Furniture and equipment refer to moveable and fixed goods with an acquisition cost greater than the capitalization limit that possess a useful life of more than one (1) year.
Land refers to any improved or unimproved tract owned by KSU. Land is a non-depreciable asset.
Land improvement refers to any non-building improvement built, installed, or established to make land ready, enhance the quality of land, or facilitate the use of land for its intended purpose.
Library books are capitalized annually as a collection for all volumes added to the holdings in the period. Subscription-based library resources are expensed in the period of subscription.
Technology equipment is defined as moveable and fixed equipment of a technological nature that forms the basis of information systems or connectivity infrastructure (e.g., servers, network equipment, telecommunications systems, testing devices, etc.). Such equipment generally has a shorter useful life than general equipment.
Works of Art are defined as collections that are held for public exhibition, education, or research in furtherance of public service instead of financial gain. A collection is to be protected and preserved. Net proceeds from the sales of works of art from a collection are to be used to acquire other items for the collection.
Vehicles are defined as transportation equipment (e.g., automobiles, trucks, buses, forklifts, dump trucks, etc.).
KSU capitalizes all assets with a value of more than $5,000 and a useful life of more than one year. Fixed assets are valued at acquisition cost which includes the purchase price or construction cost, net value of any assets given in exchange (trade-ins), as well as costs incurred to place the asset in its intended location in an operable condition, such as shipping, installation, site preparation, legal costs, etc. In the case of donated assets, the value is set at the fair market value at the date of the gift, if determinable, or the appraised value.
Renovations to buildings, infrastructure, and land improvements that significantly increase the value or extend the structure's useful life are capitalized. Routine repairs and maintenance are expensed in the year in which the expense is incurred.
Construction expenses related to ongoing projects are recorded as Construction in Progress and are not depreciated until construction is complete and the asset is placed in service.