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  • Created by Former user, last modified by Former user on Oct 28, 2020
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  1. GAAP reports (101, 102, 103, 104)
    1. Who uses them?
    2. What are they used for?
    3. Do you still need all of these reports?
      1. Can any of them be consolidated?
    4. Connie - definitely used; could possibly be combined
    5. Biagio / Sarah - 103 and 104 are submitted for GAAP or CAFR reporting. These end up as a schedule in the financial statement. These are summaries and the details need to be retrievable via other reporting mechanisms. 
  2. What is your capitalization threshold and why?
    1. Why would this change?
    2. What are the benefits to changing this threshold value?
    3. Kevin - changes every 5 - 10 years due to inflation. Want it as high as possible. 
    4. Sheryl - audit (AOS) says it is based on a formula that takes your inventory items into consideration (could be different for ESC v.s. district?). Highest it can be is $5000. 
    5. Kevin - takes a board resolution to change disclosure on financial statement. 
    6. Most have a threshold around $5000 one was $2500 
    7. Items that were previously capitalized stay capitalized even if the capitalization threshold changes 
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