NAC354.750. Inventory of capital assets: Requirement; guidelines; identifying number.

     1. The governing body of every local government shall take an inventory at least once every 2 years of all its equipment and other personal property which constitute capital assets. The governing body may adopt by resolution guidelines for the conduct of such an inventory. For the purposes of such an inventory, unless the governing body of the local government establishes a different guideline concerning the threshold for required capitalization by resolution:

     (a) An asset of the local government that has a value of $3,000 or more must be capitalized;

     (b) An asset of the local government that has a value of less than $3,000 may be capitalized or categorized as an expenditure; and

     (c) The useful life of the equipment and personal property of the local government is 1 year or more.

     2. Each item of property subject to the inventory must be assigned an identifying number and be labeled as belonging to the local government.

     [Tax Comm’n, Local Gov’t Reg. No. 3, eff. 7-2-82]—(NAC A by Com. on Local Gov’t Finance by R043-01, 11-1-2001; R201-01, 4-5-2002)