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E. The assumption of accounting records from Mr. Ureel's office in Hinsdale, IL in June <br />2001, it became apparent that a major audit of our fixed assets (personal property) was <br />required. <br />F. The audit required going through invoices and cancelled checks back to 1972 in order <br />to identify which equipment was still in use, what was the original cost and purchase date <br />of each. This process changed the number of identified assets from 36 (lumped by annual <br />dollars) to 254 (individual items) for calendar years 1972 to 1998. <br />G. The combined volume of records being reviewed, installation and initialization of the <br />new software and lack of personnel delayed preparation of the Application for Deduction <br />from Assessed Valuation for New Manufacturing Equipment in Economic Revitalization <br />Area. <br />H. The responsibility for these tasks lay on one (1) person, along with the continual daily <br />accounting functions. <br />SECTION II. The foregoing facts, taken together, lead the Common Council to conclude <br />that compelling reasons exist to waive the filing deadline. <br />SECTION III. The Common Council hereby waives the filing deadline of May 15th <br />2002 and pursuant to Indiana Code 6 -1.1- 12.1 -4.8 adopts this resolution that authorizes <br />acceptance. <br />Member of the Common cil <br />File in Filed in <br />AUG - 3 2005 <br />PRESENTED <br />NOT APPROVED <br />ADOPTED 0-6 �5— <br />