Capitalization of Library Acquisitions
FIN-ACC-230
About This Policy
- Effective Date:
- 07-01-1992
See current policy
- Date of Last Review/Update:
- 01-01-1996
- Responsible University Office:
- Capital Assets
- Responsible University Administrator:
- Vice President and Chief Financial Officer
- Policy Contact:
Jennifer George
Director of Auxiliary Accounting, Capital Asset Management, Non-Student Accounts Receivable, and Student Loan Administration
jmabry@iu.edu
- Policy Feedback:
- If you have comments or questions about this policy, let us know with the policy feedback form.
Policy Statement
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.
Procedures
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 your campus Chart of Accounts Manager or the Kuali Financial System's Object Code References Tables
Definitions
Cataloged: Indicates the items are listed and registered in an alphabetical file and are available for the use of others.
Library Acquisitions: Pertains to library books, films, recordings, monographs, serials and software.
History
The source to this policy is:
American Institute of Public Accountants (AICPA) Guidelines for Colleges and Universities, GAAP
Please note: This is an archived version of the policy. View the current version.