Depreciation of Capital Assets Policy

Admin Committee recommended for Board Approval (11/7/2022)
Approved, Library Board 11/15/2022
Depreciation of Capital Assets Policy PDF

  • The East Greenbush Community Library reports capital assets, which include property, plant, and equipment on financial statements. Capital assets are defined by the Library as assets with an initial, individual cost in excess of $5,000 and an estimated useful life in excess of one year, except for library materials.
  • Such assets are recorded as the cost or value at the time of acquisition.

Property, Plant and Equipment and Depreciation

Depreciation is provided using the straight-line method over the estimated useful lives of the assets. The straight-line method assumes that the asset’s economic benefit is used consistently and similarly throughout the useful life of an asset (ex: if an asset has a useful life of five years, depreciation equals 1/5) of the assets cost per year. Capital Assets are recorded at fair value as of the date acquired. Generally, the fair value of purchased items is the purchase price. The fair value for a donated asset can be established through appraisal, market reports, or value of similarly priced item online or in a catalog.

Buildings: 15-39 years
Equipment: 5 years
Furniture, Fixtures, Finishes: 7 years
Land Improvements: 5-15 years
Software & Licenses: 3 years

Maintenance and Repairs

  • Maintenance and repairs are charged to operations when incurred; betterments and construction projects are capitalized.
  • When property, plant and equipment is sold or otherwise disposed of, the asset account and related accumulated depreciation account are relieved, and any gain or loss is included in operations.

Impairment of Long-Lived Assets

  • The Library reviews long-lived assets, including property, plant, and equipment for impairment whenever events or changes in business circumstances indicate that the carrying amount of an asset may not be fully recovered. An impairment loss would be recognized when the estimated future cash flows from the use of the asset are less than the carrying amount of the asset.
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Subject East Greenbush Card UHLS Card UHLS MyCard
Library Card Registration Free to any individual who resides or pays taxes in the East Greenbush Community Library taxing district or Town of Schodack. Cards expire and must be renewed every three years.

Free to any individual who volunteers or works at the EGRN Library. Cards expire and must be renewed yearly.

Free to partner educational agencies with verified employment. Cards expire and must be renewed yearly.

Those that live outside the UHLS area may purchase a temporary card at the price established by our Table of Fines and Fees. Cards expire and must be renewed yearly.

All ages eligible. Youth under age 16 must have their application completed and signed by a parent or guardian, who provides acceptable identification for them.

Card blocked at $5 or more in replacement costs or fines/fees

Fines vary according to individual library rules and UHLS resource sharing rules. The EGRN Table of Fines and Fees are applicable for items which are checked out from the East Greenbush Community Library

 Free to residents residing in a community served by a UHLS library.

All ages eligible. Youth under age 16 must have their application completed and signed by a parent or guardian, who provides acceptable identification for them.

UHLS library cards expire and must be renewed every three years.

Card blocked at $5 or more in replacement costs or fines/fees

Fines vary according to individual library rules and UHLS resource sharing rules. The EGRN Table of Fines and Fees are applicable for items which are checked out from the East Greenbush Community Library

 The UHLS MyCard is a fine-free, limited-access library card for youth. It is intended to address multiple barriers to serving youth and families, including:

  • Barriers to access related to fines (e.g. computer access, checking out materials)
  • Parents not present for a child’s library card registration
  • Previous fines on a child’s card

Free for youth residing in a community served by a UHLS library.Applicants 18 and under who are applying for a limited use, UHLS Youth Only MyCard, need to provide name, address, and date of birth.UHLS library cards expire and must be renewed every three years.Youth ages birth to 18 can register unaccompanied, or with the help of a caregiver or relative who is not the child’s parent/guardian.This card may be used at all UHLS Libraries except for the Colonie Town Library.

Card blocked at $10 or more in replacement costs.

No fines for late items
Limits on # of Materials Borrowed Unlimited checkouts Unlimited checkouts Limited total items: Can only have 3 items checked out on their card at a time
Types of Items All eligible item types. All eligible item types except Museum Passes, ILL, and Hot off the Press. Active paid members of the Friends of the East Greenbush Community Library have access to all lending collections. Only items eligible to be borrowed are books (any age level), juvenile and young adult (teen) audiobooks, and juvenile and young adult (teen) DVDs.
Databases/Digital Content EGRN and UHLS subscription databases and digital content UHLS subscription databases and digital content Only items eligible to be borrowed are books (any age level), juvenile and young adult (teen) audiobooks, and juvenile and young adult (teen) DVDs.
Interlibrary Loan Nationwide UHLS Libraries UHLS Libraries
Program Registration Unlimited except by limited program capacity Preference given to resident cardholders Preference given to resident cardholders