The mission of the University Capital Asset Management department is to provide the highest quality service and guidance in asset management to university organizations, while fulfilling the financial recording and reporting requirements of the university.
Depreciation expense is calculated from a stored procedure that updates the asset database on a monthly basis. The Straight Line method is the basis for the calculation, along with a method for Salvage Value. Federally owned payments are excluded from the depreciation calculation. In addition, no Deprecation will be taken on Art and Museum Objects, Land, or Leasehold Equities. Each asset is depreciated from the asset create date, and the assets useful life assigned to the asset type code. Non-Movable assets use a ½ year convention for assigning the create date. The Deprecation entries Debit Object Code 51XX, Depreciation Expense, and Credit the appropriate Accumulated Depreciation Object Code based on the Object Code Sub Types in the Asset Object Code Table.
Asset Object Code Table 5157 8904 8604 IF BA 2005 CO BA 2005 5115 8910 8610 CM BA 2005 5112 8905 8601 BD BA 2005 8615 AM BA 2005 Depr Accum Cptlztn SubTY Chart Year