Capitalization Policy for Fixed Assets
The following policy is required for complying with Generally Accepted Accounting Principles and regulations of the Department of Housing and Community Development.
A Fixed Asset shall be capitalized and depreciated over its useful life when it meets all of the following criteria:
The Housing Authority will create a depreciation schedule for all fixed assets and update this schedule on a continual basis as fixed assets are disposed of and added. The useful lives for which fixed assets will be depreciated on a straight-line basis shall be:
CAPITALIZATION POLICY OBJECTIVE
To establish the following information relative to non-expendable equipment.
CRITERIA FOR CAPITALIZATION The following factors and standards relating to the nature of the expenditure and the characteristics of the property unit shall be considered in establishing the criteria for Capitalization:
The following items shall be Capitalized regardless of cost:
A. Motor Vehicles B. Ranges and Refrigerators C. Power Mowers D. Snow Blowers E. Office Furniture F. Typewriters G. Computers
INVENTORY OF EQUIPMENT The Housing Authority shall take a physical inventory of all items of non-expendable equipment as of December 31st of each year and compare the physical inventory with the inventory records.
1 John J. Brady Drive Framingham, MA 01702
Mon – Fri: 8:00AM – 5:00PM
The FHA is smoke free within our units and common areas within 25 feet from any building.
As an equal opportunity housing provider, the Framingham Housing Authority provides housing opportunities regardless of race, color, national origin, religion, sex, physical or mental disability, familial status or any other classification protected by applicable federal, state or local law.