Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69I - Division of Accounting and Auditing › Chapter 69I-72 - STATE-OWNED TANGIBLE PERSONAL PROPERTY › Section 69I-72.001 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
The following terms, as used in rule Chapter 69I-72, 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, protection public safety, and
				avoid potential liability, or to compensate for a heightened risk of
				theft.
(2) "Class Code" means a
				classification number used to identify similar items of property that is
				established by the State's Chief Financial Officer in the State's financial
				system.
(3) "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 point in time.
(4) "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 a
				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.
(5) "Custodian" has the meaning set forth in
				Section  273.01(1),
				F.S.
(6) "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.
(7) "Depreciation" is the systematic and
				rational allocation of the acquisition cost of an asset over the expected
				useful life of the asset.
(8)
				"Financial System" means the Florida Accounting Information Resource (FLAIR) or
				its successor.
(9) "Fiscal Year"
				means the State's fiscal year established in Section
				 215.01, F.S., to begin on the
				first day of July and to end on the following thirtieth day of June, both dates
				inclusive, in each and every year; or the fiscal year established by other law
				applicable to a particular custodian.
(10) "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.
(11) "Property" has the
				meaning set forth in Section
				 273.02, 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.
(12) "Unaccounted for
				Property" means property held by a custodian subject to the accountability
				provisions of Section
				 273.03, F.S., that cannot be
				physically located by the custodian or custodian's delegate and has not been
				otherwise lawfully disposed of.
(13) "Value" means the worth or acquisition
				value at the date of acquisition for donated property.
Rulemaking Authority
					 273.02,
					 273.025 FS. Law Implemented
					 273.01,
					 273.02,
					 273.025,
					 273.03,
					 273.04,
					 273.05
					 FS.
New 1-13-08, Amended
					 7-1-20.