CHARITABLE VENTURES OF ORANGE COUNTY DBA PROJECT KINSHIP

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CharlltabbllleVe_nturm mom. Policies and Procedures CAPITAL EQUIPMENT/ASSET TRACKING Capital Equipment/Asset is defined as property having a useful life of one year or more and a minimum acquisition cost of $2,500.00 per unit. Capital Assets must be inventoried and controlled in accordance with CVOC policy. Merchandise may be disposed of only in accordance with CVOC policy. When a Capital Asset becomes obsolete, proper notification must reach CVOC so the asset can be removed from the log and the tag number retired. The accounting department must be aware of capital asset retirements in order to remove the asset from the depreciation schedule and make the appropriate journal entries to the accounting general ledger. Proper notification should include the capital asset tracking number, a description of the asset and any proceeds gained from the sale of the asset if it is sold. The sales of the asset can only be done with CVOC's approval. An asset tag will be assigned to each capital asset by CVOC. CVOC accounting department will maintain a master list of all fixed assets and the exact location of the asset. Each time an employee moves a capital asset to a different location or job site, the movement should be noted on the capital asset log. CVOC may track capital assets through site visits looking for damages, theft and other issues that could impair their functionality. Most of capital assets come with a manufacturer's warranty. All capital assets should be registered with the manufacturer and any employee using the asset should be given the manufacturer requirements for maintaining warranty compliance. Warranty information on all capital assets should be stored in a central location so it's easy to access in case you need warranty work.