations of items. All property group items, the total value or cost which is equal to or greater than $5,000, shall be inventoried in accordance with the requirements of this rule chapter.
143(3) Content of Individual Property Records – Each property record shall include the following information unless the information listed below does not exist for the property in the record:
172(a) Identification number.
175(b) Description of item or items.
181(c) Physical location (the city, county, address or building name and room number therein).
195(d) Name of custodian or custodian’s delegate with assigned responsibility for the item.
208(e) Class Code.
211(f) In the case of a property group, the number and description of the component items comprising the group.
230(g) Name, make, or manufacturer.
235(h) Year and model(s).
239(i) Manufacturer’s serial number(s).
243(j) If an automobile, the vehicle identification number (VIN) and title certificate number.
256(k) Date acquired.
259(l) Cost or value at the date of acquisition for the item or the identified component parts thereof. When the historical cost of the purchased property is not practicably determinable, the estimated historical cost of the item shall be determined and recorded. Estimated historical costs shall be so identified in the record and the basis of determination established in the custodian’s public records. The basis of valuation for property items constructed by custodian personnel shall be the costs of material, direct labor, and overhead identifiable to the project. Donated items, including federal surplus tangible personal property, shall be valued at acquisition value at the date of acquisition. Regardless of acquisition method, the cost or value of a property item shall include ancillary charges. Ancillary charges are costs that are directly attributable to placing the asset into its intended location and condition for use, such as freight and transportation charges, site preparation costs, and professional fees.
414(m) Method of acquisition and, for purchased items, the statewide document (voucher) number obtained from the State’s financial system.
433(n) Date the item was last physically inventoried and the condition of the item at that date.
450(o) If certified as surplus, the information prescribed in section 460273.05(5), F.S.
462(p) If disposed of, the information prescribed in rule 47169I-72.005, 472F.A.C.
473(4) Control Accounts – A custodian-wide control account showing the total cost or value of the custodian’s property shall be maintained. A custodian may keep additional control accounts for property for different funds and sub-funds. 508Control totals may not be established by periodically summarizing the costs or values recorded on the individual property records. Entries to control accounts shall be derived from documents evidencing transactions resulting from the acquisition, transfer, or disposition of property items and shall be posted contemporaneously with entries to the individual property records.
560(5) Depreciation shall be recorded to meet financial reporting requirements relating to depreciation accounting. However, depreciation shall not be recorded on the individual property records or in control accounts in such a manner as to reduce the recorded acquisition cost or value (i.e., depreciation shall be recorded as an item separate from the acquisition cost).
615Rulemaking 616Authority 617273.02, 618273.025, 619273.055 FS. 621Law Implemented 623273.02, 624273.025, 625273.04, 626273.055 FS. 628History–New 1-13-08, Amended 7-1-20.
