The Business Office maintains a Capital Asset Schedule of all investments in property, plant and equipment according to the college capital asset Policy #1940 as follows:
- Receive each capital equipment item based on the following definitions of capital assets:
- All land, property, plant and equipment with a unit cost of $5,000 or more;
- Have an estimated useful life of more than one year; and
- Represent a betterment or improvement to an existing asset.
- Assign a number to the scheduled item and secure it to the equipment.
- List the item in categorical detail by type and date acquired.
- Maintain a running list of all capital assets assigned to investment in plant.
- Perform capital assets inventories at least once every two years.
- The Capital asset schedule will be modified as equipment becomes impaired, is removed and/or is disposed.
- The Capital asset schedule will be updated annually.
Based on Policy #1210; Revised 04/18/18