N.M. Code R. § 6.20.2.22 – Fixed Assets

A. Cost is the generally accepted basis of accounting for governmental fixed assets. Donated assets are to be recorded at their estimated fair market value at the time of the donation.
B. Fixed assets related to specific proprietary or trust funds shall be accounted for in those funds. All other fixed assets shall be accounted for in the general fixed asset account group.
C. Property control system: Assets of a long-term character which are intended to continue to be held or used, such as land (including acquisition and improvements to grounds), buildings (including initial, acquisition, improvements, remodeling, additions, and replacement), furniture, machinery and equipment shall be acquired and accounted for through the development and implementation of a complete property control system which shall be adopted by the local board and in accordance with GAAP. General services department (GSD) rules(s), the state Procurement Code, and any other applicable state and federal requirements.
D. Capital projects: The acquisition, accountability and disposition of fixed assets for capital projects shall be in accordance with GAAP. Funds used to erect, remodel, make additions to school buildings, or to purchase and improve public school grounds shall be classified under capital projects.
[2/03/1993, 11/01/1997, 1/15/1999, 9/15/1999; 6.20.2.22 NMAC - Rn, 6 NMAC 2.2.1.22, 5/31/2001]