ctcLink Accounting Manual | 40.40.10 Capital Asset Policy

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40.40.10 Capital Asset Policy

The State of Washington, through the Office of Financial Management (OFM) establishes the capital asset policies for all state agencies, including community and technical colleges as authorized by RCW 43.88.160 (1), RCW 43.19.1917, and RCW 43.19.805.

OFM requires all college districts to establish a capital asset inventory system the provides control and accountability or capital assets and gathers and maintains information for the preparation of state financial statements.

College districts must also designate in writing at least one Agency Inventory Officer, develop policies to protect and control the use of all capital assets.

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40.40 Capital Assets <<  40.40.10 >>  40.40.20 Capital Asset Title and Reporting