As used in this chapter, the following terms
shall have the meanings indicated:
CLASSIFICATION OF FIXED ASSETS
Division of real and personal property into major categories
(land, buildings, improvements other than buildings, machinery and
equipment) as required by the uniform system of accounts.
CUSTODIAN
The department head, or his designated subordinate, who is
responsible for the real and/or personal property under his control.
FIXED ASSETS
All real and personal property owned by the Town of Wawayanda.
HISTORICAL COST
The original cost on date of acquisition or the estimated
cost, if the original cost is not available, or, in the case of gifts,
the appraised value at the time received.
PHYSICAL INVENTORY
Determining the actual existence and condition of real and
personal property in the records by visually examining the property
in question.
PROPERTY MANAGER
The individual designated by the governing board to be responsible
for the development and maintenance of the fixed assets records.
PROPERTY RECORD CARD
The individual ledger card containing the detailed information
about the particular fixed asset or a group of fixed assets.