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
School Buildings 50
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