Art and Museum Objects
Activity: Art and Museum Objects Financial Policy: Capitalization of Art and Museum Objects, FIN-ACC-240
Charitable Gifts to Indiana University, FIN-ACC-40
Donor Intent Responsibilities, FIN-ACC-45
Related Policies: CSOP 1.0: Capitalization Rules
CSOP 7.0: IU Gifts
Additional Forms: Gift-in-Kind Transmittal Form
Things to Know:
The capitalization threshold for Art & Museum Objects is $5,000. Art assets purchased that meet this threshold are assigned object code 7600 - Art & Museum Objects and coded with asset type code 60000 (Art & Museum).
Gift-in-Kind Art additions are assigned object code 7677 - Art & Museum Gifts.
- It begins with the organization receiving a gift. The organization reports the gift to the IU Foundation by completing a Gift-in-Kind Transmittal Form. The IU Foundation forwards the form to Capital Asset Management (CAMS). CAMS uses the information provided on the form to create the asset(s) if the appraisal value is $5,000 or more. The Asset Global document that creates the asset routes to the Fiscal Officer for approval. The Fiscal Officer should verify the information is correct and confirm they received the asset before approving the document.
Beginning in fiscal year 2016, CAMS established a four-year inventory schedule for Art & Museum Objects. The inventory verifies that the asset exists, that our cost matches the department’s internal records, and that the current location is correct. The purpose of this review is to confirm the amount reported for Art & Museum Objects on the University’s financial statements is accurate.
The disposition of an art asset is recorded in KFS by using Asset Retirement Global (ARG) task. (We suggest you go to One.iu, look it up and make it your Favorite.)
Contact IU Foundation Gift Planning for assistance with appraisal requirements and documentations.
See FMS Capital Asset Standard Operating Procedures: CSOP 7.0 IU Gifts for receiving non-monetary items of tangible personal property such as art, collectibles, books, equip, automobiles, other assets or materials which represent value to the University and the Foundation.
How to obtain available art work for your office:
- How to purchase Art for your department, building, conference room, or office?
- How to get Art works for your office?
- How to carry Art work from place to place or finding storage when buildings are off line?
- How to get information on Art and artists and Art exhibitions?