The following schedule is a summarization of the changes in General Fixed Assets for the fiscal year ended December 31, 2013:
| December 31, 2012 | Additions | Deletions | December 31, 2013 | |
|---|---|---|---|---|
| Fixed Assets not being depreciated: | ||||
| Land | $ 54,983,000 | $ - | $ - | $ 54,983,000 |
| Buildings & Improvements | 47,576,250 | 70,279 | - | 47,646,529 |
| Machinery & Equipment | 11,513,014 | 1,344,176 | (47,368) | 12,809,822 |
| Capital assets not being depreciated | $ 114,072,264 | $ 1,414,455 | $ (47,368) | $ 115,439,351 |
All additions are recorded at cost.
The Township of Jackson is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions and natural disasters. The Township is a member of the Ocean County Municipal Joint Insurance Fund (JIF). This public entity risk pool is both an insured and self-administered group of 29 municipalities established for the purpose of insuring against property damage, general liability, motor vehicles and equipment liability and workmen's compensation. The JIF will be self-sustaining through member premiums. The JIF participates in the Municipal Excess Liability Insurance Program.
The Township offers it employees a Deferred Compensation Plan in accordance with Internal Revenue Code Section 457, which has been approved by the Director of Local Government Services. The Plan, available to all full time employees at their option, permits employees to defer a portion of their salary to future years. The deferred compensation is not available to participants until termination, retirement, death or unforeseeable emergency.
Amounts deferred under Section 457 plans must be held in trust for the exclusive benefit of participating employees and not be accessible by the Township or its creditors.
46