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approved by both the transferor and transferee departments before an asset is
transferred.
Placed In Service Assets

When a capital improvement project is substantially completed and an asset is
used for its intended purpose, the Capital Assets Coordinator will provide the
Capital Asset In-Service form to the Capital Asset Team within six months or
before the current fiscal year ends, whichever comes first. The Capital Asset Team
will transfer the cost of the asset from Construction Work in Progress (CWIP) to
the appropriate asset category in the PSAM system. When the capital
improvement project is closed, the Capital Assets Coordinator will provide the
Capital Asset Completion form to the Capital Asset Team, and the Capital Asset
Team will transfer any remaining costs to the previously created asset.

Physical Inventory
Each department must perform an Annual Asset Physical Inventory. The Capital
Assets Coordinator is responsible for verifying the accuracy of the assets recorded
in PSAM based on their physical observation of the department's assets. Exclude
lands, buildings, and infrastructures.

Acquisition of Capital Assets
Capital assets shall be acquired by the City of Fort Worth, following all required
federal, state, and local purchasing requirements. Assets acquired by the City
shall be budgeted and purchased only in capital project funds. No assets are to
be acquired from operating funds.

For additional information or questions concerning this policy, please contact the FMS Capital Asset
team at (817) 392-2460.

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