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I.  LAND

Land will be capitalized at acquisition cost including assessments, commissions, legal and recording fees; draining, filling, other site preparation costs; judgments levied from damage suits; and demolition cost of structures on land acquired by building sites.  Land acquired by gift will be capitalized at fair value on date of donation. Acquisition cost of property, which includes structures not to be razed, will be allocated between land and buildings based on appraised values.

II.  BUILDINGS

A.Buildings and Structures

Buildings will be capitalized and depreciated using the straight-line method with an expected life of 50 years except for the University of Nebraska-Lincoln (UNL) campus. UNL has adopted a straight-line, componentized method to depreciate buildings based on an estimated useful life of 25 to 40 years and for the University of Nebraska Medical Center (UNMC) campus has adopted a straight-line, componentized method to depreciate selected research buildings based on an expected life of 25 to 40 years. For buildings which have been added on to or renovated, the un-depreciated value of the original building will be removed from the books.  A new asset, consisting of the un-depreciated value of the original building plus the cost of the addition/ renovation would be booked.  The new asset will then be depreciated using the straight-line method except for UNL that has adopted a straight-line componentized method.  The expected life will be established by assigning the greater of either the remaining years of original life or thirty years, unless a best judgement assessment of a particular project warrants a longer or

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