The purpose of this Fixed Asset Policy is to set forth the guidelines for the physical and reporting control of Cooperative assets. The policy establishes definitions, assets valuation methods, capitalization thresholds and useful life, and depreciation method. It will provide best practices in disposing of fixed assets. The policy will assist Cooperative in gathering and maintain information needed for the preparation of the financial statements and budget preparation. The guidelines assigns responsibility to the area of Business, Administration & Finance for the proper accounting for fixed assets at the department level and to Business Administration Office Manager for the maintenance of the Fixed Assets Database and Accounting system. Final oversight lies with the Treasurer of the Board.