Warren-Newport Public Library District
Lake County, Illinois
Board of Trustees
Policy 2030
Fixed Asset Inventory and Depreciation
Adopted: July 13, 2004
Reviewed/Revised: July 21, 2004; December 19, 2011; May 20, 2014; October 17, 2017;
January 21, 2020; October 17, 2023
It shall be the practice of the Warren-Newport Public Library District to capitalize fixed assets
that possess the following attributes:
• a tangible nature;
• a life longer than the current fiscal year; and
• a significant value.
Significant value shall be determined based on the following minimum thresholds:
Buildings ...................................................... $50,000
Land ............................................................ $10,000
Office equipment and furniture .................... $10,000
Books ......................................................... per automation system records
Audio-visual materials ................................. per automation system records
Bookmobile ................................................. $10,000
Automobiles................................................. $10,000
Network equipment ..................................... $10,000
Computers ................................................... $10,000
Software ...................................................... $10,000
Miscellaneous IT equipment ....................... $10,000
Assets shall be depreciated on a straight-line basis with no consideration for residual value. In
both the year of acquisition and the year of disposition, a half-year convention will be used. For
depreciation purposes, the following lives shall be used:
Buildings ...................................................... 40 years
Land improvements .................................... 20 years
Office furniture ……………………………….. 10 years
Office equipment ......................................... 5 years
Books .......................................................... 8 years
Audio-visual materials ................................. 5 years
Bookmobile ................................................. 10 years
Automobiles................................................. 5 years
Computer hardware ..................................... 3 years
Computer software ...................................... 3 years
Miscellaneous IT equipment ........................ 3 years
_________________________________________