Admin

Asset Categories

Asset Categories

 

There are fours (4) categories of Assets.

  1. Land costs would include, in addition to the purchase price, such ancillary costs as legal and title fees, surveying fees, appraisal and negotiation fees, damage payments, site preparation costs (clearing, filling and leveling) and demolition of unwanted structures.

 

  1. Buildings and Improvements costs include purchase price, contract price, professional fees of architects, attorneys, appraisers, financial advisors, etc. damage claims; cost of fixtures attached to a building or other structure; construction insurance premiums, interest, and related costs incurred during the period of construction; and any other expenditures necessary to put a building or structure into its intended state of operation.

 

  1. Furniture and Equipment costs should include the total purchase price. Other costs, which should be capitalized as equipment, include transportation charges, installation costs or any other expenditure required to place the asset in its intended state of operation. Furniture & Equipment items valued at $5,000 or more should be coded to object code 6600s, or if items are valued less than $5,000, then use the object code 6398.

 

  1. Vehicles costs should included the total purchase price. Other costs, which should be capitalized is any added cost to the vehicle, include transportation charges, installation costs or any other expenditure required to place the vehicle in its intended state of operation.

 

                                  

Items with a unit cost of less than $500 should be coded to “6399”, unless the item is on the Catalog Number Lists.