b.The cost of the project, when added to the Building Account results in a total capitalized value which does not exceed a current appraised valuation of the building.
c.The project objective and scope includes modernization of the structure as a whole, and not merely a rearrangement of selective office/classroom areas.
d.In the event a renovation project involves significant razing of the existing structure, an estimate of the cost of initial construction which was razed should be removed from the existing building asset valuation.
Special maintenance projects, undertaken primarily to preserve the building or enhance the general appearance should be charged to expense (i.e., new roof, painting, caulking, etc.)
III. LAND IMPROVEMENTS
Costs to build infrastructure and to improve land owned or used by the University (excluding buildings) will be capitalized as Land Improvements/Infrastructure. It is the policy of the University to capitalize such improvements as outlined below. However, the nature of many improvements (i.e., walks and driveways) are such that it is impractical to inventory such improvements, for the purpose of assuring that the value of improvements, or portions thereof, are removed from the accounts upon abandonment, replacement, or modification. Accordingly, various classes of improvements will be capitalized for a specific period of years, at which time they will be removed from the accounts. Additions to or extensions of existing land improvements or infrastructure will be capitalized in the year such addition or extension is completed. Repair, maintenance, partial replacement, and resurfacing projects should be