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 _________________________________________