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2 <br /> <br />Table of Contents  <br />  <br />  <br />  <br />INTRODUCTION .............................................................................................................................................. 5  <br />PURPOSE ....................................................................................................................................................... 5  <br />DEFINITION .................................................................................................................................................... 5  <br />BACKGROUND ................................................................................................................................................. 5  <br />OBJECTIVES .................................................................................................................................................... 6  <br />POLICIES AND PROCEDURES .......................................................................................................................... 6  <br />ACCOUNTING SYSTEM ...................................................................................................................................... 6  <br />ACCOUNTING STRUCTURE ................................................................................................................................. 7  <br />VALUATION .................................................................................................................................................... 7  <br />1) Basis .................................................................................................................................................... 7  <br />2) Cost Definition .................................................................................................................................... 7  <br />ACQUISITION REPORTING .................................................................................................................................. 8  <br />1) Land Held for Resale ........................................................................................................................... 8  <br />2) Land .................................................................................................................................................... 8  <br />3) Buildings & Building Improvements.................................................................................................... 8  <br />4) Equipment & Furnishings .................................................................................................................... 8  <br />5) Infrastructure ...................................................................................................................................... 8  <br />6) Other & Land Improvements .............................................................................................................. 8  <br />7) Construction in Progress ..................................................................................................................... 9  <br />8) Intangible Assets ................................................................................................................................ 9  <br />ESTIMATED USEFUL LIVES ................................................................................................................................. 9  <br />ASSET USE ................................................................................................................................................... 10  <br />DISPOSAL ..................................................................................................................................................... 10  <br />1) Public Auction ................................................................................................................................... 11  <br />2) Negligible value ................................................................................................................................ 11  <br />3) Competitive Bidding ......................................................................................................................... 11  <br />TRADES ....................................................................................................................................................... 11  <br />TREATMENT OF SUBSEQUENT COSTS ................................................................................................................. 11  <br />TRANSFERS ................................................................................................................................................... 11  <br />DEPRECIATION .............................................................................................................................................. 11  <br />USER DEPARTMENT RESPONSIBILITIES ............................................................................................................... 11  <br />FINANCE DEPARTMENT RESPONSIBILITY ............................................................................................................. 12  <br />CAPITAL ASSET FORMS ................................................................................................................................... 12  <br />ATTACHMENTS .............................................................................................................................................. 12  <br />INTRODUCTION ..................................................................................................................................... 2  <br />PURPOSE ....................................................................................................................................................... 2  <br />DEFINITION .................................................................................................................................................... 2  <br />BACKGROUND ................................................................................................................................................. 2  <br />GOAL ............................................................................................................................................................ 2  <br />OBJECTIVES .................................................................................................................................................... 2  <br />POLICIES AND PROCEDURES .................................................................................................................. 3  <br />ACCOUNTING SYSTEM ...................................................................................................................................... 3  <br />ACCOUNTING STRUCTURE ................................................................................................................................. 3  <br />VALUATION .................................................................................................................................................... 4