oversight of fixed assets and the establishment and monitoring of proper internal controls. The various center directors will be responsible for the use and control of furniture, fixtures and equipment and any other assets which are located in their respective centers. 2.0 DEPRECIATION .01 The cost (less salvage value) of all capitalizable assets will be depreciated over the estimated useful life in a generally accepted method consistent with that type of asset. .03 The CFO or Accounting Manager is responsible for compiling depreciation schedules for all fixed capital assets on an annual basis. Section H. Date Approved/Revised: Approved By: NET ASSETS Statement of Policy: The net assets financial statement line item is the difference between the XYZ, Inc.’s assets and liabilities. Net assets are increased or decreased by financial operations, other financial events, and circumstances affecting the organization. To ensure the accurate reporting of assets, liabilities and thus net assets, adequate internal controls will be established for the various financial systems of XYZ, Inc. XYZ, Inc. will not commingle restricted and unrestricted gifts. Such gifts will be accounted for in separate bank accounts. "This food shall be held in reserve for the country, to be used during the seven years of famine that will come upon Egypt, so that the country may not be ruined by the famine." Genesis 41:36 Procedures: 1.0 CLASSES OF NET ASSETS (AND REVENUES)
oversight of fixed assets and the establishment and monitoring of proper internal controls. The various center directors will be responsible for the use and control of furniture, fixtures and equipment and any other assets which are located in their respective centers. 2.0 DEPRECIATION .01 The cost (less salvage value) of all capitalizable assets will be depreciated over the estimated useful life in a generally accepted method consistent with that type of asset. .03 The CFO or Accounting Manager is responsible for compiling depreciation schedules for all fixed capital assets on an annual basis. Section H. Date Approved/Revised: Approved By: NET ASSETS Statement of Policy: The net assets financial statement line item is the difference between the XYZ, Inc.’s assets and liabilities. Net assets are increased or decreased by financial operations, other financial events, and circumstances affecting the organization. To ensure the accurate reporting of assets, liabilities and thus net assets, adequate internal controls will be established for the various financial systems of XYZ, Inc. XYZ, Inc. will not commingle restricted and unrestricted gifts. Such gifts will be accounted for in separate bank accounts. "This food shall be held in reserve for the country, to be used during the seven years of famine that will come upon Egypt, so that the country may not be ruined by the famine." Genesis 41:36 Procedures: 1.0 CLASSES OF NET ASSETS (AND REVENUES)
Financial_procedures.docx