Each responsibility center or department is responsible for maintaining and updating its asset inventory when changes occur. The electronic vehicle for these updates is the Asset Inventory Update Request available on the Internet at the Asset Accounting and Analysis Home Page.
Departments can request asset inventory reports to make updates or use the standard forms.
The unit acquisition cost is the amount PAID for the asset or combination of items that make up one asset. Building service components are to be categorized by separate asset classes with each asset class having its own estimated useful life. Interest payments for financed projects are to be capitalized during the construction period. Building Improvements Additions of a building component or a building section where one did not previously exist are building improvements and treated as fixed assets rather than renovations. These costs are capitalized.