Depreciation of Assets

In the world of accounting, buildings and equipment lose their value over time. It's no different than a personal vehicle which is worth a lot more brand new than when it is 20 years old. The city or county has probably been handling the depreciation of the library's assets, but if you are handling the accounting internally (or hiring a private firm) you need to get this information from the city or county. They will have a report or spreadsheet that lists each item, when it was put into service, and how much it has depreciated over time. At the end of the year you will need to update this information. We'll mention this again when we talk about reporting requirements.

ASPeN: The New Library Directory

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