9.07 – Fixed Asset Management

• A permanent property log or database will be maintained by the CPA.

• The log should contain the following information:
  • Date of purchase
  • Description of the item purchased
  • Identification/serial number (if appropriate)
  • Depreciation period

• Warranty periods should be tracked by departments responsible for the equipment.

• A physical inspection and inventory should be taken of all Open Door assets and reconciled to the general ledger balances at least annually. Adjustments for dispositions should be made.

• The Operations Director should be informed, in writing or via email, of any material changes in the status of property and equipment. The Operations Director will review the fixed asset inventory annually to confirm that the asset is still in use.

• The IT Manager will maintain an inventory of all computers and related equipment (printers, fax machines, copiers, etc.). The Staff Accountant will reconcile the General Ledger with the IT inventory annually.

• All capital items which have a cost greater than $500.00 will be capitalized and depreciated.

Last Revised: 8/25/21