806.03 – General Fixed Assets/Capital Assets
All assets purchased by the Colfax-Mingo Community School District are subject to the following capitalization policy:
General fixed Assets/Capital Assets
Capital assets are recorded as expenditures in the Governmental Funds and are capitalized in the General Fixed Assets Account Group. Assets in this account group are recorded at historical cost, and must have a useful life greater than one reporting period, and have a value of at least $1,500. This district will not utilize salvage value.
In accordance with standard 34, set forth by the Governmental Accounting Standards Board, depreciation will be recorded for general fixed assets, utilizing the straight-line method with a full convention over the following asset lives:
|Asset Class||Examples||Estimated Useful Life In Years|
|Site Improvements||Paving, flagpoles, retaining walls, sidewalks, fencing, outdoor lighting.||20|
|Equipment||Classroom and office furniture, fax, copiers, computer hardware, grounds equipment.||5|
|Licensed Vehicles||Buses, other on-road vehicles||7|
Enterprise Fund Assets or Business-Type
Enterprise fund type property and equipment are accounted for at historical cost for assets with a useful life greater than one reporting period and with a value of at least $500. Depreciation is recorded over 12 years, using the straight-line method.
Date of Adoption: January 17, 2005
Reviewed & Revised: February 7, 2005; January 18, 2010; June 27, 2016