Res 00-21HResolution # 00-21
MOUND HOUSING AND REDEVELOPMENT AUTHORITY
CAPITALIZATION POLICY
The Mound Housing Authority adopts the following capitalization policy for
the purpose of determining and recording materials and non-expendable
equipment and person property purchased or acquired in connection with the
development, management and maintenance of public housing developments
owned or operated by this Authority.
If the initial cost of a piece of equipment and/or other personal property
is Five Hundred($ 500) or more and the anticipated life or useful value
of said equipment or property is more than one(l) year, the same shall be
capitalized and recorded as non-expendable equipment and charged as a
capital expenditure.
If the initial cost of the piece of equipment and/or personal property is
less than Five Hundred ($500) or its useful life is less than one (1) year
regardless of cost, the same shall be treated and recorded as materials or
inventory and charged to maintenance administration, or tenant services
expense.
The Executive Director, or the Executive Director's designee, is
authorized and directed to determine whether each piece of equipment
or other personal property that is acquired by the Housing Authority in
connection with the development, management and maintenance of the
properties owned or operated by the Housing Authority, shall be
classified as material or non-expendable, as defined in the preceding
sections. The Executive Director is further directed to ensure that the
determination is documented in the appropriate record of the Housing
Authority and retained for information and guidance of it personnel and
, ~for audit 13urpose.
.~;(~hairperson
K~rdl Charon, l~xecutive Director
Date
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