Section Rev 2006.01 - Assets Probable future economic benefits obtained or controlled by a village district as a result of past transactions or events shall be classified into the following accounts:
(a) Account 1010, cash and equivalents, classification shall be for cash on hand, or in petty cash or deposit with financial institutions such as: (2) Checks, money orders, or banker's drafts on hand;(3) Demand deposits with financial institutions; or(4) Investments readily convertible to known amounts of cash that will mature within 3 months of acquisition.(b) Account 1030, investments, classification shall be for securities, that provide revenues in the form of interest and dividends;(c) Account 1080, taxes receivable, classification shall be for the unremitted portion of taxes that the town has levied on behalf of the village district;(d) Account 1150, accounts receivable, classification shall: (1) Be for amounts owed to the village district on open accounts from private individuals or organizations for goods and services furnished by a government; and(2) Not be amounts due from other funds or other governments;(e) Account 1260, due from other governments, classification shall be for amounts owed to the village district from another government including, but not limited to charges for: (2) Loans and intergovernmental grants;(f) Account 1310, due from other funds, classification shall be for amounts owed to one village district fund from another village district fund representing charges for:(1) Goods and services; and(2) Interfund advances to another village district fund;(g) Account 1400, other current assets, classification shall be for assets, not included elsewhere, whose economic benefit will be converted to cash or used to meet a current liability within one accounting cycle, such as: (1) Prepaid expenses; and(h) Account 1610, land and improvements, classification shall be for: (1) Land purchased or otherwise acquired; and(2) All improvements made to ready the land for use, net of any applicable depreciation;(i) Account 1620, buildings, classification shall be for the cost, net of any depreciation, of: (1) Buildings purchased or otherwise acquired;(2) All expenditures related to construction of buildings;(3) Improvements made to extend the life of a structure; and(4) The capitalized costs of leased property if the conditions of the lease meet the criteria specified in FASB statements and interpretations;(j) Account 1640, machinery, vehicles and equipment, classification shall be for the cost, net of depreciation, of: (1) Machinery, vehicles, and equipment purchased or otherwise acquired;(2) All expenditures for the construction of machinery and equipment; and(3) The capitalized costs of leased machinery and equipment if the conditions of the lease meet the criteria specified in FASB statements and interpretations;(k) Account 1650, construction in progress, classification shall be for the cost of construction undertaken but not yet completed;(l) Account 1660, improvements other than buildings, classification shall be for all expenditures for improvements to assets which are immovable and have a value unique to the village district, net of depreciation, such as: (1) Roads, bridges and curbs;(2) Gutters, streets and sidewalks;(5) Drainage systems; and(6) Exterior lighting systems; and(m) Account 1700, other assets, classification shall be for intangible assets and other assets, not included elsewhere, whose economic benefit will be converted to cash or used to meet liabilities at some future time beyond the next accounting cycle.N.H. Admin. Code § Rev 2006.01
#5454, eff 8-28-92; ss by #6809, eff 7-21-98; ss by #8686, eff 7-21-06; ss by #10675, eff 9-24-14 (from Rev 2007.01 )
Amended byVolume XXXIV Number 41, Filed October 9, 2014, Proposed by #10675, Effective 9/24/2014, Expires9/24/2024.