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McLeansboro Township adopts Capitalization Policy (Resolution 2025-3) to align with GASB rules
Summary
The board adopted Resolution 2025-3 establishing depreciation methods for township assets to comply with Governmental Accounting Standards Board Statement 34; the motion to adopt was made by Becky Cross and seconded by Laura Renn.
Supervisor Clydus Gray presented a proposed Capitalization Policy described in the meeting record as Resolution 2025-3. The policy would establish depreciation methods for assets owned or held by the township to ensure compliance with Governmental Accounting Standards Board (GASB) Statement 34.
Following the presentation, Becky Cross moved to adopt Resolution 2025-3 and Laura Renn seconded the motion. The board voted to adopt the resolution; the meeting minutes record the motion as carried. The resolution was recorded in the meeting as implementing a series of depreciation methods for township accounting.
