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AG 2006 08 21
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AG 2006 08 21
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Last modified
8/24/2006 1:40:13 PM
Creation date
11/27/2017 11:33:43 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
8/21/2006
Board
Board of Commissioners
Meeting Type
Regular
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<br />Subiect: <br /> <br />Fixed Assets <br /> <br />Purpose: <br /> <br />Define the criteria for determining fixed assets for the County. <br /> <br />Policy: <br /> <br />A fixed asset is tangible in nature and has a useful life longer than one (1) year. A fixed asset is classified as land, <br />land improvements, buildings, furniture and equipment, and vehicles and motorized equipment. It is the County's <br />policy that items of insignificant value or value less than $5,000 are normally expensed instead of being considered a <br />fixed asset. <br /> <br />Local governments and public authorities are required by NC General Statute 159-26(b)(8) to maintain "a ledger or <br />group of accounts in which to record the details relating to the general fixed assets of the unit or public authority," <br /> <br />Classification of Fixed Assets <br /> <br />Fixed assets owned by the County should be recorded in the accounting records. Accounting classifications of fixed <br />assets are as follows: <br /> <br />1. Land <br />A fixed asset account that reflects the value of land and the rights to land owned by the governmental unit. <br />It includes all land held in fee simple and all rights to land that has no termination date, <br /> <br />2, Buildings and Building Improvements <br />A fixed asset account that reflects the acquisition value of permanent structures owned by the County used <br />to house persons and property. Permanently installed fixtures to or within these structures are considered <br />parts of the stroctures. The costs of major improvements to structures are included in this account. <br /> <br />3. Land Improvements <br />A fixed asset account that reflects the acquisition value of permanent improvements (other than buildings) <br />that add value to the land or improve the use of the land. Examples of such improvements are: fences, <br />retaining walls, draining systems, sidewalks, parking lots and driveways (Note that when used with fixed <br />assets, the terms "improvement" and "betterment" have different meanings. "Improvements" are fixed <br />assets permanently attached to the land. "Betterments" are additions to or changes in existing depreciable <br />assets intended to increase their efficiency or prolong their useful lives.) <br /> <br />Recording of public domain or infrastructure type fixed assets in the accounting records is optionaL This <br />category of fix:ed assets includes roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, <br />and similar as,ets that are immovable and of value only to the County, <br /> <br />4, Equipment. V~hicles and Furniture <br />A fixed asset account that reflects the value of tangible property not permanently affixed to real property, <br />used in carryitt.g out the operations of the governmental unit. Examples of equipment are machinery, <br />furniture and yehicles. <br /> <br />5. Construction in Progress <br />A fixed asset ~ccount that reflects amounts expended on an incomplete building or other capital <br />construction project. When the project is complete, the cumulative costs are transferred to another <br />appropriate fixed asset account, <br /> <br />Valuation of Fixed Ass~ts <br />Fixed assets should be accounted for at cost or if the cost is not practicably determinable, at estimated historical cost. <br />Donated fixed assets should be recorded at their estimated fair market value when received. <br /> <br />Valuations considerations by category of fixed assets include: <br /> <br />1. Land (Account 9801) <br />If the land is purchased, the valuation includes such costs as purchase price, legal fees, filling and <br />excavation, arid other costs directly related to the acquisition of the land and its preparation for use. Rights. <br /> <br />22 <br /> <br />F-8 <br />
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