30.10 - About the Capital Asset Policies

30.10
About the Capital Asset Policies

30.10.10
July 1, 2001
Purpose of these policies

The purpose of these policies is to establish the minimum requirements for a capital assets inventory system.

30.10.20
June 1, 2016
Authority for these policies

The authority for these policies is RCW 43.88.160 (1), RCW 43.19.1917, and RCW 43.41.150.

30.10.30
June 1, 2016
Applicability of these policies

This chapter is applicable to all agencies of the state of Washington as defined in RCW 43.88.020 (4), unless otherwise exempted by statute or rule.

30.10.40

June 1, 2016

Responsibilities of the State Agency

Establish a capital asset inventory system (refer to Subsection 30.40.30) that:

Provides control and accountability over capital assets, and
Gathers and maintains information needed for the preparation of financial statements.

The agency head must designate, in writing, one or more Agency Inventory Officers to be responsible for maintaining and safeguarding the agency's capital assets. Agencies are responsible for developing internal policies and procedures to protect and control the use of all capital assets.

30.10.50

July 1, 2001

Policies differ in cases of absolute title and residual title

When the agency has absolute title to a capital asset: 1) include the value of the capital asset in the annual financial statements, and 2) include the capital asset in the capital asset inventory system, if inventoriable.

When an external entity, such as the federal government, retains residual title to a capital asset: 1) include the capital asset in the capital asset inventory system, if inventoriable. This includes capital assets on lease or long-term loan.

Temporary custodial responsibility or title shall not be considered absolute for the purposes of this chapter.

30.10.60

July 1, 2001

Assets in use by subtenant agencies

The purchasing agency is the owner of and has responsibility for the proper accounting and reporting of capital assets acquired through a capital project. If the authorizing legislation for a capital project provides capital assets for more than one agency or for agencies other than the purchasing agency, the purchasing agency may, by agreement, condition the use of such capital assets by the subtenant agency. This agreement could include making the subtenant agency responsible for all reporting requirements for those capital assets. Upon vacation of the agreement, all ownership rights and responsibilities revert to the purchasing agency.

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