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194 <br />REGULAR MEETING JUNE 18, 1990 <br />accounting practices for developing and maintaining a fixed asset <br />inventory. She noted that the last fixed asset inventory was <br />completed in approximately 1979 and this inventory requirement <br />has been an audit qualification since that time. In order to <br />have that qualification removed, the City has undertaken the <br />process and therefore this Resolution establishes the process and <br />maintenance of the fixed asset inventory including acquisition <br />and disposition. <br />Therefore, Ms. Humphreys made a motion that the Resolution as <br />submitted be adopted. Mr. Leszczynski seconded the motion which <br />carried, and the following Resolution No. 18-1990 was adopted: <br />RESOLUTION 18-1990 <br />RESOLUTION OF THE BOARD OF PUBLIC WORKS <br />OF THE CITY OF SOUTH BEND, INDIANA <br />ESTABLISHING VARIOUS ACCOUNTING AND INVENTORY <br />POLICIES AND PRACTICES <br />WHEREAS, the State Board of Accounts has recently completed its <br />annual audit of the City of South Bend, Indiana, including an <br />audit of the City's inventory of fixed and moveable assets; and <br />WHEREAS, the institution and implementation of formal policies <br />and practices concerning City inventories recommended by the <br />State Board of Accounts will streamline and provide for the <br />efficient completion of future City audits; and <br />WHEREAS, the Board of Pubic Works, pursuant to I.C. 36-9-6-2 <br />has supervisory control over property belonging to the City of <br />South Bend, Indiana. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF PUBLIC WORKS OF <br />THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS: <br />1. That the City Controller of the City of South Bend, Indiana <br />shall maintain a General Fixed Asset Group of Accounts which <br />shall include all fixed and movable assets, except infrastructure <br />assets, of the City of South Bend that have a useful life of more <br />than one year and a basis of $1,000.00 or more. In addition, the <br />City Controller or the departments of the City may maintain fixed <br />asset inventories that include assets that do not meet the <br />capitalization criteria of the General Fixed Asset Account Group, <br />assets that are categorized as infrastructure assets, or insured <br />fixed assets. <br />2. That for purposes of maintaining a General Fixed Asset <br />Group of Accounts the following definitions are provided: <br />A. Basis - The basis of an asset is the <br />original historical cost of the asset or <br />the estimated original historical cost <br />if the actual cost is unknown. For <br />donated assets, the basis of the asset <br />is the fair market value of the asset at <br />the date of the donation of the asset. <br />Ordinary and necessary repairs that do <br />not extend the life or alter the asset <br />by greater than 50o do not add to the <br />basis of the asset for the purpose of <br />capitalization in the General Fixed <br />Asset Account Group. <br />B. Infrastructure Assets - <br />Infrastructure assets are public domain <br />