Capital Assets. Capital assets are tangible assets of significant value having a useful life that extends beyond the current year and are broadly classified as land, buildings and improvements, and equipment. Land cannot be depreciated. All other capital assets with an acquisition cost of $5,000 or more shall be capitalized. Acquisition cost means the net invoice unit price of an item, including shipping costs and sales taxes, the cost of any modifications, attachments, accessories, or auxiliary apparatus necessary to make it usable for the purpose for which it was acquired. Capital asset purchases shall be approved by the CONTRACTOR’S Board of Directors or their authorized representative. Capital assets shall not be ordered, or purchased during the last three months of the term of the CONTRACTOR’S Agreement with the COUNTY, unless the acquisition is pre-approved by the COUNTY.
Appears in 5 contracts
Samples: Foster Care Placement Services Master Contract, Master Contract, Master Contract
