(a) There is hereby established a Capitalization Policy with a threshold of five thousand dollars ($5,000.00) for financial reporting in compliance with generally accepted accounting principles.
(b) A "capital asset" is an item defined as having a useful life greater than one year and cost equal to or more than five thousand dollars ($5,000.00). The useful life of these assets will be determined based on the Internal Revenue Service regulations.
(Res. 174-04. Passed 8-19-04.)