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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Mary DeLoretto, Chief Service Development Officer |
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PRESENTER(S): |
Dan Hofer, Director of Capital Assets and Controls |
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Deidra Carrillo, Manager of Capital Asset Controls |
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TITLE:
title
UTA Policy - UTA.06.02 - Capital Asset
end
AGENDA ITEM TYPE:
UTA Policy
RECOMMENDATION:
Adopt UTA.06.02 - Capital Assets Policy and rescind Corporate Policy 3.1.12 - Capital Assets Policy.
BACKGROUND:
The UTA Financial Management Oversight Report issued a finding for UTA related to its internal control policies and procedures regarding fixed assets. Their recommendation included revising our financial management policy and procedures manual to include sufficient detail to clearly articulate roles and responsibilities for performing daily tasks, recording all required elements of fixed assets, and maintaining adequate records related to fixed assets.
DISCUSSION:
Capital Asset Policy UTA.06.02 addresses the deficiencies identified by the Financial Management Oversight Report. The policy also addresses appropriate capital asset cost thresholds consistent with other agencies similar to UTA, recent Governmental Accounting Standards that have been released since the last policy was approved, and more clearly defines the roles and responsibilities for the departments (Responsible Owners) who purchase, operate, and maintain these assets related to asset records. This policy will support the Standard Operating Procedures that have been created to increase UTA’s responsibility and efficiency in appropriately tracking Capital Assets from beginning to the end of their lifecycle.
ALTERNATIVES:
If this policy is not adopted, the current Corporate Policy 3.1.12 - Capital Assets Policy would remain in effect without changes or renumbering.
FISCAL IMPACT:
N/A
ATTACHMENTS:
UTA.06.02 - Capital Asset