Any suggestions on the following? I realize that current appraisals might be needed on recorded for repalcement of capital assets via insurance.
Does GASB require updated capital assets values be on record? I would also imagine reappraisal of capital assets better helps in knowing their present value so as not to spend more maintaining them than their present worth. Please share your input on replying to this problem as seen below.
Records of capital assets owned by Lucas County have never been maintained in a systematic manner.
The auditor has recommended that an inventory be taken and that General Capital Assets accounts be established and maintained.
The governing board agrees that it needs better capital asset control but has tentatively concluded that no action will be taken in this regard because the appraisal fee estimates provided by reputable appraisal firms far exceed the amount of resources available for such an undertaking.
What suggestions or comments, if any, would you offer if your advice were sought by members of the board?