In order to determine the existence, location and value of all real
and personal property of this Village and to provide for control and custody
of these assets, the following policies and guidelines are hereby established:
A. A property manager shall be designated who shall be responsible
for developing and maintaining the inventory records.
B. The department head shall be named the custodian responsible
for the property under his/her control.
C. The custodian shall take an annual physical inventory
of machinery and equipment each year which shall be certified and submitted
to the property manager by February 1. A periodic inventory shall be taken
by the commissioner of the department.
D. Equipment items to be included in fixed asset records
shall be those items having:
(2) An estimated useful life of one year or more.
(3) Physical characteristics of the asset that are not appreciably
affected by use or consumption.
E. The inventory and record of real property and buildings
shall be compiled and recorded by the commissioner of each department, subject
to review by the Board of Trustees.
F. All procedures shall comply with all applicable laws
and requirements of New York State Department of Audit and Control issued
pursuant to § 36 of the General Municipal Law.