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Town of Kentville Policy Statement G55FTangible Capital Asset Policy
PurposeThe Town of Kentvilleis committed to safeguarding and identifying all assets (capital and n
To clarify the assets to which this policy applies.
To clarify responsibility andsafeguarding measures for all assets.
To determine which assets are to be capitalized in accordance with generally accepted accounti
To determine the appropriate valuation of the capitalized asset.
To provide the appropriate period of amortization of thatcapitalized asset over its estimated useful
To provide a basis for insurance coverage and the external reporting of capitalized costs.
To provide control and accountability over capital assets and to assist in gathering and maintainingi
Definitions"Capital assets"Comprising tangible properties, such as land buildings and equipmen
The amoun
Scope The Town of Kentville shall have the objective to capitalizing all asset acquisitions acc
ProceduresSAFEGUARDING MEASURESCare and custodyof capital and non-capital asset
not initia
Use actual project management costs when they are practicably discernible and directly associated
Apply a percentage of total budgeted project costs. Include interest costs incurred during the period
Legal and title fees
Professional fees of engineers, attorneys, appraisers, financial advisors
Surveying fees
Appraisal and negotiation fees
Damage payments
Site preparation costs
Costs related to demolition of unwanted structuresAncillary costs for INFRASTRUCTURE include:
Professional fees of engineers, attorneys, appraisers, financial advisors
Survey fees
Appraisal and negotiation fees
Damage payments
Site preparation costs
Costs related to demolition of unwanted structures
Interest costsincurred during constructionAncillary costs for BUILDINGS and BUILDING IMPROVEMEN
Professionalfees of architects, engineers, attorneys, appraisers, etc.
Damage payments
Costs of fixtures permanently attached to a building or structure
Insurance premiums, interest and related costs incurred during constructions and
Any other costs necessary to place a building or structure into its intended location and condit
Interest costsincurred during constructionFor FURNISHINGS, EQUIPMENT or other capital assets
Transportation charges
Sales tax
Installation costs
Extended maintenance/warranty contracts or any other normal or necessary cost required to place th
Interest costsincurred during constructionDonated AssetsUse the fair market value(FMV)at the t
Infrastruct
For the purposes of this policy statement, desktop computers, laptops, printers and other misce
An extension in the estimated useful life of the asset
An increase in the capacity or efficiency of an existing capital asset.Replacements-For improvem
Replacement roof coverings are not capitalized unless the replacement extends the useful life of t
Replacement floor coverings and window coverings are not capitalized
Costs to remodel (convert) a building are not capitalized, unless they extend the useful life of the str
Repainting of a buildingor interior officesAmortizationAmortization or depreciation is an accounti
Compost b
Additional Documents6.0
Policy Revision HistoryDate Created: February 11, 2009