It is the policy of Arapahoe Library District to record Capital Assets in the Government-Wide financial statements. Capital Assets represent land, buildings, vehicles, equipment and materials owned by the District and acquired by purchase or donation. The capitalization threshold for recording items in the Government-Wide financial statements is $5,000 for all individual items with the exception of materials. Materials, specifically books and audio-visual materials, will be recorded in aggregate at year-end for inclusion in the Government-Wide financial statements.
In accordance with Colorado State Statute, C.R.S. § 29-1-506, an inventory of such assets will be performed each year. The inventory of assets will be reconciled annually to the general ledger, and any differences reconciled and adjusted.
Estimated useful lives of each asset are as follows: Buildings - 40 years; Furniture and Fixtures - 10 years; Vehicles - 4 years; Computer Equipment - 4 years; Other Equipment - 5 years. Depreciation of fixed assets will occur annually based on this schedule, and adjustments will be made to the Government-Wide financial statements.