Difference between revisions of "IV.L. Capitalization Policy"
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Latest revision as of 21:30, 11 August 2014
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]]