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AG 2001 12 17
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AG 2001 12 17
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Last modified
7/19/2002 4:28:34 PM
Creation date
11/27/2017 11:46:34 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
12/17/2001
Board
Board of Commissioners
Meeting Type
Regular
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Subiect: <br /> <br />Purpose: <br /> <br />Policy: <br /> <br />Fixed Assets <br /> <br />To define the criteria for determining fixed assets for the County. <br /> <br />A fixed asset is tangible in nature and has a useful life longer than one (1) <br />year. A fixed asset is classified as land, land improvements, buildings, <br />furniture and equipment, and vehicles and motorized equipment. It is the <br />County's policy that items of insignificant value or value less than $5,000 <br />are normally expensed instead, of being considered a fixed asset. <br /> <br />Local governments and public authorities are required by NC General <br />Statute 159-26(b)(8) to maintain "a ledger of group of accounts in which to <br />record the details relating to the general fixed assets of the unit or public <br />authority." <br /> <br />Classification of Fixed Assets <br /> <br />Fixed assets owned by the County should be recorded in the accounting <br />records. Accounting classifications of fixed assets are as follows: <br /> <br />Land <br />A fixed asset account that reflects the value of land and the rights to <br />land owned by the governmental unit. It includes all land held in <br />fee simple and all rights to land that has no termination date. <br /> <br />Buildings and Building Improvements <br />A fixed asset account that reflects the acquisition value of <br />permanent structures owned by the County used to house persons <br />and property. Permanently installed fixtures to or within these <br />structures are considered parts of the structures. The costs of major <br />improvements to structures are included in this account. <br /> <br />Land Improvements <br />A fixed asset account that reflects the acquisition value of <br />permanent improvements (other than buildings) that add value to <br />the land or improve the use of the land. Examples of such <br />improvements are: fences, retaining walls, draining systems, <br />sidewalks, parking lots and driveways (Note that when used with <br />fixed assets, the terms "improvement" and "betterment" have <br />different meanings. "Improvements" are fixed assets permanently <br />attached to the land. "Betterments" are additions to or changes in <br /> <br /> <br />
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