The expense should be classified as a repair and maintenance expenditure and charged to operations object code. This repair work does not usually make the building more useful or add to the estimated useful life of the building as a structure. Maintenance and repairs large enough to involve outside contractors are undertaken in the Unexpended Plant Funds. As the maintenance is completed, the expense is not added to that asset s cost basis in the capital assets of the University. Improvements to land and buildings leased by the University are capitalized at the cost of the improvements.
Public art is capitalized at purchase cost.
Annually, Facilities Management is responsible to advise Property Management-FSOof the value of stolen, destroyed, and disposals through Surplus Property. This value is deducted from the composite capitalized value of public art. Property Management-FSO records public art by building, but does not tag, or inventory public art. Inventory and control of public art are the responsibility of Facilities Management. Construction projects accounted for in the Unexpended Plant Fund are initially capitalized to Construction in Progress.