It is our understanding that asset acquisitions with a useful life expectancy of greater than one year and an item cost in excess of $5,000 should be capitalized and depreciated per the income tax de minimis safe harbor election as our financial statements are audited. In practice, we use a lower threshold of $2,000 and a life expectancy of greater than three years or more to determine a capital item. All capital orders require the signature and approval of the VP of Finance\/CFO.<\/p>\n\n\n\n
Funds for capital purchases are requested each year during the regular budget process, usually in early spring. Generally an item is capital if it meets the following criteria:<\/p>\n\n\n\n
Any item purchased from the capital budget must have a property tag placed on it. Please call Business Services once an item has been received and is ready for tagging (i.e. out of the box and assembled). If an item doesn\u2019t meet the above definition of \u201ccapital\u201d but you would still like the item tagged, please call the Business Services Office.<\/p>\n\n\n\n
You must notify Business Services in writing whenever an item is discarded and has a red tag on it. The red tag number must be forwarded to Business Services so it can be written off the general ledger and any gains\/loss can be recognized.<\/p>\n\n\n\n
If a department is going to sell any capital asset, they must first receive permission form the VP of Finance\/CFO and notify the Business Services department. A detailed record must be kept of all assets sold, which includes the property tag number, serial number, description of the asset, amount of the sale and name of purchaser.<\/p>\n","protected":false},"excerpt":{"rendered":"
It is our understanding that asset acquisitions with a useful life expectancy of greater than one year and an item cost in excess of … Continue reading “Capital Budget and Fixed Assets”<\/span><\/a><\/p>\n","protected":false},"author":30,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[118],"tags":[424,361,412,376],"audience":[113,114],"compliance":[],"division":[183],"document-type":[193],"department":[156],"class_list":["post-74","post","type-post","status-publish","format-standard","hentry","category-administrative-finance","tag-administration","tag-business","tag-finance","tag-service","audience-faculty","audience-staff","division-administration-finance","document-type-policy","department-business-services"],"author_meta":{"display_name":"Heather Good","author_link":"https:\/\/campus.collegeforcreativestudies.edu\/policy\/author\/hgood\/"},"featured_img":null,"coauthors":[],"tax_additional":{"categories":{"linked":["Administrative and Finance<\/a>"],"unlinked":["Administrative and Finance<\/span>"]},"tags":{"linked":["administration<\/a>","business<\/a>","finance<\/a>","service<\/a>"],"unlinked":["administration<\/span>","business<\/span>","finance<\/span>","service<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 10 years ago","modified":"Updated 3 years ago"},"absolute_dates":{"created":"Posted on October 19, 2016","modified":"Updated on October 18, 2023"},"absolute_dates_time":{"created":"Posted on October 19, 2016 10:51 am","modified":"Updated on October 18, 2023 10:08 am"},"featured_img_caption":"","series_order":"","publishpress_future_action":{"enabled":false,"date":"2026-04-26 11:22:22","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/campus.collegeforcreativestudies.edu\/policy\/wp-json\/wp\/v2\/posts\/74","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/campus.collegeforcreativestudies.edu\/policy\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/campus.collegeforcreativestudies.edu\/policy\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/campus.collegeforcreativestudies.edu\/policy\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/campus.collegeforcreativestudies.edu\/policy\/wp-json\/wp\/v2\/comments?post=74"}],"version-history":[{"count":5,"href":"https:\/\/campus.collegeforcreativestudies.edu\/policy\/wp-json\/wp\/v2\/posts\/74\/revisions"}],"predecessor-version":[{"id":2669,"href":"https:\/\/campus.collegeforcreativestudies.edu\/policy\/wp-json\/wp\/v2\/posts\/74\/revisions\/2669"}],"wp:attachment":[{"href":"https:\/\/campus.collegeforcreativestudies.edu\/policy\/wp-json\/wp\/v2\/media?parent=74"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/campus.collegeforcreativestudies.edu\/policy\/wp-json\/wp\/v2\/categories?post=74"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/campus.collegeforcreativestudies.edu\/policy\/wp-json\/wp\/v2\/tags?post=74"},{"taxonomy":"audience","embeddable":true,"href":"https:\/\/campus.collegeforcreativestudies.edu\/policy\/wp-json\/wp\/v2\/audience?post=74"},{"taxonomy":"compliance","embeddable":true,"href":"https:\/\/campus.collegeforcreativestudies.edu\/policy\/wp-json\/wp\/v2\/compliance?post=74"},{"taxonomy":"division","embeddable":true,"href":"https:\/\/campus.collegeforcreativestudies.edu\/policy\/wp-json\/wp\/v2\/division?post=74"},{"taxonomy":"document-type","embeddable":true,"href":"https:\/\/campus.collegeforcreativestudies.edu\/policy\/wp-json\/wp\/v2\/document-type?post=74"},{"taxonomy":"department","embeddable":true,"href":"https:\/\/campus.collegeforcreativestudies.edu\/policy\/wp-json\/wp\/v2\/department?post=74"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}