Purchasing and procurement policy and procedure — See Ch. 20.
§ 6-1Adoption of policy.
The Woonsocket Housing Authority adopts the following capitalization policy for the purpose of determining, distinguishing and recording materials and nonexpendable equipment and personal property purchased or acquired in connection with the development, management, and maintenance of public housing developments owned or operated by this Authority.
If the initial cost of a piece of equipment and/or other personal property is $5,000 or more and the anticipated life or useful value of said equipment or property is more than one year, the same shall be capitalized and recorded as nonexpendable equipment and charged as a capital expenditure.
If the initial cost of the piece of equipment and/or personal property is less than $5,000 or its useful life is less than one year, regardless of cost, the same shall be treated and recorded as materials or inventory and charged to maintenance, administration, or tenant service expense.
The Executive Director, or the Executive Director's designee, is authorized and directed to determine whether each piece of equipment or other personal property that is acquired by the Housing Authority in connection with the development, management and maintenance of the properties owned or operated by the Housing Authority shall be classified as material or nonexpendable, as defined in the preceding sections. The Executive Director is further directed to ensure that the determination is documented in the appropriate records of the Housing Authority and retained for the information and guidance of its personnel and for audit purposes.
