IV.L. Capitalization Policy: Difference between revisions
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xx>Willkrantz (new policy from 12/8/11 board meeting) |
xx>Boardaa m (moved IV.L Capitalization Policy to IV.M. Capitalization Policy) |
(No difference)
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Revision as of 12:25, 31 May 2012
To capitalize a purchase, the item being purchased shall meet all of the following requirements:
- 1. The asset is tangible and complete.
- 2. The asset is used in the operation of the Berkeley Student Cooperative’s activities.
- 3. The asset has a useful life longer than a year.
- 4. The asset is of significant value, defined as having a purchase price greater than $500.
- 5. A bulk purchase of furniture, fixture, and equipment (as defined by GAAP) shall be capitalized if it’s purchased for the renovation or creation of a new unit.
- 6. This policy does not apply to assets placed in service before 2/29/2012.
[Board Approved 12/8/11]]