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Generally accepted accounting principles requires the College to capitalize assets and improvements and depreciate them over the expected useful life. Accordingly, major equipment and software costing more than $5,000 which is expected to be of use for more than 2-years is capitalized.  Land and building improvements are capitalized if the project cost is more than $5,000 and the asset is significantly improved and/or its function is changed.  Routine maintenance such as roof repairs, painting and repaving are not capitalized.

Capital Projects are to be approved by Facilities Management and accounted for in Capital Accounts rather than Operating Accounts. Capital equipment may be purchased from Endowed Income accounts, and a limited number of department budgets such as IT and Facilities, but the expense code 4825-Major Equipment must be used. 

Depreciation for Capital items is calculated and posted to the General Ledger at year-end using the estimated depreciable lives shown below

  • 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

Contact Name

Business Office

Office Location
Philip Spencer House
Hours
M
8:30 a.m. - 4:30 p.m.
Tu
8:30 a.m. - 4:30 p.m.
W
8:30 a.m. - 4:30 p.m.
Th
8:30 a.m. - 4:30 p.m..
Fr
8:30 a.m. - 4:30 p.m.

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