Property and equipment shall be stated at historical cost. Depreciation is computed over
the estimated useful lives of the assets using the straight-line method. A Depreciation
schedule shall be prepared and maintained by the Agency’s Director of Finance on an
annual basis, taking into consideration the annual equipment inventory. Any equipment of
leasehold improvement that costs more than $2,500 shall be characterized as a capital
asset. This equipment or improvement must have a useful life of more than one year. If it
does not meet these two requirements, it shall be expensed.