Procedure 7.3.6 Capital Assets - History

System Procedures
for Chapter 7 - General Finance Provisions

for Board Policy 7.3

Procedure History:

Date of Adoption: 07/29/03
Date of Implementation: 07/29/03
Date of Last Review: 01/28/22

Date & Subject of Amendments:

01/28/22 - As part of the 5 year review process, amendment contained technical edits and application of the new formatting and writing standards.

05/17/16 - Formatting changes throughout, including splitting parts for clarity, adjusting capitalization, and small changes to verbiage. Deleted Part 1, Authority. Deleted Part 2, Capital assets. Amended Part 3, Subpart F to clarify sensitive items that are required to be tracked. Amended Part 3, Subpart G to further define sensitive items. Added Part 3, Subpart L, Intangible assets. Amended Part 5, Subpart B, to clarify FMV should be calculated for each type of asset. Amended Part 6, Subpart A to include Assumption of liens or mortgages to the costs to be capitalized associated with land acquisition. Amended Party 12 to reflect current practice.

6/10/09 - Due to technical accounting updates to capitalization conventions and amounts (in part to bring MnSCU capitalization amounts into an approximate materiality adjusted equivalency with Minnesota Management and Budget guidelines)

10/14/03 - Due to a drafting oversight the wrong dollar amount was entered in Part 5.C.1.a, Part 5.C.3.b, and Part 5.C.7.b.