Capitalization of Art and Museum Objects
About This Policy
- Effective Date:
See current policy
- Date of Last Review/Update:
- Responsible University Office:
- Capital Assets
- Responsible University Administrator:
Vice President and Chief Financial Officer
- Policy Contact:
Director of Auxiliary Accounting, Capital Asset Management, Non-Student Accounts Receivable, and Student Loan Administration
- Policy Feedback:
- If you have comments or questions about this policy, let us know with the policy feedback form.
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Any art and museum piece purchased or donated to the university shall be capitalized if the value is $5,000 or greater. If a collection is greater than $5,000 then it will be capitalized as a collection.
In order to assign a book value, donations to the university must be appraised. If the unit unto whom the item has been donated feels that the item is not worth an appraisal, the nominal value of One Dollar ($1.00) shall be assigned. The Indiana University Foundation Planned Giving office is prepared to assist the university and donors in connection with the appraisal requirements and documentation of such in-kind gifts.
In order for an item to be capitalized as an art and museum piece 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.