SHARPSVILLE AREA SCHOOL DISTRICT
|
|
- Aldous Fitzgerald
- 5 years ago
- Views:
Transcription
1 No. 622 SHARPSVILLE AREA SCHOOL DISTRICT SECTION: FINANCES TITLE: GASB STATEMENT 34 ADOPTED: January 22, 2008 REVISED: 622. GASB STATEMENT Purpose SC 613 The Board recognizes the need to implement the required accounting and financial reporting standards stipulated by the Pennsylvania Department of Education. The primary objectives of implementing the GASB Statement 34 are to assure compliance with state requirements, and properly account for both the financial and economic resources of the district. 2. Authority SC Delegation of Responsibility Participation of the school district in any such activity shall be in accordance with Board policy. The responsibility to coordinate the compilation and preparation of all information necessary to implement this policy is delegated to the Superintendent or designee. 4. Guidelines Capitalized Assets - A capitalized asset shall be any asset acquired, donated, or purchased by the district that has a useful life of longer than one (1) year and meets a specific dollar threshold. Value Of Assets - All capitalized assets shall be recorded at historical cost at acquisition date or estimated cost. Depreciation - Depreciation shall be based on the straight-line method of depreciation over the useful life of each depreciable asset or group of assets. Dollar Threshold - A dollar threshold for each asset shall be set at an appropriate level. Management should periodically review these levels with assistance from the local independent auditor and make any modifications necessary without prior approval of the Board. Estimated Useful Life - The estimated useful life will be the estimated number of months or years that an asset will be able to be used for the purpose for which it was purchased. The following standard useful life table shall be used by the district to estimate useful lives of capital assets. However, property management practices, asset usage and other variables such as weather may require adjusting. Page 1 of 6
2 622. GASB STATEMENT 34 - Pg. 2 Asset Class Examples Estimated Useful Life in Years Land N/A Site Improvements Paving, flagpoles, retaining walls, sidewalks, fencing, outdoor lighting 20 School Buildings 50 Portable Classrooms 25 HVAC Systems Heating, ventilation and air conditioning systems 20 Roofing 20 Interior Construction 25 Carpet Replacement 7 Electrical/Plumbing 30 Sprinkler/Fire System Fire suppression systems 25 Outdoor Equipment Playground, radio towers, fuel tanks, pumps 20 Machinery & Tools Shop & maintenance equipment, tools 15 Kitchen Equipment Appliances 15 Custodial Equipment Floor scrubbers, vacuums, other 15 Science & Engineering Lab equipment, scientific apparatus 10 Furniture/Accessories Classroom and office furniture 20 Business Machines Fax, duplication & printing equipment 10 Copiers 5 Communications Equip. Mobile, portable radios, noncomputerized 10 Computer Hardware PC s, printers, network hardware 5 Computer Software Instructional, other short-term 5 to 10 Computer Software Administrative or long-term 10 to 20 Audio Visual Equip. Projectors, cameras (still and digital) 10 Athletic Equipment Gymnastic, football, weight machines, wrestling mats 10 Musical Instruments Pianos, string, brass, percussion 10 Library Books Collections 5 to 7 Licensed Vehicles Buses, other on-road vehicles 8 Contractors Equipment Major off-road vehicles, front-end loaders, large tractors, mobile air compressor Grounds Equipment Mowers, tractors, attachments Page 2 of 6
3 622. GASB STATEMENT 34 - Pg. 3 The district shall conduct an inventory of all capital assets. Each inventory record shall include: description, year of acquisition, method of acquisition (i.e. purchase, donation, etc.) funding source, cost or estimated cost, salvage value and estimated useful life. The inventory record will also need to identify the function(s) that use the asset and location of the asset. Land is to be capitalized but not depreciated. It is recorded at historical cost and remains at the cost until disposal. If there is a gain or loss on the sale of the land, it is reported as a special item in the statement of activities. Land improvements include items such as excavation, non-infrastructure utility installation, driveways, sidewalks, parking lots, flagpoles, retaining walls, fencing, outdoor lighting, and other nonbuilding improvements intended to make the land ready for its intended purpose. Land improvements can be further categorized as nonexhaustible and exhaustible. 1. Nonexhaustible Expenditures for improvements that do not require maintenance or replacement, expenditures to bring land into condition to commence erection of structures, expenditures for improvements not identified with structures, and expenditures for land improvements that do not deteriorate with use or passage of time are additions to the cost of land and are generally not exhaustible and, therefore, not depreciable. 2. Exhaustible Other improvements that are part of a site, such as parking lots, landscaping and fencing are usually exhaustible and are, therefore, depreciable. Depreciation of site improvements is necessary if the improvement is exhaustible. Buildings shall be recorded at either their acquisition cost or construction cost. The cost of new construction shall be carefully evaluated. Usually projects consist of major components such as land, land improvements, building constructions, (including professional fees and permits), furniture, fixtures and equipment. In addition, buildings include components (i.e. roof, air conditioning system, etc.) that should be recorded separately when significant because these building components have different useful lives. The value of each component needs to be determined and placed within its own category. Building improvements that extend the useful life shall be capitalized. Construction in progress shall be capitalized and not depreciated. It shall be reported with land and other nondepreciating assets at the government-wide level. Unspent debt proceeds from capital assets related debt shall be reported in the net assets section of the Statement of Net Assets as restricted for capital projects. Page 3 of 6
4 622. GASB STATEMENT 34 - Pg. 4 Assets such as furniture, machinery and equipment (that meet threshold levels) shall be identified and inventoried. Some assets, individually, may fall below the capitalization threshold but may be purchased in large quantities by the school entity. Examples include computer systems, software, audio-visual equipment, athletic equipment, musical instruments, outdoor equipment, library books, classroom textbooks, buildings and grounds equipment and furniture fixtures. School entities shall aggregate such assets and consider the materiality and significance of them, and if material or significant, capitalize such items either individually or in the aggregate. Vehicles shall be identified, inventoried, and if applicable, depreciated. Works of art and historical treasures shall be recorded at historical costs. Depreciation is not required for collections or works of art that are inexhaustible. The district does not need to capitalize every asset with a useful life greater than one (1) year. To do so is an unnecessary burden and will not materially affect financial results. The capitalization threshold shall be set at a level that will capture at least eighty percent (80%) of all fixed assets. The district shall use the following capitalization threshold. Asset Class Capitalize and Depreciate Land Capitalize Only Land Improvements $5,000 Building $5,000 Building Improvements $5,000 Construction in Progress Capitalize Only Machinery and Equipment $5,000 Vehicle $5,000 Portable Classroom $5,000 Grouped Depreciable Capital Assets $5,000 Leasehold Improvements $5,000 In order to associate debt with acquired assets and to avoid net asset deficits any asset that has been acquired with debt proceeds shall be capitalized regardless of the cost of the asset. The asset life of these assets shall be considered relative to the time of the respective debt amortizations. When possible, the structure shell of a building shall be segregated from the mechanical, roofing, electrical, plumbing, cafeteria and built-ins. These components may be replaced several times during the life of the structure shell. Segregation of these costs will ease accountability for replacing or improving the components parts and avoid pyramiding the asset valuation. Page 4 of 6
5 622. GASB STATEMENT 34 - Pg. 5 To be considered a building improvement, the improvement must have a significant impact and meet the capitalization threshold included in this policy. For example, partitioning, lighting, flooring, and routine maintenance will generally be expenses. Infrastructure assets are long-lived capital assets that normally can be preserved for a significantly greater number of years than most capital assets. Infrastructure assets are normally stationary in nature such as roads and bridges. Buildings, except those that are an ancillary part of a network of infrastructure assets, should not be considered infrastructure assets. Other examples of noninfrastructure assets that are incidental to a school entity s property include: fencing, retaining walls irrigation systems, athletic courts, fields and tracks, private use sewer facilities and water lines, area lighting, drivers, parking lots, sidewalks, curbs and gutters. The determination of major infrastructure assets shall be at the network or subsystem level and shall be based on these criteria: 1. The cost or estimated cost of the subsystem is expected to be at least five percent (5%) of the total cost of all general capital assets reported in the first fiscal year ending after June 15, The cost or estimated cost of the network is expected to be at least ten percent (10%) of the total cost of all general capital assets reported in the first fiscal year ending after June 15, Reporting on nonmajor networks is encouraged but not required. For group asset depreciation purposes, the estimated useful life of the group may be based on the weighted average or simple average of the useful life of individual items or on an assessment of the life of the group as a whole. Periodically, the school entity shall review the estimated life of groups of assets and adjust the remaining depreciation life of the group. Assets that fall below the capitalization threshold for GASB Statement Number 34 reporting purposes may still be significant for insurance, warranty service, and obsolescence or replacement policy tracking purposes. The district will record and maintain these non-gasb Statement Number 34 asset inventory items valued between $ and $5, in subsidiary ledgers. A physical inventory of consumable supplies will take place every three (3) years. Page 5 of 6
6 622. GASB STATEMENT 34 - Pg. 6 References: School Code 24 P.S. Sec. 218, 613 Governmental Accounting Standards Board, Statement No. 34 Page 6 of 6
UPPER BUCKS COUNTY AREA VOCATIONAL TECHNICAL SCHOOL
No. 622 UPPER BUCKS COUNTY AREA VOCATIONAL TECHNICAL SCHOOL SECTION: FINANCES TITLE: GASB STATEMENT 34/ CAPITAL ASSETS ADOPTED: January 15, 2009 REVISED: 622. GASB STATEMENT 34/CAPITAL ASSETS 1. Purpose
More informationSubject: Class: Number: ( ) Complete Revision Supersedes: Page:
( ) Partial Revision Page 1 of 12 TABLE OF CONTENTS: Purpose Page 1 A. Buildings 2 B. Improvements 3 C. Land 4 D. Construction in Progress 5 E. Personal Property 6 F. Works of Art and Historical Treasures
More informationAdopted: November 2013 MSBA/MASA Model Policy 704 Orig Revised: May 2015 Rev. 2009
Adopted: November 2013 MSBA/MASA Model Policy 704 Orig. 1995 Revised: May 2015 Rev. 2009 704 DEVELOPMENT AND MAINTENANCE OF AN INVENTORY OF FIXED ASSETS AND A FIXED ASSET ACCOUNTING SYSTEM I. PURPOSE The
More informationSCHOOL DISTRICT FIXED ASSET POLICY
ADMINISTRATION 7.0 POLICY 7.33 The Centennial School Board recognizes the importance of maintaining a comprehensive capital asset inventory. The Superintendent shall be responsible for implementing this
More informationBedford County Board of Education
Bedford County Board of Education Monitoring: Review: Annually, in January Descriptor Term: Fixed Assets Descriptor Code:.0 Rescinds:.0 Issued Date: 0/0/ Issued: 0//0 0 0 0 The purpose of this policy is
More informationCapitalization and Depreciation Guidelines
Capitalization and Depreciation Guidelines Guidelines Statement University of Vermont assets that are capitalized are considered fixed assets and are recorded in the Capital Assets section of the University's
More informationCITY OF NORTH MANKATO CAPITAL ASSET POLICY ADOPTED: JANUARY 1, 2003 REVISED EFFECTIVE: _JANUARY 1, 2016
CITY OF NORTH MANKATO CAPITAL ASSET POLICY ADOPTED: JANUARY 1, 2003 REVISED EFFECTIVE: _JANUARY 1, 2016 1 TABLE OF CONTENTS SECTION I Define Capital Assets and Capitalization Thresholds SECTION II Reporting
More informationFIXED ASSET PROCEDURES
FIXED ASSET PROCEDURES It is the policy of St. Norbert College to maintain accurate and complete records of Fixed Assets held and to capitalize and depreciate them according to appropriate accounting requirements.
More informationPOLICY 6600 CAPITALIZATION AND CONTROL OF ASSETS
POLICY 6600 CAPITALIZATION AND CONTROL OF ASSETS Policy Category: Finance and Business Services Area of Administrative Responsibility: Finance Board of Trustees Approval Date: March 21, 2017 Effective
More informationPeters Township Sanitary Authority Capital Assets
Peters Township Sanitary Authority Capital Assets Section 1 -Capital Fixed Assets Capital Assets are property, plant and equipment that are in service. They are recorded at cost or estimated historical
More informationFixed Asset Management
Fixed Asset Management Policy/Procedure This policy applies to faculty and staff with responsibility for purchasing, maintaining or disposing of Fixed Assets, including Department Chairs, Department Heads,
More informationCounty of Monterey. Capital Asset Policy
County of Monterey Capital Asset Policy Office of the Auditor-Controller 168 W. Alisal Street Salinas, California Effective December 11, 2007 [Version November 16, 2007] County of Monterey Capital Asset
More informationCAPITAL ASSETS POLICY FOR THE VILLAGE OF FLOWER HILL. Section I. Capital Asset Definitions and Guidelines. I. (1) Overview
CAPITAL ASSETS POLICY FOR THE VILLAGE OF FLOWER HILL Section I. Capital Asset Definitions and Guidelines I. (1) Overview The Governmental Accounting Standards Board s (GASB) Statement No. 34, Basic Financial
More informationPage 1 of 5 Retrieval Number: 90,046
POLICY Retrieval Number: 90,046 Page: 1 of 4 Prepared by: Pat Duffy Applicable Area: Plant Fund Policy Original Date: 01/31/2005 Revised Date: 09/23/16 FINANCIAL AFFAIRS SUBJECT: CLASSIFICATION AND CAPITALIZATION
More informationAdministration s Finance Office Approval Date: 4/10/12 Effective Date: 4/10/12 Capital Assets and Property Review Date:
County of Butte Administration s Finance Office Approval Date: 4/10/12 Effective Date: 4/10/12 Capital Assets and Property Review Date: Control County Wide Version: One Last Revision Date: 4/10/12 PURPOSE
More informationCITY OF SEASIDE. Infrastructure and Fixed Asset Capitalization and Inventory Control Policy PURPOSE
PURPOSE The purpose of this policy is to ensure adequate control, appropriate use of, and proper reporting of the City s infrastructure assets and fixed assets. This policy and the related procedures are
More informationWUPRPM. Regulations and Procedures Effective Date: December 14, 2007 M. Capital Assets Revision Date: N/A. Table of Contents
Table of Contents 1. Purpose...3 2. Definitions...3 3. Applicability...4 4. Ownership and Title...4 5. Responsibility...4 6. Capitalization Thresholds...5 7. Reporting Capital Assets...5 8. Depreciating
More informationCAPITAL ASSETS MVECA. Presented by: Larry Weeks, CPA
CAPITAL ASSETS MVECA Presented by: Larry Weeks, CPA Capital Assets Overarching theory of MATERIALITY GAAP need not be applied to immaterial amounts. 2 GASB Codification Section 1400 Reporting Capital Assets
More informationThe American University in Cairo. Financial Policies and Procedures
The American University in Cairo Financial Policies and Procedures Policy : Capitalization & Depreciation Policy Effective Date : April 1, 2011 Date Revised : December 2016 Prepared by Related Policies
More informationCapitalization. POLICY OWNER: AVP for Finance and Controller
OFFICIAL POLICY RESPONSIBLE OFFICE: Office of AVP for Finance and Controller Capitalization POLICY OWNER: AVP for Finance and Controller EFFECTIVE DATE: 2012-11-21 REVISION HISTORY: established 2001/07/01;
More informationFISCAL POLICIES MANUAL... 1
FISCAL POLICIES MANUAL... 1 CAPITAL ASSETS...1 PREFACE... 1 DEFINITIONS... 1 POLICY... 5 ASSET IDENTIFICATION...5 CAPITAL ASSETS...6 CAPITALIZED ASSETS...6 INTANGIBLE ASSETS...7 DEPRECIATION AND AMORTIZATION...9
More informationCapital Asset Guidelines Update. Presented by Ben M. Riden, Jr., CPA,CGFM Christy Todd
Capital Asset Guidelines Update Presented by Ben M. Riden, Jr., CPA,CGFM Christy Todd Capital Assets Defined Tangible or Intangible item(s) with the following characteristics: Expected Useful life greater
More information1. Only items to which the Village has title to and meet the definition of the following will be recorded a tangible capital asset.
--------------------------------------------------------------------------------------------------------------------- Procedure Title: Procedure No. #10-02 formerly Policy #2012-19 Effective Date: Purpose:
More informationAP TANGIBLE CAPITAL ASSETS
AP 531 - TANGIBLE CAPITAL ASSETS The following topics are discussed in this administrative procedure: 1. Policy 2. Purpose 3. Scope 4. Glossary 5. Categorization of Assets 6. Accounting and Reporting of
More informationCity of Bellingham Policy
Policy - FIN 09.00.03 City of Bellingham Policy Title: FIN 09.00.03 Capital and Attractive Theft Sensitive Assets Code: FIN 09.00.03 Chapter: Financial Management Level of Policy: Administrative Date Issued:
More informationChicago Public Schools Policy Manual
Chicago Public Schools Policy Manual Title: ACCOUNTING AND FINANCIAL REPORTING FOR CAPITAL ASSETS Section: 401.23 Board Report: 17-1025-PO2 Date Adopted: October 25, 2017 Policy: THE CHIEF EXECUTIVE OFFICER
More informationCapital Assets & Depreciation Policy
Capital Assets & Depreciation Policy Effective July 1, 2001 Revised 04/30/10, 06/30/12, 6/21/17 Objective To revise the College's capitalization thresholds for capital assets to ensure that capital assets
More informationCAPITAL ASSETS. POLICY No
CAPITAL ASSETS POLICY No. 07-04 PURPOSE: DEFINITION: To provide for the safeguarding of fixed assets and to provide County personnel with accounting guidance applicable to the several categories of fixed
More informationCapitalization and Depreciation of Property, Plant, and Equipment
Boston College Office of the Financial Vice President Capitalization and Depreciation of Property, Plant, and Equipment University Policy Overview It is the policy of Boston College (the University) to
More informationVice President for Finance Policy/Procedure
Subject: and Fabricated Equipment Author: David Adams Effective Date: December 2005 Last Review Date: June 2007 Vice President for Finance Policy/Procedure Last Revision: June 2007 Revised By: David Adams
More informationCAPITAL ASSET POLICY CITY OF CLEARWATER MINNESOTA
CAPITAL ASSET POLICY For the CITY OF CLEARWATER MINNESOTA P.O. Box 171, Clearwater, MN 55320-0171 Phone: 320-558-2428 fax: 320-558-2794 Policy.doc 12/4/2013 1 Which capital assets need to be inventoried?
More informationTANGIBLE CAPITAL ASSETS
Administrative Procedure 535 Background TANGIBLE CAPITAL ASSETS The Division will follow a prescribed procedure to record and manage the tangible capital assets (TCA) owned by the Division. The treatment
More informationCORPORATION OF THE TOWNSHIP OF LEEDS AND THE THOUSAND ISLANDS BY-LAW
CORPORATION OF THE TOWNSHIP OF LEEDS AND THE THOUSAND ISLANDS BY-LAW 16-025 BEING A BY-LAW TO ADOPT A TANGILBLE CAPITAL ASSET POLICY FOR THE TOWNSHIP OF LEEDS AND THE THOUSAND ISLANDS. WHEREAS Section
More informationACCOUNTING FOR CAPITAL ASSETS. Presented by: Joel Knopp, CPA Shareholder
ACCOUNTING FOR CAPITAL ASSETS Presented by: Joel Knopp, CPA Shareholder Agenda Definition Reporting Capital Assets Questions from Implementation Guides Modified Approach Interest Capitalization Intangibles
More informationThe Care and Keeping of Inventory and Fixed Assets
Andrews University Digital Commons @ Andrews University Faculty Publications 3-2011 The Care and Keeping of Inventory and Fixed Assets Annetta M. Gibson Andrews University, gibson@andrews.edu Follow this
More informationTOWN OF LINCOLN COUNCIL POLICY
Page 1 of 10 PURPOSE The purpose of this policy is to prescribe the accounting treatment for tangible capital assets so that users of the financial report can discern information about the investment in
More informationNUMBER: A-7 SUBJECT: Controller APPROVED: Infrastructures Structures and. Software = 3 to. 5 years. capital asset. master file follows: should then
ADMINISTRATIVE MEMORANDUM COUNTY OF SAN MATEO NUMBER: A-7 SUBJECT: Accounting for Capital Assets RESPONSIBLE DEPARTMENT: Controller APPROVED: John L. Maltbie, County Manager DATE: September 22, 2014 This
More informationDEKALB COUNTY GOVERNMENT FIXED ASSESTS CAPITALIZATION POLICY
DEKALB COUNTY GOVERNMENT FIXED ASSESTS CAPITALIZATION POLICY Reviewed For Updates M arch 1, 2017 RESOLUTION R2016-18 A RESOLUTION AMENDING THE DEKALB COUNTY FIXED ASSETS CAPITALIZATION POLICY WHEREAS,
More informationCapital Asset Procedures
Capital assets include land, improvements to land, easements, buildings, building improvements, vehicles, machinery, equipment, works of art, historical treasures, infrastructure, software and all other
More informationCOUNCIL POLICIES AND PROCEDURES SECTION - H MISCELLANEOUS. SUBJECT: Tangible Capital Assets Policy Number H-21
COUNCIL POLICIES AND PROCEDURES SECTION - H MISCELLANEOUS SUBJECT: Tangible Capital Assets Policy Number H-21 APPROVAL DATE: March 10, 2010 1.0 PREAMBLE It is the Policy of the Municipality of the District
More informationCOLORADO STATE UNIVERSITY Financial Procedure Instructions FPI 4-1
COLORADO STATE UNIVERSITY Financial Procedure Instructions FPI 4-1 1. Procedure Title: Property Management - Capitalization Thresholds for Capital Assets 2. Procedure Purpose and Effect: Procedures for
More informationEXHIBIT I FIXED ASSET ACCOUNTING SYSTEMS MANUAL POLICIES AND PROCEDURES CITY OF PAINESVILLE PREPARED BY FINANCE DEPARTMENT
EXHIBIT I FIXED ASSET ACCOUNTING SYSTEMS MANUAL POLICIES AND PROCEDURES PREPARED BY FINANCE DEPARTMENT Adopted: October 20, 2003 Resolution No. 60-03 Effective: January 1, 2003 FIXED ASSET ACCOUNTING POLICIES
More informationBUILDINGS, LAND AND LAND IMPROVEMENTS
Approved: Effective: February 19, 2014 Office: Office of Comptroller, General Accounting Topic No. 350-090-315-g Department of Transportation BUILDINGS, LAND AND LAND IMPROVEMENTS PURPOSE: To define requirements
More informationUniversity of Missouri System Accounting Policies and Procedures
University of Missouri System Accounting Policies and Procedures Policy Number: APM-20.05.10 Policy Name: Capital Assets Buildings and Improvements General Policy and Procedure Overview: This policy provides
More informationVersion Date Comments / Changes 1.0 June 2006 Initial Policy Released 2.0 June 2012 Revised 3.0 November 2017 Revised
Page 1 of 13 APPROVED (S) REVISED / REVIEWED SUMMARY Version Date Comments / Changes 1.0 Initial Policy Released 2.0 June 2012 Revised 3.0 Revised 1. Purpose The purpose of this policy is to establish
More informationSection: FS Financial Services. Department: Finance. FS-03 Tangible Capital Asset Policy. Policy Statement LEDUC COUNTY MUNICIPAL POLICY
FS-03 Tangible Capital Asset Policy Policy Statement Any object purchased for use by the County whose individual cost is less than the threshold and with a life span of less than one year shall not be
More informationCAPITAL ASSET POLICY
CAPITAL ASSET POLICY POLICY STATEMENT Morningside College, through each of its operating departments acquires and disposes of capital assets. Each department is responsible for following College procedures
More informationCAPITALIZATION POLICY
Southern Nevada Regional Housing Authority CAPITALIZATION POLICY Revised July 2017 Page 1 of 7 7/2017 Objective: The Southern Nevada Regional Housing Authority (SNRHA) adopts the following capitalization
More informationSTATE OF OHIO FINANCIAL REPORTING APPROACH GASB 34 IMPLEMENTATION ISSUES TRANSPORTATION INFRASTRUCTURE
TRANSPORTATION INFRASTRUCTURE GASB 34 Reporting Requirements (Paragraphs 19 through 26) Paragraph 19 includes infrastructure assets in the definition of capital assets. Infrastructure assets are defined
More informationTangible Capital Assets Implementation of Section 3150 New Brunswick Local Governments. October 2010
Tangible Capital Assets Implementation of Section 3150 New Brunswick Local Governments October 2010 Agenda Review of the Inventory template Review of the Guide Identification of assets Costing of assets
More informationVINCENNES UNIVERSITY FIXED ASSET SYSTEM POLICY & PROCEDURES
VINCENNES UNIVERSITY FIXED ASSET SYSTEM POLICY & PROCEDURES I. PURPOSE: To assist responsible University personnel to administer, account for, and preserve the institution s property, plant, and equipment
More informationTOWN OF SAN ANSELMO STAFF REPORT November 3, 2015
TOWN OF SAN ANSELMO STAFF REPORT November 3, 2015 For the Meeting of November 10, 2015 TO: FROM: SUBJECT: Town Council Daria Carrillo, Finance & Admin Services Director Approval of Resolution Setting a
More informationHow to file your Form 571-L Business Property Statement (BPS) For Small Business Owners
How to file your Form 571-L Business Property Statement (BPS) For Small Business Owners What is a Form 571L Business Property Statement (BPS)? A property tax form that is required for declaring business
More informationPolicy Title ACCOUNTING FOR TANGIBLE CAPITAL ASSETS
Department Administration ACCOUNTING FOR TANGIBLE CAPITAL ASSETS Date: October 13, 2011 1 of 6 Resolution No. C/627/11 Policy Statement: This policy prescribes the accounting treatment for tangible capital
More informationTangible Capital Asset Policy
Town of Lampman Tangible Capital Asset Policy Policy No. 200-1 December 13, 2012 Subject: Tangible Capital Asset Policy Type: Administration Authority: Approved by Council: December 13, 2012 Purpose: Tangible
More informationCalifornia State University, Long Beach Research Foundation. Fixed Assets Policy & Procedures
California State University, Long Beach Research Foundation Fixed Assets Policy & Procedures Page 1 University Research Foundation Table of Contents Fixed Asset Policy... 3 Introduction... 3 Asset Definitions...
More informationADMINISTRATIVE MEMORANDUM COUNTY OF SAN MATE0
ADMINISTRATIVE MEMORANDUM COUNTY OF SAN MATE0 NUMBER: A-7 SUBJECT: Accounting for Fixed Assets RESPONSIBLE DEPARTMENT: Controller APPROVED:_Signature on file DATE: November 4, 2010 David S. Boesh, County
More informationFederal Grants Manual Webinar Series: Property Management
Federal Grants Manual Webinar Series: Property Management June 24, 2015 The content and materials are not to be shared or distributed unless you have written permission from TASBO to do so. That includes:
More informationEXHIBIT A FULL TEXT OF BOND PROPOSITION HILMAR UNIFIED SCHOOL DISTRICT CLASSROOM SAFETY, RENOVATION AND CONSTRUCTION MEASURE
EXHIBIT A FULL TEXT OF BOND PROPOSITION 4152-6874-3188.6 HILMAR UNIFIED SCHOOL DISTRICT CLASSROOM SAFETY, RENOVATION AND CONSTRUCTION MEASURE This proposition may be known and referred to as the Hilmar
More informationDISTRICT SCHOOL BOARD SCHOOL AUTHORITY TANGIBLE CAPITAL ASSETS PROVINCIAL ACCOUNTING POLICIES & IMPLEMENTATION GUIDE
DISTRICT SCHOOL BOARD & SCHOOL AUTHORITY TANGIBLE CAPITAL ASSETS PROVINCIAL ACCOUNTING POLICIES & IMPLEMENTATION GUIDE REVISED APRIL 2012 INCLUDES UP TO RELEASE NO. 8 Table of Contents General Introduction...
More informationBoard Policy No. 29 Asset Management
Board Policy No. 29 Asset Management Summary This policy establishes the guidelines that the North County Transit District (NCTD) will utilize in distinguishing capital acquisitions from operational expenditures
More informationAccounting for Capital Assets
Accounting for Capital Assets FGFOA School of Government October 23, 2017 Bert Martinez, C.P.A. Senior Audit Manager Purvis, Gray & Company, LLP Tallahassee / Gainesville / Ocala / Sarasota What We Will
More informationLAC LA BICHE COUNTY POLICY
LAC LA BICHE COUNTY POLICY TITLE: TANGIBLE CAPITAL ASSETS POLICY NO: CS-10-006 RESOLUTION: 10.007 EFFECTIVE DATE: JANUARY 12, 2010 LEAD ROLE: MANAGER, FINANCE NEXT REVIEW DATE: DECEMBER 1, 2010 SPECIAL
More informationSUMMER VILLAGE OF YELLOWSTONE ACCOUNTING FOR TANGIBLE CAPITAL ASSETS CLASSIFICATION/CAPITALIZATION THRESHOLD/AMORTIZATION POLICY NO.
RESPONSIBILITY: C.A.O. APPROVED BY COUNCIL: DATE: September 16, 2009 PURPOSE: The objective of this policy is to prescribe the accounting treatment for tangible capital assets so that users of the financial
More informationPOLICY PROCEDURE. The words and phrases listed below when used in this policy shall have the following meanings ascribed to them:
Policy No. B.3.04. Page 1 of 16 LEGISLATION POLICY 1. The financial statements of the Manitoulin-Sudbury DSB are prepared in accordance with accounting principles established by the Public Sector Accounting
More informationCapital Asset Accounting Policies POLICY STATEMENT
Responsible Executive: Controller Responsible Department: A&FS Review Date: February, 2015 Accounting & Financial Services Capital Asset Accounting Policies POLICY STATEMENT I. Capital Asset Policy A.
More informationCITY OF RIO COMMUNITIES, NEW MEXICO
CITY OF RIO COMMUNITIES, NEW MEXICO FIXED ASSET POLICY RESOLUTION 2016-66 A RESOLUTION RELATING TO THE PROPER ACCOUNTING FOR CAPITAL ASSETS, THE ADOPTION OF THE STATE STATUTORY CAPITALIZATION LIMIT; AND,
More informationSCHOOL BOARD & SCHOOL AUTHORITY TANGIBLE CAPITAL ASSETS PROVINCIAL ACCOUNTING POLICIES & IMPLEMENTATION GUIDE
SCHOOL BOARD & SCHOOL AUTHORITY TANGIBLE CAPITAL ASSETS PROVINCIAL ACCOUNTING POLICIES & IMPLEMENTATION GUIDE REVISED APRIL 2010 INCLUDES UP TO RELEASE NO. 5 Table of Contents General Introduction... 5
More informationCAPITAL IMPROVEMENT PLAN POLICY/PROCEDURE Approved by the Town Council at the Town Council Meeting
CAPITAL IMPROVEMENT PLAN POLICY/PROCEDURE Approved by the Town Council at the 10-20-15 Town Council Meeting A Capital Improvement Plan (CIP) is a valuable and critical planning tool that is used to manage
More informationControl Code: TANGIBLE CAPITAL ASSETS Classification/Capitalization Threshold/Amortization
1 #9/09 TANGIBLE CAPITAL ASSETS Classification/Capitalization Threshold/Amortization Purpose: The purpose of the policy is to provide direction for recognizing and recording Tangible Capital Assets (TCA)
More informationFEMA National Floodplain Insurance Program (NFIP) Substantial Improvement/Substantial Damage Determination
Determining Structure/Market Value FEMA National Floodplain Insurance Program (NFIP) For additional clarification of requirements, please refer to FEMA Publication P-758, Substantial Improvement and Substantial
More information~ ~ JMu./2 _./ Clerk o heboard (> RESOLUTION NO. 1 t Jv. A RESOLUTION for the Mason County Capital Asset Policy.
A RESOLUTION for the Mason County Capital Asset Policy. WHEREAS, it is in the best interest of Mason County to establish a Capital Asset Policy to safeguard County assets and facilitate GAAP (General Accepted
More informationCounty of Riverside OFFICE OF THE AUDITOR-CONTROLLER STANDARD PRACTICE MANUAL
County of Riverside OFFICE OF THE AUDITOR-CONTROLLER STANDARD PRACTICE MANUAL SECTION: 5 POLICY NUMBER: 506 SUBJECT: CATEGORY: ACCOUNTING FOR: MODULAR FURNITURE CAPITAL ASSET POLICIES REVISED DATE: 07/01/17
More informationCapital Assets, Supplies, Equipment, and Intangible Property
Capital Assets, Supplies, Equipment, and Intangible Property 1 Uniform Guidance vs. OMB Circulars Prior to the Uniform Guidance, requirements governing cost Designed for DOL-ETA direct principles, administrative
More informationDiocese of Pueblo Accounting Policies and Procedures Manual. Chapter 14 - Fixed Assets
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
More information2016 Resource - FG Fixed Assets 3/29/2016
On the Fixed Assets panel, select Maintenance and Asset Maintenance Entering Assets 1 Entering Assets The required fields to enter an asset on the Asset Maint screen are: Dept, Class, Asset #, Description,
More informationKENTUCKY COMMUNITY AND TECHNICAL COLLEGE SYSTEM BUSINESS PROCEDURES MANUAL
Effective: July 1, 2016 Supersedes: Procedure 3.13 dated July 1, 2013 Applies To: Colleges and System Office Procedure Responsibility: System Accounting Page 1 of 15 Capital Assets Section 3.10.1 - General
More informationAccounting for Tangible Capital Assets
Accounting for Tangible Capital Assets Date Approved by Board: 2011.11.17 Resolution No.: 11-113 2016.05.19 16-048 Lead Role: CFO Replaces: N/A Last Review Date: N/A Next Review Date: 2019.05.19 Policy
More informationIn accordance with Property Management Policy C.2.7, the following procedures under Property Management are further expanded to include:
Property for the purposes of these procedures is defined as all artwork, furniture, equipment and other movable property, excluding only real property and non-movable fixtures. All property acquired, requisitioned,
More informationState of Mexicali Ad Valorem Taxation of Property Statutes, Rules and Regulations
STATUTES CODE OF MEXICALI OF 2000, TITLE 50 REVENUE AND TAXATION, CHAPTER 7 AD VALOREM TAXATION OF PROPERTY Sec. 50-7-1. Legislative intent The intent and purpose of the tax laws of this state are to have
More informationAccount Code Definitions: Capital
Office: Business Services Procedure Contact: Director of Business Services Related Policy or Policies: Noted within procedure statement Revision History Revision Number: Change: Date: 001 Update content
More informationSchedule 51: Consolidated Schedule of Tangible Capital Assets
Schedule 51: Consolidated Schedule of Tangible Capital Assets The Schedule 51 series collects the net book value of tangible capital assets by function (51A) and asset class (51B), and constructioninprocess
More informationP Capital Asset Guidelines Revised 5/22/2018. Table of Contents. Introduction... 2 Capital Asset Definitions and Guidelines...
P1-19-4-1503 Capital Asset Guidelines Revised 5/22/2018 Table of Contents Introduction... 2 Capital Asset Definitions and Guidelines... 2 Capital Asset Classification... 2 Capital Asset Acquisition Cost...
More informationDiocese of Madison. Policy for Recording Capital Assets. A. Definition of Capital Asset. B. Categories of Capital Assets
Diocese of Madison Policy for Recording Capital Assets In accordance with GAAP and the USCCB, parishes and schools must account for the capital assets used in their operations. Capital Assets, sometimes
More informationSTATE UNIVERSITY of NEW YORK PROJECT CAPITALIZATION FORM (PCF) INSTRUCTIONS
The Project Capitalization Form should be used for all capital projects on State University (SUNY) capital assets where design and construction costs are $100,000 or greater, and for all building and land
More informationOffice of Business and Financial Services Procurement and Contracts Division Section
2520.1 SUBJECT: CAPITAL ASSETS :1 OBJECTIVE: The Capital Asset Policies and Procedures Manual establishes policies, guidelines and procedures for the inventory, depreciation, disposal and maintenance of
More informationCity and County of San Francisco. Fixed Assets. Definitions and Guidelines
City and County of San Francisco Fixed Assets Definitions and Guidelines MAY 2010 Contents ABOUT FIXED ASSETS... 3 Introduction... 3 Fixed Asset Definitions... 3 Capitalization Thresholds... 4 Land and
More informationYuba County Administrative Policy & Procedures Manual
Yuba County Administrative Policy & Procedures Manual Subject: Policy Number: Page Number: K-3 Page 1 of 32 CAPITAL ASSETS Date Approved: Revised Date: 05/14/13 BACKGROUND: The purpose of this Capital
More informationTHE CORPORATION OF THE MUNICIPALITY OF SIOUX LOOKOUT BY-LAW NO
THE CORPORATION OF THE MUNICIPALITY OF SIOUX LOOKOUT BY-LAW NO. 37-14 BEING A BY-LAW TO ADOPT A TANGIBLE CAPITAL ASSET POLICY FOR THE MUNICIPALITY OF SIOUX LOOKOUT AND TO RESCIND BY-LAWS NOS. 06-09 AND
More informationAppendix A INSTRUCTIONS FOR LOADING YOUR BOARD S INFORMATION INTO THE EXCEL FILE
Appendix A PURPOSE There are 4 purposes of this Excel package, as follows: 1. To report any capital expenditure (land and buildings only) activity from April 1 st 2005 to August 31, 2005 that meets the
More informationKnowledge of This Procedure...5. Definitions...5. VI Responsibilities VII Capitalization Procedure... 7
CENTENARY COLLEGE OF LOUISIANA FIXED ASSET PROCEDURES Effective: 7/22/08 Revised: I TABLE OF CONTENTS Page Procedure Statement...3 II Procedure Rationale... 3 A. Criteria... 3 B. Application of Fixed Asset
More informationChapter 9 - REPORTING AND ANALYZING LONG-LIVED ASSETS
Revised Summer 2018 Chapter 9 Review 1 Chapter 9 - REPORTING AND ANALYZING LONG-LIVED ASSETS LO 1: Explain the accounting for plant asset expenditures. Plant Assets (Also known as Property, Plant, and
More informationChapter 08 - Long-Term Assets. Chapter Outline
Section 1 Plant Assets I. Cost Determination Plant assets are tangible assets used in a company's operations that have a useful life of more than one accounting period. Consistent with cost principle,
More informationBusiness Personal Property
Business Personal Property Question: Are businesses required to list with local government? Answer: Yes, all businesses, whether maintaining an office or operating out of the home, must list using the
More informationFixed Asset & Depreciation Policy
Fixed Asset & Depreciation Policy Prepared by: Applies to: Jon Cale, Finance Director All staff in WHMAT Approved by: Board of Directors 23/03/2017 Issued to MAT Academies for use: May 2017 Review date
More informationFINANCE. Tangible Capital Assets are non-financial assets having physical substance that:
EMC Reviewed: November 5, 2013 Policy Council Review: First Reading: November 4, 2013 Board Approved December 10, 2013: BM # 14:2013-2014 EMC Reviewed May 15, 2017 Board Approved June 22, 2017 BM# 46:
More informationWhat is the Omni-Circular Final Guidance on the Uniform Administrative Requirements, Cost Principals and Audit Requirements for Federal Awards
What is the Omni-Circular Final Guidance on the Uniform Administrative Requirements, Cost Principals and Audit Requirements for Federal Awards What are the Goals? Streamline guidance Reduce administrative
More informationAccounting for Leases
Office: Business Services Procedure Contact: Director of Business Services Related Policy or Policies: Noted within procedure statement Revision History Revision Number: Change: Date: 001 Update content
More informationBefore Class starts.(make sure your name is on all submissions)
Before Class starts.(make sure your name is on all submissions) Fourth Homework due 10/27(MW) or 10/28(TR) before class. No exceptions. Help session 10/26 1:00-3:30pm in GBS130 Fifth Homework due 11/3(MW)
More informationCapital Assets Accounting
Subsection: Overview of General Revenue Fund Accounting Page: 1 of 37 Capital Assets Accounting Objective Authority Background The objective is to outline the accounting requirements for capital assets.
More information