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

(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.