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Will County finance officials explain $5,000 capitalization threshold, minor-asset tracking and depreciation rules
Summary
Finance staff explained the county's asset accounting rules, including a $5,000 tangible capitalization threshold, a $50,000 intangible threshold, five-year useful life for vehicles and equipment and department-level tracking for minor assets, while board members pressed for clarity on furnishing replacements and auditing procedures.
Will County finance staff reviewed the county's asset accounting and record-keeping standards, explaining why tangible assets are capitalized at $5,000, intangibles at $50,000 and how minor assets are tracked at the department level. The presentation covered asset types, capitalization thresholds, depreciation schedules, and annual inventory procedures. The finance presenter said the county follows Governmental Accounting Standards Board guidance and Government Finance Officers Association best practices to prepare financial statements and set capitalization rules. "GASB and GFOA are the organizations that tell us how we need to present our financial activity," the presenter said. Assistant Finance Director Emily Perkins explained that tangible assets under $5,000 are monitored differently than capital assets and that items valued between…
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