KENTUCKY STATE UNIVERSITY POLICIES AND PROCEDURES
VOLUME, SECTION & NUMBER:
ENTITIES AFFECTED: All Divisions and Departments
ADMINISTRATIVE AUTHORITY: Finance and Administration
APPROVED BY: Kentucky State University Board of Regents
Capital assets are tangible or intangible assets used in normal business operations, not held for resale, that have a useful life of over one (1) year. These assets are accounted for at a historical cost, and all assets, except for land and works of art, are subject to depreciation. Kentucky State University (KSU) departments are responsible for the care, maintenance, and use of all long-lived assets in their custody.
A building is a structure that is permanently attached to the land with a foundation, has a roof, is partially or completely enclosed by four (4) walls, has one (1) utility other than electricity, and is not transportable or moveable. A building must also be used for housing people, animals, plants, or equipment.
Building improvements are renovations which extend the useful life of an asset or increase its value (utility) beyond what it was before the renovations.
ERP software refers to computer systems utilized to manage the resources of KSU.