(1) All water improvement districts shall establish and maintain, as a minimum, listing of all fixed assets and equipment owned by or under the control of their district. The listing shall contain as a minimum: Property item number, if used by the district;
(2) Brief description;
(3) Serial number, if available;
(4) Location of property;
(5) Vendor purchased from and the date of acquisition;
(6) Cost of property.
(7) In lieu of maintaining the list, the district may maintain an index card system for accounting for fixed assets and equipment. The index card system must contain the above information for each unit of property owned or under the control of the district.
(8) Such fixed asset and equipment records shall constitute a part of the general records of the office and accordingly shall be made available for utilization by the auditor at the time of audit.