3.12 Tangible Capital Assets

It is the policy of the Thunder Bay Public Library Board that all statutory requirements with respect to the accounting for and reporting of tangible capital and infrastructure assets are fulfilled.

It is the policy of the Board that the treatment of tangible capital assets for accounting purposes is in accordance with Generally Accepted Accounting Principles (GAAP) and the Board shall comply with the pronouncements of the Public Sector Accounting Board (PSAB), specifically PS 3150 – Tangible Capital Assets.

Further, it is the policy of the Board to account for and report in the accounts of the Board the tangible capital assets and the tangible capital assets under capital lease, controlled by the Board in accordance with the policy established by the Corporation of the City of Thunder Bay.

The purpose of this policy is to ensure the Board’s considerable investment in tangible capital and infrastructure assets is recorded appropriately, accurately, and consistently and managed effectively.

This policy will aid in the achievement of the following goals:

a. legislative and policy requirements to establish and maintain asset account records are met.

b. enhanced quality of information allows improved analysis of issues involving tangible capital assets.

c. risk and liability are managed and due diligence in infrastructure stewardship is demonstrated; and communication with citizens, elected officials and regulatory agencies is improved; and, service delivery and operational requirements are coordinated.