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Capitalization Policy
The College follows generally accepted accounting principles in the capitalization of expenditures. Property and equipment purchased with College funds, including grants and gifts awarded to the College, are College property. Items are categorized as capital or fixed assets if the following criteria are met:
1. Cost of the item is $1,000 or more and
2. Expected life of the asset is 2 years or more.
Fixed assets are recorded in the College’s fixed asset system and depreciated over the expected life of the asset.
Disposal of Fixed Assets
When equipment needs to be removed from departments or disposed of entirely, the fixed asset records need to be updated in a timely manner. The Director of Purchasing Services is responsible for disposing of Assets no longer of use to the college. Assets include items such as office furniture, computers, tools, equipment, and vehicles.
Details of the procedures can be found at the Purchasing Services website at: http://cms.skidmore.edu/purchasing/policies_and_procedures/disposing-of-college-owned-assets.cfm
Asset Useful Lives
| Asset Category | Years |
|---|---|
| Land Improvements | 20 |
| Outdoor Recreational Equipment | 15 |
| Construction | 45 |
| Athletic Equipment | 10 |
| Audio Visual Equipment | 10 |
| Communications Equipment | 10 |
| Books/Multimedia Materials | 5 |
| Business Machines | 10 |
| Computer Equipment/Software | 5 |
| Machinery & Tools | 15 |
| Appliances/Food Service Equipment | 10 |
| Musical Instruments | 10 |
| Lab/Science/Engineering | 8 |
| Uniforms | 3 |
| Furniture & Accessories | 20 |
| Stage & Auditorium | 20 |
| Grounds/Agricultural Equipment | 15 |
| Vehicles | 6 |
| Horses | 15 |
