§ 4300.69. Ownership responsibilities.
In accordance with sound business practice, the person in possession of fixed assets shall do all of the following:
(1) Maintain a fixed assets ledger or equivalent document. A method for separately identifying the ownership of assets shall be maintained.
(2) Maintain and administer a program for the maintenance, protection, repair, preservation and insurance of fixed assets to assure their full availability and usefulness.
(3) Utilize reimbursement for loss, destruction or damage of fixed assets by using the proceeds to repair, renovate or replace the fixed assets involved; and crediting the proceeds as an income source to be applied against the cost of services rendered or forwarding the proceeds to the funding source.
(4) Perform an annual physical inventory at the end of the funding period/fiscal year by sighting and verifying the inventory listings. Discrepancies shall be documented and kept on file with the invoices, inventory reports and other papers which are subject to audits.
Cross References This section cited in 55 Pa. Code § 4300.41 (relating to applicability).
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