B. Equipment and Other Property Property and equipment with an acquisition value of $5,000 or greater shall be capitalized and depreciated using a straight-line formula. The acquisition of non-expendable property shall fall within the adopted budget for the fiscal year and approved by the Executive Director. The disposition of the non-expendable property when no longer needed can be disposed of as a trade- in, direct sale or discarded in a manner that best benefits IGA with all proceeds going back into the IGA operating fund. Property records shall be maintained accurately and shall include record of an identification number (permanently affixed to property), property description, serial number, model number, and any other identification number, acquisition date and cost, location, use and condition of the property, vendor name and address, and the ultimate disposition date including all pertinent disposition details (date of disposal, selling price, etc.). A physical inventory of all property shall be performed at the end of each fiscal year and the condition of the property recorded and dated in the records. Adequate maintenance procedures shall be implemented within reason to keep the property in good condition. C. Property and Equipment Useful Lives Buildings: 40 years Furniture, fixtures, and equipment: 3-5 years
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Deleted: NIGA
IGA Accounting Policies and Procedures (guidelines)
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