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Historic Courthouse, Suite 206 • Murfreesboro, TN 37130 • Phone: (615) 890-7207 Fax: (615) 904-7526

Contact Us:

Historic Courthouse
Suite 206
Murfreesboro, TN 37130
Office: (615) 890-7207
Fax: (615) 904-7526
Hours: Monday to Friday
             8:00am – 4:30pm

County General Policies & Procedures

General Fixed Assets Policy

Establishment of yearly inventory procedure

  • Tagging of New Assets
  • Tagging of all new items will be conducted throughout the fiscal year. The majority of the new items should be tagged during the annual inventory of the department or school. Any assets purchased after the inventory has been conducted should be tagged before year-end.
  • It is not possible to have all items tagged that are purchased the last few days of June. Therefore all fiscal year invoices will be collected by May 30.
  • The road and bridge reports should be received and inventory records updated prior to the year-end closing procedures.
  • Target completion date:  June 30.
  • Year-End closing procedures
  • By June 30, all new assets purchased for the fiscal year should be tagged and entered into the Fixed Assets database.
  • Once all new assets have been tagged and entered and all inventories have been closed, reconciliation of the GFAAG for the month of June will be completed
  • Prepare General Fixed Asset Account Group Journal Entry for the year and submit to Deputy Finance Director.
  • Prepare financial statements for the State Comptrollers Office to include:
  • Schedule of Fixed Assets by Function and Activity and Department
  • Schedule of Fixed Assets by Source
  • Schedule of Changes in General Fixed Assets

Annual Reporting of Missing Assets to County Commission

  • Classifying Missing Assets
  • Assets not seen for two consecutive annual inventories will be classified as missing and removed form the Fixed Assets Accounting system.
  • Any assets that classify as missing will be presented in memorandum format to the Principal or Department Head at the conclusion of the inventory.
  • These assets will no longer be searched for in regular annual inventories. However, if an asset is located at some time in the future, it will be reactivated in the computer system and be searched for on an annual basis.
  • These missing assets will be accounted for in the monthly reconciliation of the Fixed Assets system.
  • Reporting of Missing Assets to the Purchasing Committee
  • Assets classified as missing will be submitted on an annual basis to the Purchasing Committee for approval to remove the assets from the Fixed Assets system. The missing assets report will be included as part of the Fixed Assets Year End Report.
  • Reporting of Missing assets to the County Commission
  • The list of missing assets will also be presented to the full County Commission. This list will include Asset #, Manufacturer, Description, Serial Number, Created date (best estimate of acquired date), Department for which the asset belonged, historical/original cost and depreciated value. This list will be included in the Fixed Asset Year End Report.

Disposal of Surplus County General Property

  • The department head should submit a list of items to be declared surplus to the Inventory Control Supervisor. The list should include the item’s description, Rutherford County Property Tag number if available, and serial number. The equipment should remain in storage until disposal has been authorized. Tags are not to be removed at this time.
  • Any lists turned in will be combined by the Inventory Control office and submitted to the Purchasing Committee for their determination as to proper disposal (In accordance with the Private Acts of 1943 as amended).
  • Once the items have been declared surplus to the county’s needs, notification of proper disposal will be given to the appropriate department head. If the equipment is to be discarded, property tags may be removed at this time. Department head should contact the Maintenance Director for removal of large equipment.
  • The Inventory Control Supervisor may authorize proper disposal of equipment no longer tracked by Inventory Control without submitting list to the Purchasing Committee.

Capitalizing Data Policy: Rutherford County Inventory Control will capitalize all GIS
related data captures or any other purchase relating to data that is over $250,000.

  1. Inventory Control will work with OIT to determine the useful life of the data, either 2, 5 or 7 years, and capitalize it appropriately.

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