Diocese of Pueblo Accounting Policies and Procedures Manual. Chapter 14 - Fixed Assets

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1 Policy: Purpose: Scope: General Comments: In order to maintain adequate accountability of parish/school assets, the Parish/School will follow these guidelines for all capital acquisitions, transfers and dispositions in order to provide internal control of capital assets and to assist in reporting. The parish/school is responsible and accountable for furniture, equipment, machinery, and all other capital assets in the parish/school and must maintain positive control over these assets. Accounting will assist and evaluate any department's capital asset control procedures. To outline the procedures for acquiring, disposing and maintaining control of capital assets. This procedure applies to all capital assets with a unit value of more than $1,000 and a useful life greater than one year. For additional guidance, forms and administrative tools relating to material in this chapter please see Chapters 20. A. Capitalization All assets with a useful life of greater than one year and costing more than $1,000 (except for land) will be recorded in the accounting systems depreciation accounts. Any asset that does not meet the above criteria should be classified as operating expense such as small tools and equipment or repairs and maintenance. The cost basis of furniture and equipment will include all charges relating to the purchase of the asset including the purchase price, freight charges and installation if applicable. Leasehold improvements including painting are to be capitalized if they relate to the occupancy of a new office or a major renovation of an existing office. Expenditures incurred in connection with maintaining an existing facility in good working order should be recorded as repair expense. The cost of buildings should include all expenditures related directly to their acquisition or construction. These costs include materials, labor and overhead incurred during construction and fees, such as attorney's and architects and building permits. 14-1

2 B. Depreciation The following depreciation methods and useful lives should be used for the following asset classifications and for financial reporting purposes: Asset Class Useful Life Method Computers Three Years Straight Line Office Equipment/Vehicles Five Years Straight Line Furniture Ten Years Straight Line Leasehold Remaining life of Straight Line Improvements Lease term (including option renewals) Machinery Twenty Years Straight Line Buildings Forty Years Straight Line All parishes/schools must maintain a depreciation schedule. C. Categories of Fixed Assets Land and Improvements -Land should be recorded at its purchase price. If purchase price information is not available; it should be recorded at appraised value. Land improvements include any additions or changes to land, including preparations that make the land suitable for building construction, but not the construction costs. Buildings and Improvements -Buildings should be valued at their original purchase price or their construction cost. Where these are unknown, a professional appraisal may be necessary. Existing buildings, new construction of buildings, building additions, and major repairs and replacements, which are expected to prolong the useful life of the building, should be capitalized and recorded here. The cost of new carpeting, paving of parking lots, and the replacement of roofs should be capitalized and recorded here as well. Furnishing and Equipment -This fixed asset category includes furniture, office equipment, statues, and fixtures, which can be easily removed. Installed fixtures or fixtures of a permanent nature, which cannot be easily removed, should be recorded as Buildings and Improvements. Automobiles -Cars, vans, and buses should be listed in a manner similar to that used for other fixed assets. Machinery -Boilers, air conditioning units. 14-2

3 D. Replacement Funds Designated Capital Replacement Reserve Fund -The Finance Council of the parish/school may recommend to designate a portion of their unrestricted net assets as a capital reserve fund. This fund would then be used to replace any capital asset or obtain a new capital asset, as the advisory body deems necessary. For financial reporting purposes, the Balance sheet should indicate a separate asset account for the Reserve as well as delineating the unrestricted net assets into designated and unrestricted. Whenever decisions are made concerning the acquisition of or disposition of capital assets specific procedures should be followed in order to accurately account for and maintain the records with regard to the capital assets and to provide internal control for the parish/school. A financial savings plan should be established to provide sufficient funds for the replacement and repairs of specified fixed assets. Some of the steps involved in the establishment of such a fund would be to do the following: Develop a list of all major repairs and maintenance. Include such items as carpet replacement, boiler replacement, roof replacement, etc. Itemize on this list the last replacement date, the cost of replacement (or repairs), the estimated useful life of the asset, an estimated date of future replacement, and if possible, an estimated cost of future replacement. To calculate future replacement, use current replacement cost adjusted for inflation until the estimated date of replacement. Based upon the estimated costs of the future replacement dates, a specific amount of the parish/school receipts each year would then be placed into a separate reserve account on a regular basis to build up funds for the future. E. Acquisitions All purchases of assets costing more than $1,000 and less than $5,000 will be recommended by the Finance Council, and approved by the Pastor/Parish Director/Administrator and Parish Pastoral Council. Assets with a cost greater than or equal to $5,000 will also require the approval of the Diocesan Bishop. Any internally constructed or donated equipment will be reported to accounting if the item cost or has a value of $1,000 or more. A complete description of the property, date manufactured or received, number of items, cost or estimated value and a statement that it was internally constructed or donated will be included in the report. To maintain proper segregation and control upon termination of any employees or resignation of any members, any employee or member owned tools, equipment or furniture brought on the parish/school premises will be reported to the Pastor/Parish 14-3

4 Director/Administrator. The report should include the employee's name, description of items, identification numbers if any and reason for using the asset. F. Dispositions Capital assets may be sold or traded-in on new equipment. An Asset Disposition Form is to be completed by the accounting personnel and approved by the Pastor/Parish Director/Administrator. Upon approval, the parish/school may advertise the property for sale. After completion of the sale, the Asset Disposition Form will be submitted to Accounting. Accounting will delete the item from the asset records and record any gain or loss on the disposition. Worn-out or obsolete property with no cash value will be reported to Accounting on the Asset Disposition Form with the description, serial number and condition. Accounting will inspect all worn-out or obsolete property before it is removed from the parish/school and discarded. Upon disposition, the asset will then be removed from the asset records. Any asset that is missing or has been stolen will be reported in writing to the Pastor/Parish Director/Administrator and Accounting as soon as possible. The description, serial number, and other information about the lost item should be included in the report. Accounting will determine the proper course of action and will notify the parish or school insurance carrier and any outside authorities deemed appropriate. If unrecovered, the asset will then be removed from the asset records. G. Asset Records Upon any asset acquisition, Accounting is responsible for assigning and attaching asset number tags to the property where it can be readily located. Accounting will then maintain a detailed listing of each capital asset item along with depreciation records which will include the description, date acquired, vendor, cost basis, assigned location, depreciation method/life and accumulated depreciation and net book value. H. Donations of Fixed Assets Fixed asset donations are recorded at fair market value when received if the organization has a clearly measurable and objective basis for determining the value. The parish/school should ensure the donor provides documentation of the value. If values cannot be reasonably determined, other methods can be used, such as, 14-4

5 appraisers, tax experts, blue book value (motor vehicles), or comparison to the purchase price of a similar item. The parish/school is never to determine the value. Gifts of real property require the approval of the Bishop. If the parish/school does not give accounting recognition to donated assets, the Fixed Asset account balances in the general ledger and the Financial Statements will be understated, which will result in an understatement of net assets. The following examples should provide the Pastor/Parish Director/Administrator and bookkeeper with an understanding of how to account for donations. The parish/school receives a donation of a piece of land. Because of the nature of real estate, its value may be difficult to determine. A reasonable fair market value can be supplied by the tax assessor or a real estate appraiser. The property should be recorded at the appraised value. The appraisal serves as support for the amount recorded in the general ledger and fixed asset listing. A small computer is donated. According to a local computer salesman, its value is approximately $1,500. The parish/school should add the computer to the fixed asset listing and general ledger at $1,500. An air conditioning unit is donated to the rectory. Because of the unit's age and its physical condition, it is difficult to estimate a reasonable fair value. According to a heating and air conditioning contractor, the unit is probably worth less than $500. Therefore, no entry is recorded on the fixed asset listing. However, a nonmonetary gift entry (41--) is made. I. Physical Protection of Assets The Pastor/Parish Director/Administrator and his duly appointed staff is to make all attempts to protect the parish/school fixed assets from being damaged, stolen, or destroyed. Some of the methods a parish/school may use to protect its physical assets would include: Securing furniture and fixtures to the floors or walls. Locking the church doors, when possible. Maintaining smoke detectors and fire sprinkler systems. Preparing outside plumbing for winter weather, and Inspecting building exteriors and interiors, furniture, and fixtures for routine maintenance, and Maintaining and reviewing the fixed asset inventory listing. J. Computer and Data Security Computer security entails the protection of two different aspects: protection of the 14-5

6 equipment itself, and protection of the software and data files on the computer. Secure computer equipment in a locked office to prevent theft. Plug computer into a dedicated circuit or a surge protector. Use a locking keyboard to prevent unauthorized use. Register all computer equipment with the computer company and all software with the software company so that you will receive information about updates or recalls. After loading new software onto the hard drive of a computer, put the software diskettes in a secure area (a fire, and water proof cabinet or safe) to prevent unauthorized use. Always back up the computer on a weekly basis. This may be done using a utility program to back up your files onto diskettes. Use several sets of diskettes then rotate them so that there is always a month's worth of diskettes. (For example, use set # 1 this week, set #2 next week, set #3 for the week after next, and set #4 for the week after that. Then, start over with set #1 and so forth.) Backup diskettes should then be kept at a remote location so that if fire, flood, or vandalism destroys the computer, the back up diskettes are still secure. Save your work file every 5 or 10 minutes or whenever you leave your desk or take a telephone call. Print, file, and retain the hard copies of any reports for the proper length of time. (See Chapter 18 -Record Keeping) Delete files that are no longer needed. Password protect your work so that others will not be able to access and destroy it, even accidentally. The Pastor/Parish Director/Administrator or office manager should have a copy of all passwords in order to access the files in the event of an emergency. 14-6

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