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Asset Accounting
It is the University’s policy to capitalize property and equipment valued at $5,000 or more with a useful life greater than one year. Purchased property and equipment are capitalized at cost. Donations of property and equipment are recorded at their estimated fair value. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. Land, construction-in-progress, works of art and similar assets are not depreciated.
The useful lives of capitalized assets are as follows:
- Automobiles: 3 years
- Buildings: 50 years
- Computers and Computer Equipment: 3 years
- Cushmans/Golf Carts: 8 years
- Furniture: 12 years
- Heavy Vehicles: 10 years
- Land Improvements: 25 years
- Library Books: 10 year
- Networking Equipment: 5 years
- Software: 5 years
- Other Equipment: 10 years
Capital Projects
The Accounting Office assigns account numbers and maintains budgets for plant accounts (Fund 4). When a completed and approved Project Authorization Form is received by the Accounting Office, an account number is assigned and forwarded to the Project Initiator and Budget Manager as listed on the form. The Initiator and Budget Manager are responsible for distributing the account number to anyone authorized to charge expenses to the budget.
The Accounting Office works closely with the offices of Construction Management and Facilities Management in order to properly account for construction and repair/renovation expenditures.