Due to the winter storm Rivier University is closed today, Wednesday, January 17th, 2018. All day and evening classes are cancelled. All offices, library and the Landry Early Childhood Center are closed. The President's Circle event with Governor Sununu is still on as scheduled.

Due to the winter storm Rivier University is closed today, Wednesday, January 17th, 2018. All day and evening classes are cancelled. All offices, library and the Landry Early Childhood Center are closed. The President's Circle event with Governor Sununu is still on as scheduled.

Finance Office

Capitalization of Fixed Assets

To be considered for capitalization and thus subject to depreciation an asset must:

  • Be acquired (purchased, constructed, or donated) for use in operations and not for investment or sale.
  • Have a useful life of more than 2 years, and
  • Meet or exceed the dollar thresholds noted.
    • $5,000 per item/unit for F&F, equipment & software,or
    • $5,000 for multiple units of F&F
    • $5,000 for computer project /upgrade
    • $10,000 for building improvements (not repairs)

Fixed assets are categorized into the following:

  • Land
  • Land Improvements
  • Buildings
  • Building Improvements
  • Furniture & Fixtures
  • Equipment
  • Software
  • Work in process - for assets being built and not yet completed and in use

Depreciation is calculated on the straight-line method over the useful life of the assets. HY convention is used for all classes except software which is MM convention.

Below are guideless for the useful life of various classes of assets:

  • Yard surface, trees, masonry - 50 years  
  • General land improvements - 40 years  
  • Irrigation - 20 years  
  • Walkways, parking lots - 15 years  
  • Buildings - 50 years
  • Building improvements - 7 -15 years  
  • Roof - 15 years  
  • HVAC, Electrical - 20 years  
  • Classroom furniture & fixtures - 5 years
  • Administrative F & F - 5-7 years
  • Copiers, non-computer equipment, athletic equipment - 5 years
  • Computer equipment - 3 years
  • Vehicles - 7 years
  • Software  - 36 months

Desktop/laptop/vdi and peripherals are expensed when received.  

Account structure:

1-1-800-005-0000-0  Land, buildings, additions, structural upgrades, AC, elevators, landscaping, driveways, parking lot, siding, etc.

1-1-805-XXX-0000-0  WIP - ????? - Temporary accounts used for aggregating building, equipment, or furniture projects

  • Use if multiple years  to gather costs of a single job, then reclassify at completion of the project (i.e., new building, IT infrastructure)
  • Use if multiple vendors  to gather costs on a single job, then reclassify at completion of the project
  • Rename & recycle WIP accounts at job completion

1-1-810-XXX-0000-0 General Administrative Equipment

1-1-815-XXX-0000-0 Academic Departments

1-1-830-XXX-0000-0 through 1-1-855-830-0000-0 Equipment, furniture, appliances by building/dorm/rental, vehicles, grounds equipment

1-1-815-234-0000-0 Software 


 

 

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