Collections include works of art, rare books and documents, botanical specimens, and other items held for display or study. All collection items are capitalized, but are not depreciated. The collection is protected, cared for, and preserved Proceeds from the sale of the collection items are reinvested in other collection items. All depreciable assets will be depreciated using the straight-line method of allocation. The straight-line method allocates an equal amount of the net cost of an asset to each accounting period in its useful life.
Most assets retain some recovery at the end of their useful lives, which is known as salvage value.
The useful life of depreciable assets is based on their usefulness to the institution. Land Improvements 20 Building Structures 40 Building improvements Electrical, heating, air conditioning 20 Roofing and equipment 10 Furniture and equipment 5 Library holdings 10 Computer software 3 Depreciation will be recorded in the investment in plant fund for all depreciable assets. Departments annually submit requests for capital assets in accordance with the institutional Operating Budget Policy . Once a request is approved, purchases may be made in accordance with the institutional Requisition and Purchasing Policy . A department on behalf of faculty, staff and students may make no personal purchases of property.