The Governmental Accounting Standards Board has ruled that effective with the 2003-04 school year, the Bennett Community School District must implement GASB Statement 34 to determine the capitalization and depreciation policies for capital assets in accordance with GAAP. The Bennett School will adhere to the following capital assets requirements:
Major Classes – Land, Land Improvements, Buildings, Equipment & Vehicles, Nutrition Equipment, and Construction in process.
Description
Year of Acquisition
Method of Acquisition – Donated, purchased, or grant
Funding Source
Purchase Cost
Salvage Value
Straight Line Depreciation – The capitalization threshold is 80% of the value of all fixedassets. Items on the annual moveable equipment inventory, with a purchase value of $2,500.00 and above per unit, will be captured for depreciation.
Useful Lives Buildings 50 years
Site Improvement 20 years
Equipment 5 years
Vehicles 7 years
Nutrition Equipment 12 years
Approved: 3-14-05
Reviewed: 12-11-23
Revised:
