A. Statement Of Policy: The purpose of the fixed asset policy is to provide guidelines for the capitalization of assets. Maintaining a complete and accurate accounting for capital assets is essential for effective property management and control, and is of the utmost importance to sound financial administration.
B. Approval/Review Of Policy; Copy On File: The fixed asset policy shall be approved by the village board of trustees and shall remain on file with the village clerk. The village board shall regularly review and update the fixed asset policy, with such reviews to be conducted at least biannually. (Ord. 2014-11-35, 11-20-2014)