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<br />. <br /> <br />. External direct costs of materials and services, i.e., third"party fees for services; <br />. Costs to obtain software from third parties; <br />. Travel costs incurred by employees in their dutics directly associatcd with devclopment; <br />. Payroll and payroll-related costs of employees directly associated with or devoting time <br />to encoding, installing or testing; and <br />. Costs to develop or obtain software that allows for access or conversion of old data by <br />new information systems. <br /> <br />Note that upgrades and enhancements should only be capitalized to the extent that they increase <br />the functionality of the product. <br /> <br />Capital Leased Property includes leased real or personal property, for which ownership of the <br />asset substantially transfers to the lessee; therefore meeting the critcria for capitalizing as an <br />asset. The cost of the asset is capitalized if the lease agreement meets anyone of four conditions: <br />. It transfers ownership of the property to the lessee at the end of the lease term; <br />. Thc lease contains a "bargain purchase" option-an option that gives the lessee the right <br />to purchase the asset for a future price less than the fair market valuc; <br />. The lease term is cqual to at least 75% of the asset's estimated economic life; or <br />. The present value of the minimum lease payments at the inception of the lease, excluding <br />cxecutory costs, equals at least 90% of the fair market value of the leased asset at the time <br />the lessee signs the lease. <br /> <br />. <br /> <br />Leases that do not meet any of the above conditions shall bc rccorded as an operating lease and <br />reported in the notes of the financial statements. <br /> <br />SECTION V <br />CAPITAL ASSETS ESTIMATED USEFUL LIFE' <br /> <br />Other imnrovements <br />Fencin" and "ates; 20 years <br />Landscaping; 20 ycars <br />Parking lots, driveways, and parkin" barriers; 15 years <br />Outdoor surinkler and irri"ation systems; 20 vears <br />Recreation areas and athletic fields, including 15 years <br />bleachers; <br />Golf courses; 20 vears <br />Paths and trails; 15 years <br />Septic systems; 15 years <br />Swimming pools, tennis courts, basketball 20 years <br />courts, skate parks; <br />Fountains, 20 years <br />Retaining walls. 20 years <br />Outdoor lighting 20 vears <br /> <br />Buildin"s and buildin" imnrovements <br />Buildinf's 40 vears <br />Temporary and portable buildin"s 25 years <br />Roof 20 vears <br /> <br />. <br /> <br />I Estimated useful life values derived from the Internal Revenue Service Alternative Depreciation System <br />(ADS). <br /> <br />9 <br />