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Capital Assets Policy - Fauquier County

Capital Assets Policy - Fauquier County

Capital Assets Policy - Fauquier

Finance Department Policy Fauquier County, Virginia Policy Title: Capital Assets (FD-2) Effective Date: April 14, 2011 1. Purpose This Capital Assets Policy provides general guidance for the proper recording and financial reporting of capital assets. Such guidance is intended to provide a reasonable assurance that capital assets are properly accounted for and safeguarded. Specifically, this guidance includes: Definitions of terms Internal controls Criteria for capitalization of assets Departmental roles and responsibilities Estimated useful life and depreciation / amortization Asset impairments Accounting and reporting of capital assets 2. Policy Statement 3. Scope This policy is intended to ensure that the investment of public funds in Capital Assets are adequately defined and consistently implemented; properly accounted for and reported in the financial statements as mandated by the Code of Virginia and all applicable Governmental Accounting Standards Board (GASB) Statements; and that standards of control are established and maintained to minimize the risk of loss or misuse. This policy is reviewed annually to ensure that it is current in accordance with generally accepted accounting principles (GAAP). This policy applies to the Fauquier County Government and Public Schools and all departments / schools, constitutional offices, agencies, associated programs and grants with assets that meet the criteria herein. 4. Definitions of Terms Amortization – The systematic allocation of the cost of an intangible asset over its useful life. 1

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