Consumable materials and supplies will be expended in the accounting period acquired. Non-consumable items will be handled according to the following guidelines:
A. Any asset (fixed asset) having a life greater than one (1) year, having a value greater than one hundred dollars ($100) and purchased from the General Fund will be:
a. Tracked through the recording of the asset in an Asset & Depreciation Schedule.
b. While some items may not exceed the $100 limit, the Coordinator of Finance & Support Services may choose to list the item.
c. Assets with a less than one thousand dollar ($1,000) value will be expended in the accounting period acquired.
B. Assets with a greater than one thousand dollar ($1,000) value will be depreciated using a Modified Half Year, Straight Line Depreciation and the term periods shall be:
a. Buildings will be depreciated over a thirty-five (35) year period.
b. Land/Leasehold Improvements will be depreciated over a ten (10) year period.
c. General Furniture, Fixtures and Equipment will be depreciated over a seven (7) year period.
d. High technology equipment has a shorter life span of usefulness and will be depreciated over a three (3) year period.
C. Library Materials (i.e.: books), have a life greater than one (1) year and having an average historical value (i.e.: books, video, audio), of more than ten dollars ($10), will be depreciated using a Straight Line method starting in the year of the purchase and the term periods will be:
a. Books will be depreciated over a ten (10) year period.
b. Audio/Video will be depreciated over a five (5) year period.
D. Capital Project Fund purchases will be transferred to the General Fund Accounting Group and will be handled according to the procedures outlined above by acquisition date and not transfer date.
E. Capital Projects will be reviewed for completion yearly by the Coordinator of Finance & Support Services. This review will determine continuation of projects and provide for the Board of Trustees a listing of completed projects for transfer to the General Fund.
F. All asset acquisitions are approved on adoption of the Fiscal Year Budget by dollar amount only. Listings of assets to purchase by name is for information only and does not restrict expenditures.