Scrap and Salvage Proceeds
Public entities may at times receive money from the sale of scrap or other salvaged materials. This money is not “found” money that can simply be retained and spent by the department that controls the materials. Instead, the money must be treated like other public funds and promptly turned over to the officer of the public entity authorized to have custody of its funds, who in most cases will be the treasurer. This officer should then deposit those funds in the public entity’s accounts and entry into them into the accounting system.
Date this Avoiding Pitfall was most recently published: 4/26/2024