FIXED ASSET CAPITALIZATION. The Fort Dodge Community School District Fixed Asset Capitalization Policy follows

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1 Policy: 0 FIXED ASSET CAPITALIZATION I. Purpose The Fort Dodge Community School District Fixed Asset Capitalization Policy follows the requirements set forth by the Government Accounting Standards Board Statement No. as it pertains to Capital Asset Reporting. II. Definition The policy applies to the Fort Dodge Community School District s acquisition and depreciation of capital assets. Capital assets include land, improvements to land, easements, buildings and building additions, building improvements, furniture, fixtures and equipment, equipment under lease, vehicles, works of art and historical treasures, construction-in-progress and all intangible assets. Capital assets are tangible and intangible assets used in operations and have initial useful lives extending beyond a single reporting period. If there are no legal, contractual, regulatory, technological or other factors that limit the useful life of the asset, then the intangible asset needs to be considered to have an indefinite useful life and no amortization should be recorded. Equipment will not change its original shape, appearance or character with use and it can be expected to last more than one year with reasonable care and maintenance. III. Authority Participation of the school entity in any such activity shall be in accordance with Board policy. IV. Delegation of Authority The Board of School Directors delegates to the Director of Financial Services the responsibility to coordinate the compilation and preparation of all information necessary to implement this policy. The Board Secretary/Director of Financial Services shall be responsible for inventory, including depreciation schedules. Page of

2 Policy: 0 V. Guidelines CAPITAL ASSET ADDITION OVERVIEW A. Purchased Capital Assets greater than $,000, site improvements greater than $,000, building improvements greater than $,000, all land purchases and all intangible assets greater than $0,000 should be recorded at historical/original cost. The cost of a capital or intangible asset should include capitalized interest and ancillary charges necessary to place the asset into its intended location and condition for use. Ancillary charges include costs that are directly attributable to asset acquisition such as freight and transportation charges, site preparation costs, and professional fees. Purchases less than $,000, but greater than $00 and have lives that extend beyond one year and need to be controlled for insurance purposes, should be classified as non-capital equipment expenditures, and coded to the object specified by the Uniform Financial Activity Manual for Iowa LEA s and AEA s. Purchases less than $,000 and are consumed within the fiscal year are treated as supplies and coded to the supply objects prescribed by the Uniform Financial Activity Manual for Iowa LEA s and AEA s. Group purchases of assets greater than $,000 should be recorded at historical cost. Group assets are assigned to one specific location, are moveable property requiring loss control, and have a useful life extending beyond a single reporting period. Group assets include classroom furniture, classroom texts, library books, musical instruments, computer equipment, and band uniforms. Group purchases less than $,000 are not capitalized. Page of

3 Policy: 0 B. Capital Assets should be depreciated over their useful lives as determined for each asset class. Land, and some land improvements, are considered inexhaustible, and are therefore not subject to depreciation. C. If determining historical costs is not practical due to inadequate records, reporting should be based on estimates of original cost at the date of construction or purchase. D. Nutrition fund fixed assets with an historical cost equal to or greater than $00 will be capitalized and depreciated over years. A straight-line depreciation method will be used and assets will be depreciated for a full year in the year of acquisition. E. Depending upon the information available and the category of the asset, fixed asset records should include all or part of the following: Asset Tag Number Estimated Useful Life Description Depreciation Method Asset Class Salvage Value Serial Number Accumulated Depreciation Cost Depreciation Expense Location or Functional Area Replacement Cost Acquisition Date Page of

4 Policy: 0 DONATIONS Donated Capital Assets must be reported at fair market value plus ancillary charges, if any, at the time of donation. Donated assets are depreciated over their useful lives as determined for each asset class. If determining historical costs is not practical due to inadequate records, reporting should be based on estimates of fair market value at the date of donation. COLLECTIONS A. Works of art, historical treasurers and similar assets should be capitalized at their historical cost or fair value at date of donation (estimated if necessary) whether they are held as individual items or in a collection. B. Capitalized collections or individual items that are exhaustible should be depreciated over their useful lives. Depreciation is not required for collections or individualized items that are inexhaustible. DEPRECIATION A. Depreciation is required for the District s Capital Assets. Depreciation is allocated to expense in a systematic and rational manner. Depreciation is calculated using the Straight Line method and reported by area of activity (function). The District calculates depreciation on all capital assets reported in the District financial statements other than land, permanent improvements to land, and construction in progress. B. Depreciation may be calculated for a class of assets, a network of assets or individual assets. Page of

5 Policy: 0 DISPOSALS A. Sale of Fixed Assets: When fixed assets are sold, calculation of gain or loss on disposal is required. The calculation is based upon the amount of proceeds received less the net book value (cost less accumulated depreciation taken on the asset). B. Trade-ins: The value given for a trade is part of the cost of the newly acquired asset. The costs and accumulated depreciation of the traded-in asset must be removed from the books. Any gain or loss resulting from the disposition of the asset will be recognized as a gain or loss on disposal. ASSETS ACQUIRED BY CAPITAL LEASE A. Assets acquired by Capital Lease are recorded at the new present value of the future minimum lease payments. A corresponding liability is established at this time. Assets acquired under the terms of capital leases are depreciated over the useful lives designated for the asset class. USEFUL LIVES Useful lives of fixed assets relate to the life expectancy as used by the specific government unit. The following table should be used to assist the district in estimating the useful life of a capital asset: Page of

6 Policy 0 Asset Class Examples Years/Range Land N/A Site Improvements Paving, flagpole, retaining walls, sidewalks, fencing, outdoor lighting School Buildings 0 HVAC Systems Heating, ventilation, and air conditioning systems Roofing Interior Construction Carpet Replacement Electrical/Plumbing 0 Sprinkler/Fire System Outdoor Equipment Playground, radio towers, fuel tanks, pumps Machinery & Tools Shop & maintenance equipment, tools Kitchen Equipment Appliances Custodial Equipment Floor scrubbers, vacuums, other Science & Engineering Lab equipment, scientific apparatus Furniture & Accessories Classroom and office furniture Business Machines Fax, duplicating & printing equipment Copiers Communication Mobile, portable radios, non-computerized Equipment Computer Hardware PC s, printers, network hardware Computer Software Instructional, other short-term Computer Software Administrative/Long-term Audio Visual Equipment Projectors, cameras (still & digital) Athletic Equipment Gymnastics, football, weight machines, wrestling mats Musical Instruments Pianos, string, brass, percussion Library Books Collections Licensed Vehicles Buses, other on-road vehicles Contractors Equipment Major off-road vehicles, font-end loaders, large tractors, mobile air compressor Grounds Equipment Mowers, tractors, attachments Intangible Easements or land use rights, patents, trademarks, copyrights, and computer software that are purchased; licensed or internally generated. Legal Reference: Iowa Code Chapter.,. &., Governmental Accounting Standards Board Statement. Adopted: /0/0 Revised: /0/0, 0/0/0, // Reviewed: 0//0, //, // Page of

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