Capital assets should be recorded at actual cost, if known. If the original cost is not known, an estimate should be made of the assets original cost. This valuation should be of the asset's original or estimated original cost, not the current replacement cost of the asset. Normally the cost recorded is the purchase price or construction costs of the asset, but also included is any other reasonable and necessary costs incurred to place the asset in its intended location and intended use that can be directly related to the asset. Donated or contributed assets should be recorded at their fair market value on the date donated or acquired.
(Res. 2021-04, passed 4-26-21)