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EXHIBIT 3 <br /> 27 HB Fiscal Polices Et Procedures <br /> Section - . Assets <br /> A. Overview <br /> This section applies to the acquisition, tracking and disposal of fixed assets. HB must track assets <br /> appropriately to ensure the ability to value fixed assets. <br /> B. Policies Et Controls <br /> 1. Obtain appropriate approval via written requests (supported by sufficient operational and <br /> financial justification) for the purchase of capital assets. <br /> 2. Identify, tag, track, and inventory all fixed assets inventoried on an annual basis. <br /> 3. Only count leasehold improvements and purchases that materially add to the value of the <br /> property and prolong the useful life as capital assets. <br /> 4. Appropriately record depreciable and non-depreciable fixed assets. <br /> 5. Properly authorize and record disposals of capital assets. <br /> C. Process Description <br /> HB considers fixed assets costing $5,000 or more, with a useful life of at least three years, to be <br /> capital assets. Note that an exception to this rule may be batch orders of goods with identical <br /> useful life that are valued at more than $5,000 in aggregate and are on the same invoice. This <br /> should be reviewed on a case-by-case basis. HB calculates depreciation of property and equipment <br /> by the straight-line method of the estimated useful lives of the assets. See definitions below for <br /> more information. <br /> Capital Asset Fixed assets costing $5,000 or greater with a useful life of at least one year. <br /> Asset Tag Special identification number that is numerically sequenced and visibly attached <br /> to the asset. <br /> Depreciation Calculation used to decrease the value of assets equally over the estimated <br /> useful life. <br /> Estimated Useful Life The length of time that a depreciable asset is expected to be useable. <br /> Fixed Asset Tangible property not expected to be consumed or converted to cash in the <br /> short-term. <br /> Office Equipment tt Furniture Desks, chairs, printers/copiers, 5 to 15 years <br /> telephones <br /> Appliances Refrigerators, stoves, washing 3 to 10 years <br /> machines <br /> Leasehold Improvements Replacing floors, tiles, roofing Term of Lease <br />