05/21/2013 (3) - Laserfiche WebLink

Home Browse Search

PROCEDURES SPECIFIC TO ASSET TYPE: I. MODULAR FURNITURE This section has been added to provide additional guidance as it specifically relates to modular finrniture. 1. Modular furniture that meets the capitalization threshold should be capitalized as equipment/furniture, by lot or by individual unit. 2. If the modular furniture cannot be separately identified from the total cost of the building, it is recommended that the modular furniture be capitalized as part of the building. If you have any questions regarding this, please contact the Finance Department. J. REPLACEMENT OF ASSETS 13_Y_SELF-INSURANCE FUND When a capital asset is severely damaged or destroyed by a covered peril under the County's self-insurance, and the replacement of that asset has been approved through funding from the County's self-insurance fund, the new capital asset must be paid for by the department that owns the asset (that department's budget). Reimbursement must then be requested by the department to Risk Management. Risk Management will then instruct the Finance department to reimburse the department for their cost of replacing the asset. Proper backup is necessary to complete the reimbursement. Also, the asset that was destroyed must be deleted from that department's inventory. K. SAND RENOURISHMENT PROJECTS There are two types of sand renourishment projects that are completed by the County: dune restoration and beach restoration. Dune restorations are smaller scale projects where the sand is placed along the dunes themselves as reinforcement due to erosion. Dune restoration projects average 5-6 cubic yards of sand per foot. Beach restoration projects are large-scale projects that include an immense amount of design and engineering prior to construction. Beach restoration projects average 40-80 cubic yards of sand per foot. A major distinction between beach and dune restoration projects is that dune restoration projects provide reinforcement to the existing dunes while beach restoration projects actually create and expand the existing shoreline. The County will expense all dune restoration projects and capitalize as infrastructure all beach restoration projects. Beach restoration projects will be depreciated over seven years. Beach restoration projects have required monitoring costs that must be completed before and after construction. Preconstruction monitoring costs are typically for 1 year and will be capitalized with the beach restoration project. Post construction monitoring costs are typically for 3 years following the construction completion of the beach restoration project. These monitoring costs are deemed maintenance and therefore will be expensed. 1R