Lawriter - OAC - 3354:2-37-17 Establishing and depreciation capital.

3354:2-37-17 Establishing and depreciation capital.

This policy on capitalization and depreciation is attributable to the district's compliance requirements with governmental accounting standards board (GASB) "Statement No. 35."

The district's capital assets include: land, land improvements, infrastructure, buildings, building improvements, construction in progress, equipment, furniture, and vehicles.

All capital assets are capitalized at no cost (or estimated historical cost) and updated for additions and reductions during the year. Donated capital assets are recorded at their fair market values as of the date received. The district maintains a five thousand dollar capitalization threshold for recognition of capital assets into the District's accounting records.

Improvements to the District's capital assets are capitalized. The costs of normal maintenance and repairs that do not add to the value of the capital asset or materially extend the capital asset's life are not capitalized. Dependent upon its materiality, interest incurred during the construction of capital assets is also capitalized.

All reported capital assets, other than land, are depreciated. Depreciation is computed using the straight-line method over the following useful lives:


Estimated Lives

Land improvements

20-30 years


20-25 years

Building and building improvements

5-40 years

Equipment, furniture and vehicles

3-15 years

Software, library books and other collections

3-5 years

Replaces: 3354:2-37-17

Effective: 5/3/2004
Promulgated Under: 111.15
Statutory Authority: 3354
Rule Amplifies: 3354
Prior Effective Dates: 1/11/1996, 7/2/2002