Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69I - Division of Accounting and Auditing › Chapter 69I-73 - TANGIBLE PERSONAL PROPERTY OWNED BY LOCAL GOVERNMENTS › Section 69I-73.001 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
The following terms, as used in Rule Chapter 69I-73, F.A.C.,
				  are defined as set forth below:
(1)
				"Attractive Items" means tangible personal property used in operations that has
				a cost less than an established capitalization threshold and that requires
				special attention to ensure legal compliance, protect public safety, and avoid
				potential liability, or to compensate for a heightened risk of theft.
(2) "Control Accounts" means summary accounts
				designed to control accountability for individual property records. Unlike
				individual property records that establish accountability for particular items
				of property, control accounts accumulate the total cost or value of the
				custodian's property and, through entries to the control accounts documenting
				acquisitions, transfers and dispositions, provide evidence of the change in
				that total cost or value over periods of time as well as the total cost or
				value at any time.
(3) "Cost" means
				the amount paid to acquire or procure property (i.e., invoice price plus
				freight and installation charges less discounts). In determining cost, the
				value of property exchanged by the custodian in satisfaction of a portion of
				the purchase price of new property shall not be deducted from the full purchase
				price regardless of any property "traded in" on the new property.
(4) "Custodian" has the meaning set forth in
				section  274.01(2),
				F.S.
(5) "Custodian's Delegate"
				means a person acting under the supervision of the custodian to whom the
				custody of property has been delegated by the custodian and, from whom the
				custodian receives custody receipts.
(6) "Financial System" means the fund
				accounting process used by the local government for recording cash and other
				financial resources, expenditures and other financial uses, together with all
				related liabilities and residual equities or balances.
(7) "Governmental Unit" has the meaning set
				forth in section  274.01(1),
				F.S.
(8) "Identification Number"
				means a unique number assigned and affixed to each item of property to identify
				it as property held by the custodian and to differentiate one item of property
				from another.
(9) "Property" has
				the meaning set forth in section
				 274.02(1), F.S.
				Data processing software, as defined in section
				 119.011(6),
				F.S., is not considered to be property within the meaning of this rule
				chapter.
(10) "Unaccounted for
				Property" means property held by a custodian, subject to the accountability
				provisions of section
				 274.03, F.S., that cannot be
				physically located by the custodian or custodian's delegate, and has not been
				otherwise lawfully disposed of.
(11) "Value" means the worth or acquisition
				value at the date of acquisition for donated property.
Rulemaking Authority
					 274.02 FS. Law Implemented
					 274.02
					 FS.
New 3-25-08, Amended
					 10-1-20.