Resolutions - Jersey City

equipment are vehicles, furniture, fies, fitures and offce equipment (computer, copiers, fax
machies, calculators, typewrites, etc.).
3. Thi policy is intended to be applied to individua items only. In cases of group purchases,
although the aggregate cost may exceed the lit, ifthe cost of the individual items is below
$1,000.00, the items are not required to be included on the inventory record. Agencies have
the option to maintain item costing less than $1,000.00 on the inventory record.
4. Subsidiar records for equipment should include the following information.
a. Description of equipment (type of item, brand name, serial number, etc.)
b. . . Acquisition date.
c. Cost (purcliase price).
d. Inventory number (decal, stencil or sequentialy numbered tags for control).
e. Location (address ofbuilding, building nane, etc.)
L Organiation unit charged with custody.
g. Source of the monies from which equipment was acquired (General State Funds,
Federal Grants, Special Revenue Funds, etc.)
5. Executive level state agencies must meet the mium requirements for the establilnent and
maintenance of agency equipment inventory records per New Jersey Treasury Circular No.
01-07-0MB. "Fixed Assets". This Circular Letter prescribes policies to account for fied
assets in accordance with generally accepted accounting pricipals. Assets that meet the.
following criteria must be recorded in the Revised Fixed Assets System (RF AS); currently
known as the Land and Building Asset Management system (LBAM). .
a. An asset that is classified as land, land improvements, buildings, building
.improvements or equipment.
b. An asset with an original unit cost of at least $25,000.00 for land improvements,
$30,000.00 for motor vehicles, $20,000.00 for all other equipment, and $100,000.00
for building improvements, which result in the replacement of the original
Components. All land must be capitaled. All buildings are to be capitaled excet
those structures that are temporary in nature and that are under $20,000.00 in value.
c. An asset with a useful life of one year or greater.
6. Reporting Responsibilties.
a. Al building construction, renovation or demolition ofbuildings or
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the purchae and/or