7455 Accounting of Fixed Assets

The Director of Business Services shall be responsible for the development and maintenance of the fixed-asset accounting system. The Director of Business Services shall develop procedures to ensure compliance with this system and applicable regulations including Generally Accepted Accounting Principles (GAAP).

All fixed asset purchases, that are (a) in excess of the threshold per-item for capital expenditure for special use equipment established by the federal government and (b) have a useful life of more than one year, will be capitalized.  Items below this amount may be capitalized in accordance with existing procedures and accepted practices. 

Adopted 08/04/2016      

Revised 05/15/2025