§ 14-237-108 - Fixed asset records.
14-237-108. Fixed asset records.
(a) All water and sewer departments shall establish and maintain, as a minimum, a listing of all fixed assets and equipment owned by the department. The listing shall contain as a minimum:
(1) Property item number if used by the department;
(2) Brief description;
(3) Serial number, if available;
(4) Location of property;
(5) Vendor purchased from and the date of acquisition;
(6) Cost of property.
(b) In lieu of maintaining a list, the water and sewer department may maintain an index card system for accounting for fixed assets and equipment. The index card system must contain the above information for each unit of property owned by the department.
(c) The fixed asset and equipment records shall constitute a part of the general records of the department and, accordingly, shall be made available for utilization by the auditor at the time of audit.