Buildings and Sites
802.8 - Fixed Assets
RESCINDED 6/20/22
General Fixed Assets/Capital Assets
All assets purchased by the WACO Community School District are subject to the following policy:
General Fixed Assets/Capital Assets
Capital Assets are recorded as expenditures in the Government Funds and are capitalized in the General Fixed Assets Account Group. Assets in this account group are recorded at a historical cost and must have a useful life greater than one reporting period and have a value of at least $5,000.00. This district will not utilize salvage value.
In accordance with Standard 34, set forth by the Government Accounting Standards Board, depreciation will be recorded for general fixed assets, utilizing the straight-line method with a half-year convention over the following lives
Asset Class
Examples
Estimated Useful Life in Years
Site Improvement
Paving, flagpoles, retaining walls, sidewalks, fencing, outdoor lighting
20
School Buildings
50
Equipment
Classroom and office furniture, fax, copiers, computer hardware, grounds equipment
5
Licensed Vehicles
Buses, other on-road vehicles
7
Enterprise Fund Assets or Business-Type
Enterprise fund type property and equipment is accounted for at historical cost for assets with a useful life greater than one reporting period with a value of at least $500. Depreciation is recorded over 12 years, using the straight-line method.
Approved: July 26, 2004
Reviewed: 2/15/16
Revised: