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Capital Expenditures Policy

Approved by the Board of Directors March 2014

To the extent practical, capital expenditures will be incorporated into the annual budget. Purchases over $500, including office machines and furniture, will be inventoried annually and capitalized and depreciated in accordance with existing regulations. Expendable office supplies shall be expensed on receipt. Any proposed capital expenditure must be pre-approved by the Executive Vice President and Chief Financial Officer.