All assets purchased by the Glenwood 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 $2,500. The 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-year convention over the following asset lives:
|
Asset Class |
Examples |
Est. 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 Assets
Enterprise fund type property and equipment is 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 twelve (12) years, using the straight-line method.
*Adopted: 07/14/03
*Reviewed: 12/11/06
*Reviewed: 04/12/10
*Revised: 12/13/10
*Reviewed: 5/11/2015
*Reviewed: 09/09/19