TOWNSHIP OF JACKSON
NOTES TO FINANCIAL STATEMENTS (continued):
FOR THE YEAR ENDED DECEMBER 31, 2012
active volunteer member who terminates service with the Jackson Township First Aid Squad, subsequently returns to service and again becomes a participant shall be treated as a new participant for purposes of eligibility unless said participant was fully vested prior to his or her termination from service.
Reporting Requirements – N.J.A.C.5:30-14.49 requires that the Township perform a separate review report of the Plan in accordance with the American Institute of Certified Public Accounts Statements for Accounting and Auditing Review Services.
The following schedule is a summarization of the changes in General Fixed Assets for the fiscal year ended December 31, 2012:
| Balance December 31, 2011 | Additions | Deletions | Adjustments | Balance December 31, 2012 |
|---|
| Land | $ 54,993,800 | | | $(10,800) | $ 54,983,000 |
|---|
| Buildings & Improvements | 47,522,404 | $ 10,684 | | 43,162 | 47,576,250 |
|---|
| Machinery & Equipment | 10,902,673 | 1,022,191 | $379,488 | (32,362) | 11,513,014 |
|---|
| Total | $113,418,877 | $1,032,875 | $379,488 | | $114,072,264 |
|---|
All additions are recorded at cost.
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.
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