Annual report of the Town of Hampton, New Hampshire

Hampton Beach Village District
Independent Auditor's Communication of Reportable
Conditions and Other Matters
Page 2
General Fixed Assets Accounting
In general, accounting for fixed assets provides information for estimating the amount of
insurance needed, monitors asset utilization, provides a safeguarding over the asset, and
allows for depreciation to be estimated when applicable. As reported in prior years
communications, the District does not maintain records for its investment in property, plant
and equipment because historical cost data in not available.
Current government accounting standards and generally accepted accounting principles
require full disclosure of local government fixed asset funds for complete presentation of
financial condition.
We recommend that the District adopt a system for fixed asset control that will include all
property, plant and equipment purchases and the required depreciation schedules to
recognize the net historical cost value of these assets.
This report is intended solely for the information and use of management and others within the
administration. This restriction is not intended to limit distribution of this report, which is a matter of
public record.
In closing, I compliment and thank the Commissioners and staff of the Hampton Beach Village District
for their competent assistance during the course of the audit.
January 27, 1999
Youngclaus & Company
Certified Public Accountants
**'&**&??&£ ^
William C. Youngclaus
Certified Public Accountant
YOUNGCLAUS AND COMPANY
725 LAFAYETTE ROAD * HAMPTON, NEW HAMPSHIRE 03842
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