Capital Assets Accounting

Purpose

This policy governs the practice of tracking capital assets.

Duration

This policy is temporary and subject to revision at the implementation of a full capital assets software system.

Policy

The Governing Board shall ensure that ANCS maintains accurate records of capital assets in accordance with applicable rules. An inventory review of capital assets will occur at least annually and be reported to the Finance and Operations Committee.

Capital assets are defined as property (movable or immovable, tangible or intangible, fixed or circulating) owned by ANCS that is of significant value ($5,000 per unit or a lower amount designated by the Governing Board) and that is reasonably identified and controlled through a physical inventory system. Examples include land, buildings, machinery, and furniture.

At this time, ANCS tracks capital assets via tax return, as there is no software in place to track assets electronically.

Finance and Operations Committee approval must be obtained before disposal of capital assets. The annual financial audit required by O.C.G.A. § 20-2-2065(b)(7) shall include and exhibit in the audit a report identifying all capital assets and the ownership interest of local, state, and federal parties.

Approval and Review

Approved	Effective	Last Review	Next Review
06/16/2015	07/02/2015	09/2024	09/2026