312 - Capital Assets Capitalization Policy

 

PACT Charter School

Original Creation Date: April 4, 2024
Last Approved By: PACT Charter School Board of Directors
Last Approved Date: April 4, 2024
Year Reviewed: 2023-2024


Purpose

The purpose of this policy is to ensure proper financial reporting for capital assets. This policy outlines the steps involved in the process in determining which expenditures would be considered to be a capital expenditure that would be considered a capital asset.

 

General Requirements

The School considers any expenditure, which are capital in nature, with a grouped initial cost of more than $5,000, and an estimated useful life in excess of one year, to be a capitalized asset. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Where applicable, assets purchased together and for a common purpose should be grouped and capitalized as one asset. Donated capital assets are recorded at estimated fair market value at the date of donation. The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Capital assets are depreciated using the straight-line method over its estimated useful life.

Contact Us

PACT Charter School | District Office
7250 East Ramsey Parkway NW
Ramsey, MN 55303 

PACT Charter School | Elementary Campus
7250 East Ramsey Parkway NW
Ramsey, MN 55303 

PACT Charter School | Secondary Campus
7729 - 161st Avenue Northwest
Ramsey, MN 55303 

Main phone line: 763-712-4200
Fax: 763-712-4201
Fax: 763-374-0665 (students records)

Absence: attendance@pactcharter.org

MAP & DIRECTIONS

School Hours

Elementary Campus
8:15 a.m. - 3:15 p.m. 

Secondary Campus
8:00 a.m. - 3:05 p.m. 

Office Hours

School Days
7:30 a.m. - 4 p.m. 

Non-School Fridays
7:30 a.m. - Noon

School Breaks
Closed

Summer Hours
Monday-Thursday: 8 a.m. - 1 p.m.

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