(A) A department will capitalize buildings at full cost with no subcategories for tracking attachments such as roofs, heating, cooling, plumbing, lighting, sprinkling systems, or any part of the basic building. Each department will include the cost of items designed or purchased exclusively for the building.
(B) A department’s new building will be capitalized only if it meets both of the following conditions:
(1) The total cost exceeds $5,000; and
(2) The useful life is greater than two years.
(C) A department improving or renovating an existing building will capitalize the cost only if the results meet the following conditions:
(1) The total cost meets or exceeds $5,000;
(2) The useful life is extended two or more years.
(D) A department will record donated buildings at fair market value on the known or estimated date of transfer with any associated costs.
(E) Building purchases made using federal or state funding will follow the source funding policies and above procedures.
(Ord. 08-002, passed 4-21-08)