N.M. Admin. Code § 6.20.2.22 - FIXED ASSETS
A. Cost is the
generally accepted basis of accounting for governmental fixed assets. Donated
assets are to be recorded at their estimated fair market value at the time of
the donation.
B. Fixed assets
related to specific proprietary or trust funds shall be accounted for in those
funds. All other fixed assets shall be accounted for in the general fixed asset
account group.
C. Property control
system: Assets of a long-term character which are intended to continue to be
held or used, such as land (including acquisition and improvements to grounds),
buildings (including initial, acquisition, improvements, remodeling, additions,
and replacement), furniture, machinery and equipment shall be acquired and
accounted for through the development and implementation of a complete property
control system which shall be adopted by the local board and in accordance with
GAAP. General services department (GSD) rules(s), the state Procurement Code,
and any other applicable state and federal requirements.
D. Capital projects: The acquisition,
accountability and disposition of fixed assets for capital projects shall be in
accordance with GAAP. Funds used to erect, remodel, make additions to school
buildings, or to purchase and improve public school grounds shall be classified
under capital projects.
Notes
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