1. Equipment and supplies presently being expensed under a minimum capitalization policy:

Size: px
Start display at page:

Download "1. Equipment and supplies presently being expensed under a minimum capitalization policy:"

Transcription

1 The IRS Has Changed How Business Assets, Repairs, and Supplies Will Be Handled Beginning New Year s Day. There Are Important Steps To Take Before Year End That Will Soften The Blow. By: Tom Zoebelein, CPA, Tax Manager The tax treatment of tangible property used in business has been an area of concern for the Internal Revenue Service and its focus for the last several years. The IRS first shot over the bow was the Temporary Regulation that was issued on December 23, The Regulation was to become effective a mere nine days later. The backlash from taxpayers and preparers forced the IRS to delay the effective date until January 1, The Final Regulation was issued September 19, 2013 which is the reason for this Client letter, as some of the provisions of the final Regulation require action on your part before December 31, The Final Regulation retains the January 1, 2014 effective date. Both the Temporary and Final Regulation make significant changes to traditional policy regarding fixed assets, supplies and repairs. If your business has an expense policy that expenses items acquired under a certain dollar amount, you need to read on as you may be affected by the Regulation. The new Regulation defines tangible property with a much broader definition than tradition practice. The Regulation defines tangible property to include traditional property, plant and equipment, as well as repair parts, spare parts, supplies, and nontraditional capitalization of repairs. This letter addresses the significant changes that could impact your business. Items in bold require your attention before December 31, Business minimum capitalization policy has the following changes: 1. Equipment and supplies presently being expensed under a minimum capitalization policy: a. Require a written policy (sample attached) in effect on or before the first day of the tax year to be allowed to continue as a current deduction. Action required: review your policy and have a written version to be issued not later than 1/1/14. b. This minimum capitalization policy must be followed for both book and tax purposes. 2. The Regulation provides for a cost it deems to be de minimis and if incorporated in the business expense policy not be challenged by the IRS (safe harbor). a. The use of the de minimis safe harbor must be elected each year in the tax return. b. This is an all or nothing election; if elected, your written policy must only provide the safe harbor amount. c. The de minimis election can include spare parts and non incidental supplies if elected.

2 3. The business expense policy permits a business to use an expense amount in excess of the safe harbor amounts, but the business will be required to defend its policy upon audit. The de minimis safe harbor amounts provided in the Regulation are as follows: i. $5,000 per item where the business has audited financials or is required to produce financial statements for a governmental agency (other than for income tax filings). ii. $500 for all other businesses. 4. Material and supplies are consumables that have a cost of $200 or less, such as parts to repair equipment, fuel, water and other similar items expected to be consumed within a year, and other property with a useful life of one year. The Regulation breaks material and supplies into incidental supplies and non incidental items. Incidental supplies are not inventoried and no record of consumption is kept. Items in this group can be expensed when paid. Non incidental material and supplies must be capitalized and expensed when used. a. Non incidental material and supplies can be included in the de minimis expense election. 5. The Regulation also includes as a material and supply rotables and emergency/temporary spare parts which are capitalized when acquired. Material in this category is only expensed when scrapped. Due to the problems of accounting for this type of material, the business can elect to capitalize this material as equipment and depreciate it over the same life as the equipment it services. a. Rotable supplies are items that are expected to be replaced during the life of the equipment they are supporting. They are placed in the equipment during a repair, and the original part is repaired and placed back in inventory. This could be an engine used in a transportation company or an airplane engine for FedEx. The rotatables are capitalized and only expensed when scrapped. b. Emergency spare parts are on hand to make a temporary repair until the correct part can be located. If a temporary part is not disposed after use, it remains capitalized until scrapped. Repairs to Business Property include the following changes: The Regulation introduces a concept of units for purposes of evaluating when repairs are to be capitalized. A unit of property is defined as one that can function independently. A computer with a printer connected is two separate units of property. The computer can function without the printer and vice versa. The computer cannot operate without the motherboard or any other internal parts so the computer is one unit of property. The breakdown of tangible property into functioning units is relevant to complex personal property (such as aircraft, vehicles, and heavy machinery) and developed realty. Most routine tangible property purchases would by definition is a single unit of property. The

3 Regulations take a similar approach with real property. Real property also includes leasehold improvements. A typical building, according to the Regulations, is comprised of the following component systems: 1. Heating, ventilation, and air conditioning, (HVAC) 2. Plumbing system 3. Electrical system 4. All escalators/elevators 5. Fire protection and alarms 6. Security systems 7. Gas distribution 8. Building shell a. Roof b. Windows c. Doors d. Exterior walls The breakdown into a building s component systems was purposely created for testing repair costs against the cost of the total building. A repair may seem insignificant when compared to the total building cost. The Regulation categorizes repairs and maintenance as follows: 1. Routine maintenance and repairs are defined as work that is expected to be performed at least once in the life of the asset. This category includes inspecting, cleaning, testing, and replacement of damaged parts. This applies to the unit of property for equipment and building systems for realty. Routine maintenance is expensed when paid. 2. The Regulation categorizes non routine repairs into three categories based on the action or result of the repair. a. Betterments must be capitalized under the Regulation, as betterments, unlike repairs, make material changes to the property. Betterments include: i. Fixing a material defect or condition known at the time of acquisition. It also includes fixing problems that arose during the production of the unit of property.

4 ii. Repairs that result in a material addition to or addition of a material component to the unit of property. It also includes repairs that resulted in a material increase in the capacity of the unit repaired. iii. Repairs that result in a material increase in productivity, strength, efficiency, quality or output. b. Restorations bring the property up to its intended use. Repairs in this category must be capitalized when: i. Property is rebuilt after the end of its depreciable life. ii. Replacement of a major component or structural part of the property occurs. iii. Property is remediated to efficient operating condition when it had been in such disrepairs that it was no longer functioning iv. Restoration of property after a loss/basis adjustment occurs which resulted in a tax deduction in a prior period. The following are examples: 1. Casualty loss 2. Basis used in a sale of a component 3. Tax deduction taken from a loss other than casualty c. Adaptation is the cost to convert the property to a new different use. That new use of the property is not consistent with its normal or ordinary use. Examples are: i. Converting manufacturing space into a showroom. ii. Developing land included in the original manufacturing site as a buffer now plotted for individual residential housing. iii. A retail pharmacy adapting a portion of the pharmacy floor space into a walk in clinic. 3. There is a special small business safe harbor election that permits a small business to expense certain building improvements instead of capitalizing the cost. A small business is defined as a taxpayer that has average gross receipts for the last three years of $10 million or less. Qualifying taxpayers may elect to be excluded from the improvement rules for any building with an unadjusted basis of $1 million or less. The exclusion election allows the taxpayer to: i. Expense all repairs, maintenance, and improvements and similar activities for the lesser of $10,000 or 2% of the unadjusted basis of the building. ii. Elect annually for each building.

5 iii. Deduct amounts under de minimis and reduce routine maintenance costs by $10,000 or the 2% allowance as per the above. 4. Taxpayers are permitted to elect to capitalize certain repair and maintenance expenses provided: a. This position is consistent with the book treatment for that expense. b. The yearly election, once made, will include all similar expenses treated as capital for books for the election year. c. The election is made by placing a statement in the return each year. The letter merely hits the high points of the new Regulation. There are other aspects of the new Regulation that could impact your business but are beyond the scope of this letter. One such item is the expanded the definition of acquisition costs required to be capitalized into the property acquired that is beyond this client letter. We are available to discuss these changes and how they may impact your business. Please do not hesitate to contact us at

6 Capital Expenditure Policy: Loyola University Chicago Page 2 of5 To provide guidelines under which capital expenditures will be approved and prioritized for the Current Fiscal Year Capital BUdget and 3-Year Capital Plan. To ensure that capital expenditures are properly monitored and tracked. SCOPE This procedure applies to all construction, capital improvements, major equipment purchases and other special projects requiring one or more expenditures totaling $25,000 or more. This includes projects that are partially or fully funded by outside funding sources (e.g. grants, gifts, etc.). Examples include: New construction (new buildings or major additions) Building repairs, renovations, demolition, or upgrades Major maintenance (capital renewal and deferred maintenance) Safety, ADA, or Legal Compliance construction projects Energy conservation improvements Grounds improvement Real Estate Acquisition or Leasing Vehicles HVAC Telecommunication and Information Technology systems (hardware and/or software) New or replacement equipment or furniture This process is designed to handle projects over $25k. VP Facilities has been allocated a certain amount each year to address small maintenance and emergency projects under this threshold. Other requests under $25k should be included in the departments' operating budgets. WHO SHOULD KNOW THIS POLICY President Provost Vice Presidents Deans Area Directors Other Finance/Accounting Personnel CONTACTS For questions regarding this policy, please contact University Budgeting &Financial Analysis at extension DEFINITIONS Capital Capital Assets are real or personal property that have a value greater than or equal to $5,000 and have an estimated life of greater than one year. Capital assets should be recorded at their historical costs, which include the vendor's invoice, initial installation cost, modifications, attachments, accessories necessary to make the asset usable. Historical costs include ancillary charges such as freight, site preparation costs, and professional and legal fees. For a repair or replacement to be capitalized, it must be part of a major repair or rehabilitation project, which increases the value and useful life of the building, such as the renovation of a student center or conversion of a basement to a usable classroom space. A replacement may also be capitalized if the new item/part is of significantly improved quality and higher value compared to the old item such as the replacement of an old shingle roof with a new fireproof roof. Replacement or restoration to original utility level would not qualify for treatment as a capital item. Determinations must be made on a case by case basis. The following expenditures are examples of maintenance expenses that would not be capitalized: Interior renovation such as repainting, replacement of carpet, plumbing or electrical repairs, cleaning, replacement of a part of a building with a new part of the same type and performance capabilities, such as the replacement of an old boiler with a new one of the same type and performance capabilities. Capital Planning Committee This committee will consist primarily of the Budget Review Team (President, Provost, Associate Provost, VP of Strategic Capital Planning, VP of Finance, VP of Human Resources, Director of University Budgeting & Financial Analysis, VP of Facilities). The committee is for assessing the university's capital needs and opportunities, evaluating them with respect to the university's overall and for project implementation. They will prepare the Current Fiscal Year Capital Budget and 5-Year Capital Plan. A. CAPITAL FUNDING In order to begin planning for future capital expenditures, there must be expendable funds available in the capital budget. Expendable funds can be general funds or funds related to a specific project. 1. General funds are defined as those funds available to be expended on any capital project authorized by the University. The annual depreciation is the initial deposit to the capital budget and it becomes available for approved capital expenditures. The initial estimate of depreciation will be adjusted to actual at year end. From time to time other general funding becomes available and is assigned to the capital budget by the CFO. These funds are available as general funding unless they are specifically identified to a specific project. 2. Specific funding is specifically related to a project. An example would be a bond financial construction project. These funds will be segregated from general operating funds and brought into the capital budget as funds are expended on the project. 3. Due to timing of project expenditures, funding will be broken out to equal current year expenditures. 7/16/2013

7 Expense Policy Pagelof3 Phone: (423) , Fax: (423) , The information contained herein is for the Directors, Officers, Employees and Members of EPB Employees Credit Union, 1500 McCallie Avenue, Chattanooga, Tennessee, USA. It is provided as both a convenience and as an off-site backup in case of an emergency. No authorization is given to any other person or entity to use this infonnation in part or in whole. PURPOSE: EXPENSE POLICY (Policy on Capitalizing Expenditures) EPB ElvlPLOYEES CREDIT ljnion This policy is for the purpose ofestablishing guidelines to be followed in determining what expenditures will be capitalized by the Credit Union. ACCOUNTING PRINCIPLE: The criteria used in establishing these guidelines is based upon Generally Accepted Accounting Principles (GAAP)... to not capitalize an expenditure for a capital item would result in an understatement ofassets and Net Income. Conversely, to capitalize an expenditure when it should be expensed would overstate Assets and Net Income. PURCHASE AUTHORIZATION: By establishing these guidelines, the Board ofdirectors ofthe EPB Employees Credit Union authorizes its Manager or Acting Manager to make expenditures without prior Board approval for capital items with a value of$300 or less and no more than four such purchases in any fiscal year. Expenditures made for all other capital items require prior Board approval. GUIDELINES: Additions, replacements, and improvements should be capitalized ifthey meet the requirements set forth below. Maintenance and repair charges should never be capitalized. The expenditure for an item normally will be capitalized ifit meets anyone ofthe following: 1. **Cost $600 or more and has a useful life ofat least two (2) years, or 2. Extends the useful life ofan existing asset by at least two (2) years, or 3. **Consists ofmultiple items purchased in quantity costing $600 or more ifthe items are to be used together as a unit. The following items would fall in this category: panels, drawers, cubicle file cabinets, mini blinds where all windows are covered, etc. 7/1 h/')ol ~

8 Capital Expenditures Policy and Procedures CAP01 1. Document History Revision Number Revision Date Effective Date Description of Changes Prepared By Approved By 1 5/14/04 5/17/04 Initial Release Sam Davis Susan Jones 2. Table of Contents 1. Document History Table of Contents Purpose of This Document Definitions Policy Process Summary Workflow Procedure Requestor Identifies Need Corporate Requestors Obtain Approval from Manager New Vendor Added to Accounts Payable Corporate Master Vendor List Requestor Enters Requisition Into WorkPlace Checking the Status of a Requisition WorkPlace Routes Request Through Approval Process Requisition Approved Requisition Not Approved Operations Controller Creates Purchase Order Requestor Places Order with Vendor Vendor Fills Order Vendor Mails Invoice to Requestor Requestor Mails Invoice and Attachments to Corporate Accounts Payable Corporate Accounts Payable Pays Vendor Purpose of This Document This document describes the Capital Expenditures policy and the procedures that an ABC Corporate or Market employee follows to request and purchase a capital item on behalf of the company. This document also describes the review, approval, and tracking process performed by the Corporate office for each purchase. This document also addresses the related accounting recognition for capital expenditure purchases. Capital Expenditures ABC Company Inc. Page 1

9 Capital Expenditures Policy and Procedures CAP01 4. Definitions Capital Expenditure The money spent for acquiring or upgrading assets. Relative to ABC s business, capital expenditures are generally made to purchase furniture or fixtures, computers, programming equipment or upgrades, broadcast technical equipment or upgrades, leasehold improvements, or automobiles. The icon indicates the presence of an internal control. 5. Policy ABC is responsible for establishing adequate controls over capital expenditures to ensure the timely procurement of these assets and accurate and timely recognition of these assets in the accounting records. Our policy requires that the requisition and purchase of all capital expenditures must follow the procedure as stated within this document. The objectives of this procedure are to Specify and set up capital expenditure vendors. Allow for management review and approval for investments made in capital equipment. Recognize qualifying purchases as fixed assets in the company s accounting systems. Track and review capital projects against predefined budgets or plans. Pay for capital expenditure items on a timely basis and consistent with approved order details. Leverage the company s purchasing power through centrally negotiated purchase contracts with key capital vendors. The company does not consider purchases below $600 to be capital expenditures. Assets purchased below the $600 limit are expensed as they are received. Page 2 ABC Company Inc. Capital Expenditures

KPM CPAs & Advisors Summary of IRS Tangible Property Rules

KPM CPAs & Advisors Summary of IRS Tangible Property Rules The IRS has issued long awaited regulations on the tax treatment of amounts paid to acquire, produce, or improve tangible property. These rules explain when those payments can be immediately expensed and

More information

Overview. Tangible Property Regulations. Bader Martin, PS Certified Public Accountants + Business Advisors www.badermartin.com

Overview. Tangible Property Regulations. Bader Martin, PS Certified Public Accountants + Business Advisors www.badermartin.com Bader Martin, PS Certified Public Accountants + Business Advisors www.badermartin.com Contents Introduction 2 New Concept: Unit of Property 2 Capitalize Acquisitions and Improvements, Deduct Repairs 3

More information

Quick Summary of Final Tangible Property Regulations

Quick Summary of Final Tangible Property Regulations This summary is intended to provide a high-level overview only and should not be relied on for application to specific fact patterns and situations. Taxpayers should consult their tax advisors to determine

More information

New Repair Regulations and the Impact on Owners of Investment Real Estate

New Repair Regulations and the Impact on Owners of Investment Real Estate Tom Scarpello Managing Partner 877.410.5040 New Repair Regulations and the Impact on Owners of Investment Real Estate On December 23, 2011, the IRS issued comprehensive guidance regarding amounts paid

More information

IRS CODE SECTION 263 FINAL REPAIR/CAPITALIZATION REGULATIONS

IRS CODE SECTION 263 FINAL REPAIR/CAPITALIZATION REGULATIONS IRS CODE SECTION 263 FINAL REPAIR/CAPITALIZATION REGULATIONS Presenting the Top 10 Things You Must Know PRESENTED BY: JOHN MARTELLINI, CPA, MST LGC&D, LLP These seminar materials are intended to provide

More information

Fix Your Fixed Assets. www.padgett-cpa.com

Fix Your Fixed Assets. www.padgett-cpa.com Fix Your Fixed Assets www.padgett-cpa.com 2014 Depreciation Update 2013 2014 Section 179 Expense Investment Limit $ 2,000,000 $ 200,000 Expense Limit $ 500,000 $ 25,000 Bonus Depreciation 50% 0% (Set to

More information

Anchin Real Estate Services Group

Anchin Real Estate Services Group Anchin Real Estate Services Group What is a Capital Expenditure? Marc Wieder, CPA Partner Anchin, Block & Anchin LLP Accountants & Advisors What is a Capital Expenditure? Part 1 The IRS published important

More information

November 2014 WWW. E L L I N A N D T U C K E R. C O M

November 2014 WWW. E L L I N A N D T U C K E R. C O M November 2014 They apply to all taxpayers who own depreciable real or personal property They affect all decisions regarding capitalization, depreciation, and disposition of tangible property Must capitalize

More information

Tax Consequences of Selling Or Creating Real Estate

Tax Consequences of Selling Or Creating Real Estate BUSINESS TAX & ACCOUNTING SEMINAR TURNING YOUR FIXED ASSET REVIEW INTO TANGIBLE TAX SAVINGS berrydunn.com GAIN CONTROL TODAY S OBJECTIVE Help taxpayers who acquire, produce, or improve tangible property

More information

MEASURE G-2010 EXHIBIT B FULL TEXT BALLOT PROPOSITION OF THE SAN JOSE EVERGREEN COMMUNITY COLLEGE DISTRICT BOND MEASURE ELECTION NOVEMBER 2, 2010

MEASURE G-2010 EXHIBIT B FULL TEXT BALLOT PROPOSITION OF THE SAN JOSE EVERGREEN COMMUNITY COLLEGE DISTRICT BOND MEASURE ELECTION NOVEMBER 2, 2010 MEASURE G-2010 EXHIBIT B FULL TEXT BALLOT PROPOSITION OF THE SAN JOSE EVERGREEN COMMUNITY COLLEGE DISTRICT BOND MEASURE ELECTION NOVEMBER 2, 2010 To better prepare San Jose City College/ Evergreen Valley

More information

TANGIBLE PROPERTY REGULATIONS TROISIÈME PARTIE (Oh là là)

TANGIBLE PROPERTY REGULATIONS TROISIÈME PARTIE (Oh là là) TANGIBLE PROPERTY REGULATIONS TROISIÈME PARTIE (Oh là là) Jeff McGowan, CPA, CGMA Tax Partner Presented November 12, 2014 Kruggel Lawton CFO Summit 1. Cover Slide 2. Legislative History of Tangible Property

More information

Taxation: Deductions, Credits, and Strategies You May Be Missing By Glenn Scharf, CPA, CVA and John Mascaro, CPA

Taxation: Deductions, Credits, and Strategies You May Be Missing By Glenn Scharf, CPA, CVA and John Mascaro, CPA Taxation: Deductions, Credits, and Strategies You May Be Missing By Glenn Scharf, CPA, CVA and John Mascaro, CPA Many manufacturers continue to miss the boat on taking advantage of all aspects of the tax

More information

MARQUETTE UNIVERSITY Office of the Comptroller Capitalization, Inventory, Depreciation and Retirement of Property, Buildings, and Equipment

MARQUETTE UNIVERSITY Office of the Comptroller Capitalization, Inventory, Depreciation and Retirement of Property, Buildings, and Equipment MARQUETTE UNIVERSITY Office of the Comptroller Capitalization, Inventory, Depreciation and Retirement of Property, Buildings, and Equipment Direct all inquiries to: Comptroller s Office 288-0833 Effective

More information

How the new repairs and maintenance capitalization standards will impact your next remodel Restaurant Finance Conference November 14, 2012

How the new repairs and maintenance capitalization standards will impact your next remodel Restaurant Finance Conference November 14, 2012 How the new repairs and maintenance capitalization standards will impact your next remodel Restaurant Finance Conference November 14, 2012 2012 Baker Tilly Virchow Krause, LLP Baker Tilly refers to Baker

More information

2013-2014 Tax Update Lead Story Headline

2013-2014 Tax Update Lead Story Headline December Daniel, Ratliff & Company 704-371-5000 2013-2014 Tax Updates 2013-2014 Tax Update Lead Story Headline Contents 50% Bonus Depreciation Scheduled to Expire After 2013 2 Expanded Section 179 Deduction

More information

Manage Risk with Fixed Assets

Manage Risk with Fixed Assets Manage Risk with Fixed Assets Presented by: V. Lynn Lambert, CPA Lambert Lanoue & Smoker LLC www.lambertcpas.com Outline Analysis of Lease vs Purchase of Fixed Assets New IRS Repair Regulations Capital

More information

UNIVERSITY OF MISSISSIPPI FIXED ASSET CAPITALIZATION POLICY

UNIVERSITY OF MISSISSIPPI FIXED ASSET CAPITALIZATION POLICY UNIVERSITY OF MISSISSIPPI FIXED ASSET CAPITALIZATION POLICY The term capitalized fixed assets includes land, improvements to land, easements, buildings, building improvements, vehicles, machinery, furniture,

More information

HOWARD UNIVERSITY. I. Policy Statement. II. Rationale. III. Entities Affected by the Policy. IV. Definitions. Policy Number: 300-004

HOWARD UNIVERSITY. I. Policy Statement. II. Rationale. III. Entities Affected by the Policy. IV. Definitions. Policy Number: 300-004 HOWARD UNIVERSITY Policy Number: 300-004 Policy Title: ASSET CAPITALIZATION Responsible Officer: Chief Financial Officer Responsible Offices: Office of the Controller, Departments of Strategic Sourcing

More information

Final tangible property repair regulations: Unit of property and acquisition or improvement of property

Final tangible property repair regulations: Unit of property and acquisition or improvement of property Final tangible property repair regulations: Unit of property and acquisition or improvement of property September 26, 2013 In brief This is the second WNTS Insight in a three-part series that discusses

More information

FIXED ASSET AND CAPITAL PURCHASE POLICY

FIXED ASSET AND CAPITAL PURCHASE POLICY FIXED ASSET AND CAPITAL PURCHASE POLICY Section I: Definition of a Fixed Asset: A Fixed Asset is any tangible asset purchased for use in the day-to-day operations of the College from which an economic

More information

Updated: Analysis of Comprehensive Repair/Capitalization Regulations

Updated: Analysis of Comprehensive Repair/Capitalization Regulations November 2012 taxalerts.plantemoran.com Updated: Analysis of Comprehensive Repair/Capitalization Regulations Repair Regulations Have Sweeping Impact; Will Require Accounting Method Changes; 2014 Effective

More information

REPAIR V. CAPITALIZATION REGS

REPAIR V. CAPITALIZATION REGS REPAIR V. CAPITALIZATION REGS Copyright Tax Educators' Network, Inc.. 2014 1 INTRODUCTION & COMMENTS Copyright Tax Educators' Network, Inc.. 2014 2 Workshop Objectives Knowledge Issue awareness Ability

More information

Final IRC 263(a) Tangible Property Regulations

Final IRC 263(a) Tangible Property Regulations Final IRC 263(a) Tangible Property Regulations Technical Update Nathan Clark, CPA Senior Director, Fixed Asset Advisory Services Marla Miller, CPA Senior Director, Fixed Asset Advisory Services November

More information

Title: FIXED ASSET ACCOUNTING Code: B0108

Title: FIXED ASSET ACCOUNTING Code: B0108 POLICY Title: FIXED ASSET ACCOUNTING Code: B0108 Authority: Board Minutes, 9/16/91; 10/28/97 Original Adoption: 9/16/91 Revised/Reviewed: 10/28/97 Effective: 10/29/97 It is the policy of the Board that

More information

Commonly asked questions on the new tangible property regulations

Commonly asked questions on the new tangible property regulations Commonly asked questions on the new tangible property regulations A compilation of questions and answers from recent webcasts November 2013 Materials and supplies Question 1: How is a rotable defined?

More information

Construction. Industry Advisor. Winter 2014. Expense or capitalize? How your contracts can help strengthen cash flow

Construction. Industry Advisor. Winter 2014. Expense or capitalize? How your contracts can help strengthen cash flow Construction Industry Advisor Winter 2014 Expense or capitalize? New repair regulations offer guidance for contractors How your contracts can help strengthen cash flow Sales and use taxes Evaluate your

More information

Accounting Policies. 4.02 Land and Land Improvements. 4.03 Buildings and Building Service Equipment. 4.04 Leasehold Improvements

Accounting Policies. 4.02 Land and Land Improvements. 4.03 Buildings and Building Service Equipment. 4.04 Leasehold Improvements Page 1 of 14 Accounting Policies Section 4.0 Capital Assets 4.01 Capital Assets Defined 4.02 Land and Land Improvements 4.03 Buildings and Building Service Equipment 4.04 Leasehold Improvements 4.05 Equipment

More information

Bowdoin Finance Policy Manual

Bowdoin Finance Policy Manual Bowdoin Finance Policy Manual Policy Title Effective Date Revision Date Created by Approval Signature Capitalization Policy May 30, 2008 May 19, 2011 Matt Orlando, Controller Contents 1. Purpose... 1 2.

More information

Capitalization and Depreciation of Property, Plant, and Equipment

Capitalization and Depreciation of Property, Plant, and Equipment Boston College Office of the Financial Vice President Capitalization and Depreciation of Property, Plant, and Equipment University Policy Overview It is the policy of Boston College (the University) to

More information

State of Florida Statewide Financial Statements Capital Asset Policy. Introduction

State of Florida Statewide Financial Statements Capital Asset Policy. Introduction Introduction For fiscal year ending June 30, 2002, the State of Florida will be required to implement Statement No. 34 of the Governmental Accounting Standards Board (GASB), Basic Financial Statements

More information

Chapter 30 Fixed Assets

Chapter 30 Fixed Assets Chapter 30 Fixed Assets 30.20 Valuing, Capitalizing and Depreciating Fixed Assets 30.20.10 How to value Fixed Assets July 1, 2004 30.20.20 When to capitalize Fixed Assets July 1, 2004 30.20.22 Assets not

More information

POLICY TITLE: Capitalization of Fixed Assets Policy No.: 700.16 Page 1 of 5

POLICY TITLE: Capitalization of Fixed Assets Policy No.: 700.16 Page 1 of 5 Page 1 of 5 A. Capitalization Policy This policy determines which District-owned and leased assets will be capitalized for purposes of financial reporting and inventory control processes. It is important

More information

AGATE FIRE PROTECTION DISTRICT RESOLUTION NO. 11-0908 A RESOLUTION OF THE AGATE FIRE PROTECTION DISTRICT BOARD OF

AGATE FIRE PROTECTION DISTRICT RESOLUTION NO. 11-0908 A RESOLUTION OF THE AGATE FIRE PROTECTION DISTRICT BOARD OF RESOLUTION NO. 11-0908 A RESOLUTION OF THE AGATE FIRE PROTECTION DISTRICT BOARD OF DIRECTORS ADOPTING A CAPITALIZATION POLICY WHEREAS, the Governmental Accounting Standards Board issued Pronouncement #34

More information

Fixed Asset Management

Fixed Asset Management Fixed Asset Management Policy/Procedure This policy applies to faculty and staff with responsibility for purchasing, maintaining or disposing of Fixed Assets, including Department Chairs, Department Heads,

More information

AP 531 - TANGIBLE CAPITAL ASSETS

AP 531 - TANGIBLE CAPITAL ASSETS AP 531 - TANGIBLE CAPITAL ASSETS The following topics are discussed in this administrative procedure: 1.0 Policy 2.0 Purpose 3.0 Scope 4.0 Glossary 5.0 Categorization of Assets 6.0 Accounting and Reporting

More information

Capitalization and Depreciation Guidelines

Capitalization and Depreciation Guidelines Capitalization and Depreciation Guidelines Guidelines Statement University of Vermont assets that are capitalized are considered fixed assets and are recorded in the Capital Assets section of the University's

More information

The final tangible asset and repair regulations - Part II

The final tangible asset and repair regulations - Part II The final tangible asset and repair regulations - Part II Clarifications and taxpayer-friendly safe harbors and elections added for acquisition and improvement rules Prepared by: Kate Abdoo, Manager, RSM

More information

A Quick Guide to Facility Management Services

A Quick Guide to Facility Management Services A QUICK GUIDE TO FACILITY MANAGEMENT SERVICES PROVIDED BY CGS CGS is responsible for the provision of Facility Management services under its Facility Management Program to ensure corporate and regulatory

More information

Sales and Use Tax Treatment of Construction Contractors Throughout the States

Sales and Use Tax Treatment of Construction Contractors Throughout the States Sales and Use Tax Treatment of Construction Contractors Throughout the States by Dan Davis, MBA (Tax), CPA, CFE Construction: General Rule Although the wording may differ from state to state, a construction

More information

University of Pittsburgh Policy Capital Asset Accounting

University of Pittsburgh Policy Capital Asset Accounting 1 of 6 Category: Financial Affairs Section: Asset Management System Contents: Policy Statement Reason for policy Entities affected Who should read this policy and procedures Responsibilities Capitalization

More information

finreporting.com free online financial services

finreporting.com free online financial services PROPERTY, PLAN, AND EQUIPMENT POLICY PER5PECTIVE Property, Plant and Equipment (PP&E) are those assets including land and buildings, furniture, computer systems, etc., which the company retains more or

More information

MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY LOW INCOME HOUSING TAX CREDIT PROGRAM COST CERTIFICATION GUIDELINES TABLE OF CONTENTS

MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY LOW INCOME HOUSING TAX CREDIT PROGRAM COST CERTIFICATION GUIDELINES TABLE OF CONTENTS MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY LOW INCOME HOUSING TAX CREDIT PROGRAM COST CERTIFICATION GUIDELINES TABLE OF CONTENTS 1. Cost Certification Guidelines PAGE I General 1 II Identity of Interest

More information

ADMINISTRATION AND FINANCE POLICIES AND PROCEDURES. FIXED & MOVABLE ASSETS ACCOUNTING/INVENTORY CONTROL Revision Date: 01/01/2014 TABLE OF CONTENTS

ADMINISTRATION AND FINANCE POLICIES AND PROCEDURES. FIXED & MOVABLE ASSETS ACCOUNTING/INVENTORY CONTROL Revision Date: 01/01/2014 TABLE OF CONTENTS Chapter 10 ADMINISTRATION AND FINANCE POLICIES AND PROCEDURES FIXED & MOVABLE ASSETS ACCOUNTING/INVENTORY CONTROL Revision Date: 01/01/2014 TABLE OF CONTENTS 10-01 Overview 10-02 Types of Capital Assets

More information

FIXED ASSET POLICY FOR ALLEGAN COUNTY

FIXED ASSET POLICY FOR ALLEGAN COUNTY FIXED ASSET POLICY FOR ALLEGAN COUNTY Prepared January 2006 Allegan County Budget and Finance Department 1 Contents INTRODUCTION I. POLICY STATEMENT II. PURPOSE OF THE FIXED ASSET PROGRAM III. ACCOUNTING

More information

FIXED ASSET PROCEDURES

FIXED ASSET PROCEDURES FIXED ASSET PROCEDURES It is the policy of St. Norbert College to maintain accurate and complete records of Fixed Assets held and to capitalize and depreciate them according to appropriate accounting requirements.

More information

PROCEDURES: Purchasing Policy

PROCEDURES: Purchasing Policy AUTHORITY: University Administration POLICY: A:VPFA # / RESPONSIBILITY: Vice President Finance and Administration Effective Date: April 1, 2013 Purpose To implement the, the following specific actions

More information

Fixed Assets Accounting Policy & Procedure

Fixed Assets Accounting Policy & Procedure Fixed Assets Accounting Policy & Procedure Table of Contents 01. Policy Statement... 2 02. Reason for Policy... 2 03. Roles and Responsibilities... 2 04. Capitalization Policy... 3 05. Classifications

More information

ADMINISTRATIVE PROCEDURE

ADMINISTRATIVE PROCEDURE Categories of Fixed Assets 1. Land -Land as well as the costs incurred in preparing the land for its intended purpose. These costs include, but are not limited to, purchase costs, real estate commissions,

More information

PROCEDURES FOR THE NONPUBLIC AGING SCHOOLS PROGRAM (FISCAL YEAR 2015)

PROCEDURES FOR THE NONPUBLIC AGING SCHOOLS PROGRAM (FISCAL YEAR 2015) PROCEDURES FOR THE NONPUBLIC AGING SCHOOLS PROGRAM (FISCAL YEAR 2015) August 2014 These procedures are available for download at: http://www.pscp.state.md.us Applications for this program must be submitted

More information

$4,000,000 FAMU: $1,000,000. construction,; or renovation projects that add new square footage.

$4,000,000 FAMU: $1,000,000. construction,; or renovation projects that add new square footage. ICOFA GUIDELINES FOR CAPITAL ASSETS - CAPITALIZATION THRESHOLDS The universities financial statements report capital assets in accordance with standards established by the Governmental Accounting Standards

More information

University S Accounting Requirements

University S Accounting Requirements I. Scope This guideline establishes requirements for the accounting for fixed assets recorded in the University s accounting records that are essential for both financial and government accounting purposes.

More information

DEVELOPMENT AND MAINTENANCE OF AN INVENTORY OF FIXED ASSETS AND A FIXED ASSET ACCOUNTING SYSTEM DEVELOPMENT OF INVENTORY AND ACCOUNTING SYSTEM

DEVELOPMENT AND MAINTENANCE OF AN INVENTORY OF FIXED ASSETS AND A FIXED ASSET ACCOUNTING SYSTEM DEVELOPMENT OF INVENTORY AND ACCOUNTING SYSTEM No. 704 DEVELOPMENT AND MAINTENANCE OF AN INVENTORY OF FIXED ASSETS AND A FIXED ASSET ACCOUNTING SYSTEM I. PURPOSE The purpose of this policy is to provide for the development and maintenance of an inventory

More information

Procedure 20345: Moving and Relocation Expenses

Procedure 20345: Moving and Relocation Expenses Procedure 20345: Moving and Relocation Expenses The university may reimburse moving and relocation expenses in accordance with the Commonwealth of Virginia and Internal Revenue Service (IRS) policies and

More information

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT Policy: Purchases or acquisitions of property, plant, and equipment shall be properly authorized and accurate records shall be maintained for cost/ acquisition value and accumulated

More information

Number: 1-3 Date Issued: July 15, 1999 Date Revised: October 26, 2010. Subject: Responsible Department: Approved: Purpose. Definitions of Terms

Number: 1-3 Date Issued: July 15, 1999 Date Revised: October 26, 2010. Subject: Responsible Department: Approved: Purpose. Definitions of Terms ADMINISTRATIVE ORDER Subject: Responsible Department: Financial Fixed Assets Inventory Finance Number: 1-3 Date Issued: July 15, 1999 Date Revised: Approved: Purpose To establish a uniform policy for the

More information

FIXED ASSET PROCEDURES

FIXED ASSET PROCEDURES FIXED ASSET PROCEDURES To comply with the fixed asset capitalization and inventory policy adopted by the Governing Board, and to ensure compliance with the GASB 34 (Government Accounting Board Statement

More information

5.5 PROJECT CAPITALIZATION

5.5 PROJECT CAPITALIZATION 5.5 PROJECT CAPITALIZATION 1.0 Purpose To provide a capitalization policy specifically for capital projects used to account for the acquisition, construction or improvement of fixed assets. This document

More information

Capital Expenditure. The common definition of capital expenditure is

Capital Expenditure. The common definition of capital expenditure is Capital Expenditure Under standard accounting practices local authorities are required to account for revenue expenditure and capital expenditure differently. Capital expenditure is defined in the Local

More information

Capital Asset Accounting Policies POLICY STATEMENT

Capital Asset Accounting Policies POLICY STATEMENT Responsible Executive: Controller Responsible Department: A&FS Review Date: May, 2015 Accounting & Financial Services Capital Asset Accounting Policies POLICY STATEMENT I. Capital Asset Policy A. General

More information

Page 1 of 14. Record Retention Policy

Page 1 of 14. Record Retention Policy Page 1 of 14 Record Retention Policy Approved By Board: December 16, 2009 Page 2 of 14 Rappahannock EMS Council 435 Hunter Street, Fredericksburg, VA 22401 540-373-0249; Fax: 540-373-0536; Toll Free: 1-877-892-9465;

More information

Benchmarking Questionnaire on Facility Management Costs and Business Practices

Benchmarking Questionnaire on Facility Management Costs and Business Practices Benchmarking Questionnaire on Facility Management Costs and Business Practices April 21, 2004 Introduction KPMG has been contracted by Hydro Quebec s Facility Management Division to perform a benchmark

More information

University System of Maryland Capital Asset & Depreciation Guidance

University System of Maryland Capital Asset & Depreciation Guidance University System of Maryland Capital Asset & Depreciation Guidance Prepared by USM Office Final as of June 27, 2002 Introduction The purpose of this document is to provide guidance for the uniform recording

More information

PINAL COUNTY POLICY AND PROCEDURE 8.8. Replaces Policy Dated: January 12, 1981, and subsequent revisions to date

PINAL COUNTY POLICY AND PROCEDURE 8.8. Replaces Policy Dated: January 12, 1981, and subsequent revisions to date PINAL COUNTY POLICY AND PROCEDURE 8.8 Subject: CAPITAL ASSETS Date: Effective as of July 1, 2009 Pages: 1 of 6 Replaces Policy Dated: January 12, 1981, and subsequent revisions to date Purpose: The purpose

More information

Collin County Community College District Business Administrative Services Procedures Manual Section 8 Capital Assets

Collin County Community College District Business Administrative Services Procedures Manual Section 8 Capital Assets Revision Log: Collin County Community College District Business Administrative Services Procedures Manual Section 8 Capital Assets Sub Section Revision Date Summary of Change 8.1 Introduction The District

More information

Elbert County School District. Fixed Asset And Property Accounting Manual. Table of Contents. Introduction...1

Elbert County School District. Fixed Asset And Property Accounting Manual. Table of Contents. Introduction...1 Elbert County School District Fixed Asset And Property Accounting Manual Table of Contents Introduction...1 Property Classifications and Funding Source Inclusions...2-3 Capitalization Policy...4 Depreciation

More information

State System of Higher Education Financial Accounting Policy 2002-01

State System of Higher Education Financial Accounting Policy 2002-01 State System of Higher Education Financial Accounting Policy 2002-01 Subject: Capitalization of Fixed Assets Authorized By: Robert E. Myers, Interim Vice Chancellor for Finance and Administration Effective

More information

ACCOUNTING BY GOVERNMENTAL ENTITIES ACCOUNTING AND CONTROL OF FIXED ASSETS OF STATE GOVERNMENT, ACCOUNTING FOR ACQUISITIONS AND ESTABLISHING CONTROLS

ACCOUNTING BY GOVERNMENTAL ENTITIES ACCOUNTING AND CONTROL OF FIXED ASSETS OF STATE GOVERNMENT, ACCOUNTING FOR ACQUISITIONS AND ESTABLISHING CONTROLS This rule was filed as 1 NMAC 1.2.1. TITLE 2 CHAPTER 20 PART 1 PUBLIC FINANCE ACCOUNTING BY GOVERNMENTAL ENTITIES ACCOUNTING AND CONTROL OF FIXED ASSETS OF STATE GOVERNMENT, ACCOUNTING FOR ACQUISITIONS

More information

Bowling Green State University ( BGSU ) Detached Greek Chapter Houses Potential Ground Lease & Operating Terms (As of September 2012)

Bowling Green State University ( BGSU ) Detached Greek Chapter Houses Potential Ground Lease & Operating Terms (As of September 2012) Bowling Green State University ( BGSU ) Detached Greek Chapter Houses Potential Ground Lease & Operating Terms (As of September 2012) The following potential ground lease and operating terms are intended

More information

SECTION IX-CPF CAPITAL PROJECTS FUND

SECTION IX-CPF CAPITAL PROJECTS FUND SECTION IX-CPF CAPITAL PROJECTS FUND Capital Projects Funds-- to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by

More information

Chapter Four Taxable Services and Contractors

Chapter Four Taxable Services and Contractors GR-9. Taxable Services Service of, addition to or the service of alteration, cleaning, refinishing, replacement and repair of the following items of tangible personal property are subject to the tax. 1.

More information

AAM 55. CAPITAL ASSETS

AAM 55. CAPITAL ASSETS AAM 55. CAPITAL ASSETS 55.010 Accounting 06/02 55.020 Valuation of 07/12 55.025 Thresholds for Capitalizing 07/12 55.030 Acquisition of 06/02 55.040 Repairs & Improvements 07/12 55.050 Depreciation 01/03

More information

IMPERIAL COUNTY FIXED ASSET ACCOUNTING STANDARD PRACTICE MANUAL

IMPERIAL COUNTY FIXED ASSET ACCOUNTING STANDARD PRACTICE MANUAL IMPERIAL COUNTY FIXED ASSET ACCOUNTING Adopted by Board of Supervisors December 23, 2008 Prepared by the Imperial County Auditor-Controller TABLE OF CONTENTS TITLE CHAPTER NO. PAGE NO. Fixed Asset Inventory

More information

The following terms should be understood prior to review of the Services Policy:

The following terms should be understood prior to review of the Services Policy: 1.0 BACKGROUND AND PURPOSE The Department of Facilities Management (FM) at the Colorado School of Mines has developed a Services policy to define for the campus community the types of services provided

More information

BULK SALES - BUYING AND SELLING BUSINESS ASSETS

BULK SALES - BUYING AND SELLING BUSINESS ASSETS BULLETIN NO. TAMTA 002 Issued October 2010 THE TAX ADMINISTRATION AND MISCELLANEOUS TAXES ACT BULK SALES - BUYING AND SELLING BUSINESS ASSETS This bulletin explains the seller s and buyer s requirements

More information

Policy on Repair and Renovation Funding

Policy on Repair and Renovation Funding Policy on Repair and Renovation Funding I. POLICY STATEMENT Auburn University s (the University s) Policy on Repair and Renovation Funding provides guidance and direction regarding the use of Repair and

More information

FIXED ASSET CAPITALIZATION. The Fort Dodge Community School District Fixed Asset Capitalization Policy follows

FIXED ASSET CAPITALIZATION. The Fort Dodge Community School District Fixed Asset Capitalization Policy follows Policy: 0 FIXED ASSET CAPITALIZATION I. Purpose The Fort Dodge Community School District Fixed Asset Capitalization Policy follows the requirements set forth by the Government Accounting Standards Board

More information

COLORADO STATE UNIVERSITY Financial Procedure Instructions FPI 4-1

COLORADO STATE UNIVERSITY Financial Procedure Instructions FPI 4-1 COLORADO STATE UNIVERSITY Financial Procedure Instructions FPI 4-1 1. Procedure Title: Property Management - Capitalization Thresholds for Capital Assets 2. Procedure Purpose and Effect: Procedures for

More information

The Town of Fort Frances POLICY SECTION ACCOUNTING FOR TANGIBLE CAPITAL ASSETS. ADMINISTRATION AND FINANCE NEW: May 2009 1. PURPOSE: 2.

The Town of Fort Frances POLICY SECTION ACCOUNTING FOR TANGIBLE CAPITAL ASSETS. ADMINISTRATION AND FINANCE NEW: May 2009 1. PURPOSE: 2. The Town of Fort Frances ACCOUNTING FOR TANGIBLE CAPITAL ASSETS SECTION ADMINISTRATION AND FINANCE NEW: May 2009 REVISED: POLICY Resolution Number: 05/09 Consent 156 Policy Number: 1.18 PAGE 1 of 11 Supercedes

More information

University of Rhode Island. Capitalization. Effective Date: July 1, 2001 Updated: April 2013

University of Rhode Island. Capitalization. Effective Date: July 1, 2001 Updated: April 2013 University of Rhode Island Capitalization Effective Date: July 1, 2001 Updated: April 2013 I. General Background From fiscal 1970 to fiscal 1976, the University of Rhode Island followed the financial accounting

More information

How To Manage A Corporation

How To Manage A Corporation Western Climate Initiative, Inc. Accounting Policies and Procedures Adopted May 8, 2013 WESTERN CLIMATE INITIATIVE, INC ACCOUNTING POLICIES AND PROCEDURES Adopted May 8, 2013 Table of Contents I. Introduction...

More information

Smith Leonard 2013 Planning Letter

Smith Leonard 2013 Planning Letter November 2013 AN ALERT FROM SMITH LEONARD PLLC: Smith Leonard 2013 Planning Letter Subject 2013 YEAR-END CORPORATE/BUSINESS INCOME TAX PLANNING CONTACT: Kevin Benson Tax Partner 336.821.1402 kbenson@smithleonardcpas.com

More information

UNIVERSITY OF HAWAI I. E8.202 - Repair and Maintenance and Capital Improvement Projects

UNIVERSITY OF HAWAI I. E8.202 - Repair and Maintenance and Capital Improvement Projects Prepared by VP for Administration UNIVERSITY OF HAWAI I EXECUTIVE POLICY - ADMINISTRATION April 1981 P 1 of 8 E8.202 - Repair and Maintenance and Capital Improvement Projects I. Introduction Section 8.3

More information

TAX RELIEF INCLUDED IN THE AMERICAN RECOVERY AND REINVESTMENT PLAN

TAX RELIEF INCLUDED IN THE AMERICAN RECOVERY AND REINVESTMENT PLAN TAX RELIEF INCLUDED IN THE AMERICAN RECOVERY AND REINVESTMENT PLAN JANUARY 22, 2009 Summary: The tax provisions included in The American Recovery and Reinvestment Plan will provide approximately $275 billion

More information

WESTCHESTER PUBLIC LIBRARY FIXED ASSETS CAPITALIZATION POLICY

WESTCHESTER PUBLIC LIBRARY FIXED ASSETS CAPITALIZATION POLICY WESTCHESTER PUBLIC LIBRARY FIXED ASSETS CAPITALIZATION POLICY INTRODUCTION In accordance with rules adopted by the State Board of Accounts, the Westchester Public Library adopts the following Fixed Assets

More information

FIXED ASSET POLICIES & PROCEDURES

FIXED ASSET POLICIES & PROCEDURES FIXED ASSET POLICIES & PROCEDURES Table of Contents WHAT ARE CAPITAL ASSETS?... 3 LAND... 3 BUILDINGS... 3 CONSTRUCTION IN PROGRESS... 3 LIBRARY HOLDINGS... 3 VEHICLES... 3 ARCHIVES AND COLLECTIONS...

More information

CHAPTER THREE ADMINISTRATION AND FINANCE

CHAPTER THREE ADMINISTRATION AND FINANCE CHAPTER THREE ADMINISTRATION AND FINANCE 330 FACILITIES Facilities shall provide a functional, attractive environment to support the University s mission. Facilities consists of five distinct organizations

More information

Number Northern Arizona University Facility Services Section Page. Effective April 1, 2011

Number Northern Arizona University Facility Services Section Page. Effective April 1, 2011 Facility Services Section Page Recharge Services, Maintenance and Construction PURPOSE 1 of 6 The purpose of this policy is to set forth standards for chargeable services for maintenance and construction

More information

Regulations of the University of North Texas System Chapter 08. Fiscal Management. 08.9000 Asset Capitalization

Regulations of the University of North Texas System Chapter 08. Fiscal Management. 08.9000 Asset Capitalization Regulations of the University of North Texas System Chapter 08 08.9000 Asset Capitalization Fiscal Management 08.9001 Regulation Statement. The University of North Texas System shall identify, measure,

More information

SAN FRANCISCO COMMUNITY COLLEGE DISTRICT ADMINISTRATIVE PROCEDURES MANUAL

SAN FRANCISCO COMMUNITY COLLEGE DISTRICT ADMINISTRATIVE PROCEDURES MANUAL 1 of 6 A. Property Accounting All District Property shall be accounted for through the use of appropriate records and inventory procedures. Deeds shall be properly recorded and safeguarded. All equipment

More information

RESOLUTION NO. 2003-04-13

RESOLUTION NO. 2003-04-13 RESOLUTION NO. 2003-04-13 RESOLUTION OF THE BOARD OF TRUSTEES OF THE CITRUS COMMUNITY COLLEGE DISTRICT ORDERING AN ELECTION, AND ESTABLISHING SPECIFICATIONS OF THE ELECTION ORDER WHEREAS, the Board of

More information

FAYETTEVILLE STATE UNIVERSITY

FAYETTEVILLE STATE UNIVERSITY FAYETTEVILLE STATE UNIVERSITY FIXED ASSETS Authority: Category: Issued by the Chancellor. Changes or exceptions to administrative policies issued by the Chancellor may only be made by the Chancellor. Business,

More information

Federal Tax Credits for Historic Preservation

Federal Tax Credits for Historic Preservation Federal Tax Credits for Historic Preservation Introduction The Federal Historic Preservation Tax Incentive is described here in general terms only. More detailed information, including copies of application

More information

Health Management Assistance Funds for Texas University

Health Management Assistance Funds for Texas University FINANCE OFFICE - PROCEDURES MANUAL XI. HIGHER EDUCATION ASSISTANCE FUNDS (HEAF) 11.1 POLICY STATEMENTS 11.1.001 Lamar University is committed to providing sound financial stewardship through accounting,

More information

WEBINAR FAQs IS THE PAPER FILED COPY DUE BY DATE THE TAX RETURN IS TIMELY E-FILED OR WHEN THE TAX RETURN IS DUE (INCLUDING EXTENSIONS)?

WEBINAR FAQs IS THE PAPER FILED COPY DUE BY DATE THE TAX RETURN IS TIMELY E-FILED OR WHEN THE TAX RETURN IS DUE (INCLUDING EXTENSIONS)? WEBINAR FAQs Filing Q1 IS THE PAPER FILED COPY DUE BY DATE THE TAX RETURN IS TIMELY E-FILED OR WHEN THE TAX RETURN IS DUE (INCLUDING EXTENSIONS)? Q33 What is the submission deadline of signed Form 3115

More information

Account Numbering. By separating each account by several numbers, many new accounts can be added between any two while maintaining the logical order.

Account Numbering. By separating each account by several numbers, many new accounts can be added between any two while maintaining the logical order. Chart of Accounts The chart of accounts is a listing of all the accounts in the general ledger, each account accompanied by a reference number. To set up a chart of accounts, one first needs to define

More information

APPENDIX E ALLOWABLE CAPITAL EXPENDITURE GUIDELINES

APPENDIX E ALLOWABLE CAPITAL EXPENDITURE GUIDELINES Introduction Appendix E Page 1 of 7 APPENDIX E ALLOWABLE CAPITAL EXPENDITURE GUIDELINES State capital appropriations are funded primarily through the issuance by the State of taxexempt bonds. As a result,

More information

c. Name of Accounts. All accounts of the Association, shall be in the Association s name.

c. Name of Accounts. All accounts of the Association, shall be in the Association s name. Approved 09/09/13 Financial Policies & Procedures It is the purpose of these financial policies and procedures to provide guidance for all financial activities of Connecticut Junior Soccer Association

More information

7.2.0 Appropriate Level of Fund Balance

7.2.0 Appropriate Level of Fund Balance NUMBER PRACTICES AGENDA DATES 2.9.0 Capitalization of Fixed Assets 11/14/2007 2.11.0 Investment Management 11/14/2007 2.13.0 Capital Expenditure 11/14/2007 2.14.0 Debt Service Payment Settlement 11/14/2007

More information

E. Custodian - the Vice President for Administrative Services and Finance or designee.

E. Custodian - the Vice President for Administrative Services and Finance or designee. Florida Gulf Coast University Policy Manual TITLE: Tangible Personal Property Policy Policy: 3.033 Approved: 1/13/12 Responsible Executive: Vice President for Administrative Services and Finance Responsible

More information

Reliant Realty Management Agreement

Reliant Realty Management Agreement Reliant Realty Management Agreement THE CONTRACT: This contract to manage residential rental property is made this 15th day of January, 2013 by and between hereinafter called LANDLORD, and RELIANT REALTY

More information