50.N - Capital Assets

Board Policy Code: 50.N
Adopted: 1991-06-12T00:00:00
Revised/Readopted: 06/11/14, 06/09/15

Capital Assets are defined as items with a value (at time of acquisition) of $5,000 or more and a service life of more than one year. Capital Assets also include items gifted and/or donated to the college recorded at fair market value at the date of donation if valued at $5,000 or more. The Chief Financial Officer, or designee, will oversee an annual on-sight physical inventory of all assets. Each department is required to assist by making assets available and accessible in a timely manner.

 

Depreciable life of an asset:

(using straight-line method of asset depreciation)

Asset Category

Estimated depreciable life

Land

Not depreciable

Land Improvements

50 years

Buildings

50 years

Building Improvements

20 years

General Equipment and Furniture

10 years

Electronic Equipment

5 years

 

 

Capital Assets will be recorded and reported on when acquired or removed from service. Please refer to the table of guidelines for length of depreciable life. The costs of normal maintenance and repairs that do not add to the value of functionality of the assets’ lives are not capitalized, but are expensed as incurred.

The Board of Education may, at any time, declare college personal property as surplus and authorize its disposal when such property is no longer useful to the college, unsuitable for school use, too costly to repair or obsolete.

If reasonable attempts to dispose of surplus properties fail to produce a monetary return to the college, the Board may dispose of them in another manner.