4-100-010 Definitions
(1) “Fixed assets” means property acquired by the Samish Indian Nation by purchase, lease, donation or surplus.
(2) “Sensitive” means fixed assets with the cost less than $5,000, which the General Manager or Tribal Administrator considers sensitive.
(3) “Equipment” means those assets comprising a wide variety of items including office equipment, machine tools, motor vehicles, etc.
(4) “Leased” means assets acquired by a lease, which transfers all the benefits, and risk inherent with ownership to the Nation. A lease must meet one or more of the following three criteria to qualify as a capital lease:
(a) By the end of the lease term, ownership of the leased property is transferred to the Nation;
(b) The lease contains a bargain purchase option;
(c) The lease terms are equal to 75 percent or more of the estimated useful life of the leased property. [Res. 2021-02-015 § 2 (Att. 1), 2021.]