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Capital and Depreciation Policy

The College capitalizes assets with an aggregate value of $5,000 or more.  All costs incurred to purchase the asset and put it in place and in operation are capitalized, including interest on financed construction costs. Land improvements include paved parking lots, roads, sprinkler systems, landscaping improvements and improvements to athletic fields and courts. Capital Projects are to be approved by Facilities Management and accounted for in Capital Accounts rather than Operating Accounts.  An exception may be made for some Capital Equipment which should be charged using the expense object code 4825.

Depreciation is posted at year end. It is calculated using a half year convention in the year of purchase and straight line over the remaining useful life of the asset. The following depreciable lives are used:

  • Buildings - 40 years
  • Building components (electrical, HVAC, roofing) - 15 years
  • Land improvements- 15 years
  • Art- 50 years
  • Furnishings - 7 years
  • Carpeting - 10 years
  • Equipment - 10 years
  • Vehicles - 5 years
  • Software - 3 years
  • Hardware - 5 years

Contact Information

Business Office

Philip Spencer House
Mon.-Fri.: 8:30 a.m.-4:30 p.m.
315-859-4322 315-859-4947 (1st floor) 315-859-4602 (2nd floor)
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