§ 32.28 BUILDING CAPITALIZATION PROVISIONS.
   (A)   The town will capitalize new buildings, building renovations, and additions to buildings at full cost if the total cost is $5,000 or greater. The listing will include location, known or estimated date of acquisition, and vendor if identifiable.
   (B)   Capitalization of building costs will include the preparation of land for the building, architectural, engineering, and other professional fees, contractor, subcontractor, and other costs directly attributable to the construction of a building.
   (C)   Donated buildings will be recorded at fair market value on the date of transfer with any associated costs.
   (D)   Building purchases using federal or state funding will be included on the same basis follow the above provisions as listed in divisions (A) and (B) above.
   (E)   Sewer and water owned buildings will be depreciated using life expectancy of the infrastructure and straight line depreciation.
(Ord. 2018-4, passed 2-14-2018)