| VOLUME: I |
POLICIES RELATED TO ACCOUNTING ADMINISTRATION |
| SUBJECT: |
Capitalization of Library Acquisitions |
| SOURCE: |
American Institute of Public Accountants (AICPA) Guidelines for Colleges and Universities, GAAP
|
| DATE ISSUED: |
July 1992, Revised January 1996 |
| POLICY NO.: |
I-230 |
| RATIONALE: |
To establish what library items will be capitalized as capital. |
| POLICY: |
All cataloged library acquisitions shall be capitalized. There is no limitation as to the total cost spent per unit. Departmental purchases of manuals or other professional guides not cataloged in the university library system will not be capitalized.
|
| DEFINITIONS: |
Cataloged indicates the items are listed and registered in an alphabetical file and are available for the use of others.
Library acquisitions are library books, films, recordings, monographs, serials and software.
|
| PROCEDURE REFERENCE: |
In order for a library item to be secured as capital, the correct object code must be utilized on the purchase and disbursement documents.
A list of the current object codes (income and expense classes) is available by contacting the Campus Chart Manager (see listing; http://www.fms.indiana.edu/) or the Financial Information System's Object Code References Tables.
|
| CROSS REFERENCE: |
For more detail and definition on this policy, refer to the Indiana University Capital Asset Manual, Accounting for Assets at Indiana University, distributed by the Financial Management Support department.
|
| RESPONSIBLE ORGANIZATION: |
Financial Management Support |
