Capital Assets Sample Clauses

Capital Assets. Capital assets include land, improvements to land, easements, water rights, timber rights, buildings, building improvements, vehicles, machinery, equipment, works of art and historical treasures, infrastructure, and all other tangible or intangible assets that are used in operations and that have initial useful lives extending beyond a single reporting period. Capital assets are reported in the applicable governmental or business type activities columns in the government-wide Statement of Net Position. Capital assets are recorded at historical cost or estimated historical cost based on appraisals or deflated current replacement cost. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal maintenance and repair that do not add to the value of the asset or materially extend asset lives are not capitalized. Capital assets are defined by the District as assets with an initial, individual cost in excess of the thresholds in the table below. Capital acquisition and construction are reflected as expenditures in the Governmental Fund statements and the related assets are reported as capital assets in the governmental activities column in the government-wide financial statements. Depreciation is calculated on the straight-line basis for all assets, except land. The following schedule details the capitalization thresholds: Capitalization Policy Estimated Useful Life Land$ 00Buildings50,00040 yearsBuilding improvements25,00020 yearsImprovements other than buildings25,00020 yearsMobile equipment5,0005-10 yearsFurniture and equipment5,0003-7 yearsLeased property under capital leases** (*) The threshold amount will correspond with the amounts for the asset classifications, as listed. See Note 5 for details.
Capital Assets. General capital assets generally result from expenditures in the governmental funds. These assets are reported in the governmental activities column of the government-wide Statement of Net Position, but are not reported in the fund financial statements. All capital assets are capitalized at cost (or estimated historical cost) and updated for additions and retirements during the year. Donated capital assets are recorded at estimated acquisition value (as estimated by the District) at the date of donation. The cost and accumulated depreciation of assets sold or retired are removed from the accounts, and gains or losses, if any, are reflected in revenue or expenditures/expenses for the year. The District maintains a capitalization threshold of $100,000 for assets with lives of 15 years or more and $5,000 for all other capital assets. Improvements that meet this criteria are capitalized. The District does not own any significant infrastructure. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend an asset’s life are expensed. All reported capital assets except land and construction in progress are depreciated. Construction projects begin being depreciated once they are completed and placed in service, at which time the complete costs of the project are transferred to the appropriate capital asset category. Improvements are depreciated over the remaining useful lives of the related capital assets. Depreciation is computed using the straight-line method over the following useful lives: Asset Category Buildings and ImprovementsFurniture and EquipmentGovernmental Activities20 - 50 years3 - 12 years
Capital Assets. Capital assets purchased or acquired with an original cost of $5,000 or more are reported at historical cost or estimated historical cost. Contributed assets are reported at fair market value as of the date received. Additions, improvements, and other capital outlays that significantly extend the useful life of an asset are capitalized. The costs of normal maintenance and repairs that do not add to the value of the assets or materially extend the asset's lives are not capitalized, but are expensed as incurred. Depreciation on all capital assets is computed using a straight-line basis over the following estimated useful lives as follows: buildings and improvements, 5 to 50 years; furniture and equipment, 2 to 15 years; and vehicles, 8 years.
Capital Assets. General capital assets are those assets not specifically related to activities reported in the proprietary funds. These assets generally result from expenditures in the governmental funds. These assets are reported in the governmental activities column of the government-wide statement of net position, but are not reported in the fund financial statements. Capital assets utilized by the proprietary funds are reported both in the business-type activities column of the government-wide statement of net position and in the respective funds. NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020 NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued) All capital assets are capitalized at cost (or estimated historical cost) and updated for additions and retirements during the year. The City was able to estimate the historical cost for the initial reporting of assets by back-trending (i.e., estimating the current replacement cost of the asset to be capitalized and using an appropriate price-level index to deflate the cost to the acquisition year or estimated acquisition year.) Donated capital assets are recorded at their acquisition values as of the date received. The City maintains a capitalization threshold of $10,000. Improvements are capitalized; the costs of normal maintenance and repairs that do not add to the value of the asset or materially extend an asset’s life are not. All reported capital assets are depreciated except for land and construction in progress. Improvements are depreciated over the remaining useful lives of the related capital assets. Useful lives for infrastructure were estimated based on the City’s historical records of necessary improvements and replacement. Depreciation is computed using the straight-line method over the following useful lives: Governmental and Business-Type ActivitiesDescription Estimated Lives Land improvements 20 YearsBuildings and building improvements 21-50 YearsMachinery and equipment 5-40 YearsInfrastructure 15-75 YearsVehicles 8-15 Years The City’s infrastructure consists of streets, sidewalks, storm sewers, water lines, sewer lines, street lights and traffic signals. For 2004, the City reported governmental activities infrastructure for the first time. The City only reports the amounts required after 2004.
Capital Assets. Capital assets, which include land, buildings, furniture and equipment, are reported in the applicable governmental column in the Government-wide Financial Statements. Primarily, capital assets are defined by the District as assets with an initial cost of more than $5,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Costs of the facilities Acquisition and Construction Function that relate to overall planning of District facilities, managing overall District assets and overall construction projects are treated as period costs and are not capitalized unless related to specific assets. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. NOTE 1SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) E. Other Accounting Policies – Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position or Equity (continued) 5. Capital Assets (continued) When assets are retired or otherwise disposed of, the related costs or other recorded amounts are removed. Buildings, furniture, and equipment of the District are depreciated using the straight line method over the following estimated useful lives: Assets Years Building50Portable Buildings25-50Building Improvements7-25Furniture & Fixtures20Vehicles15Buses15Equipment10-15Office Equipment10Computer Equipment6 Land and construction in progress are not depreciated.
Capital Assets. Primary Government Capital asset activity for the year ended June 30, 2021, was as follows: Governmental Activities: Capital assets not being depreciated:Beginning Balances Increases Decreases Ending BalancesLand$ 1,835,577 $ 332,836 $ - $ 2,168,413Construction in Progress3,820,722 1,099,003 (4,835,233) 84,492Total capital assets not being depreciated5,656,299 1,431,839 (4,835,233) 2,252,905Capital assets being depreciated: Building28,782,750 1,150,000 - 29,932,750Equipment and vehicles22,773,449 5,757,750 (725,751) 27,805,448Total capital assets being depreciated:51,556,199 6,907,750 (725,751) 57,738,198Less accumulated depreciation for: Building15,637,288 651,492 - 16,288,780Equipment and vehicles11,056,017 1,411,032 (698,620) 11,768,429Total accumulated depreciation:26,693,305 $ 2,062,524 $ (698,620) 28,057,209Total capital assets being depreciated, net24,862,894 29,680,989Governmental activity capital assets, net$ 30,519,193 $ 31,933,894 Depreciation expenses are charged to functions/ program of the governmental activity capital assets as follows: General Government $ 380,702Public Safety 1,418,071Transportation 109,099Environmental Protection 16,428Economic and Physical Development 23,958Human Services 47,442Cultural and Recreation 66,824Total Depreciation Expense $ 2,062,524Business-type activities: Beginning Piney Point Water:Capital assets being depreciated:Beginning Balances Increases DecreasesEnding BalancesPlant in service$ 727,984 $ - $ - $727,984Total capital assets being depreciated:727,984 - -727,984Less accumulated depreciation for: Plant in service692,711 1,459 -694,170Total accumulated depreciation692,711 1,459 -694,170Total capital assets being depreciated, net35,273 $ (1,459) $ -33,814Total Piney Point capital assets, net$ 35,273 $33,814 West Stanly Waste Water Treatment Plant: Beginning Balances Increases Decreases Ending BalancesCapital assets not being depreciated: Construction in progress$ 564,227 $ 3,587,989 $ - $4,152,216Total capital assets not being depreciated:564,227 3,587,989 -4,152,216Capital assets being depreciated: Plant in service3,835,778 - -3,835,778Equipment and vehicles53,265 19,905 -73,170Total capital assets being depreciated :3,889,043 19,905 -3,908,948 Less accumulated depreciation for: Plant in service1,090,887 179,160 -1,270,047Equipment and vehicles37,974 8,085 -46,059Total accumulated depreciation:1,128,861 $ 187,245 $ -1,316,106Total capital assets being depreciated, net2,760,182 2,592,842Total West Stanly W...
Capital Assets. General capital assets are capital assets which are associated with and generally arise from governmental activities. They generally result from expenditures in the governmental funds. General capital assets are reported in the governmental activities column of the government-wide statement of net position, but are not reported in the fund financial statements. Capital assets utilized by the enterprise funds are reported both in the business-type activities column of the government-wide statement of net position and in the respective funds. All capital assets are capitalized at cost (or estimated historical cost) and updated for additions and retirements during the year. The County was able to estimate the historical cost for the initial reporting of infrastructure by back trending (i.e., estimating the current replacement cost of the infrastructure to be capitalized and using an appropriate price-level index to deflate the cost to the acquisition year or estimated acquisition year). Donated capital assets are recorded at acquisition value as of the date received. The County maintains a capitalization threshold of five thousand dollars with the exception of land as land was listed regardless of cost. Improvements are capitalized; the costs of normal maintenance and repairs that do not add to the value of the asset or materially extend an asset’s life are not. All capital assets are depreciated except for land and construction in progress. Improvements are depreciated over the remaining useful lives of the related capital assets. Useful lives for infrastructure were estimated based on the County’s historical records of necessary improvements and replacement. Depreciation is computed using the straight- line method over the following useful lives: For 2021, the County reported infrastructure consisting of roads, bridges and culverts, water lines and sewer lines, and includes infrastructure acquired prior to December 31, 1980.
Capital Assets. Capital assets, which include property, plant, equipment and infrastructure, are reported in the applicable governmental activities columns in the government-wide financial statements. Capital assets are defined by the Library as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of the donation.
Capital Assets. Capital assets purchased or acquired with an original cost of $5,000.00 or more are reported at historical cost or estim ated historical cost. Contribu ted assets are reported at fair m arket value as of the date received. Additions, improvements and other capital outlays that significantly extend the useful life of an asset are capitalized. Other costs incurred for repairs and maintenance are expensed as incurred. Depreciation on all assets is provided on the str aight-line basis over the following estimated useful lives: Buildings 20-50 yearsSoftware and libr ary resources 3-5 yearsMachinery and equipment 5-10 yearsImprovements 10-20 years The accounting t reatment over property, plant and equipment depends on whether they are reported in the government-wide financial statements or fund financial statements. In the government-wide financial statements, capital assets are accounted for as capital assets. In the fund financial statements, capital assets are accounted for as capital outlay expenditures of the governmental fund upon acquisition.