Board Policy - TC3 Equipment Capitalization Policy

Under the Government Accounting Standards Board Pronouncement No. 34, Tompkins Cortland Community College will be required to capitalize and depreciate all equipment purchases. SUNY Requires the College to implement these new procedures effective September 1, 2001. The College recommends a new threshold for the purpose of capitalization and Board of Trustees’ approval for equipment of $5,000. The College administration recognizes the importance of inventory control over all tangible assets to minimize risk of loss. Therefore, it is recommended that a physical inventory be maintained for all tangible assets with a useful life greater than two years. The Board of Trustees of Tompkins Cortland Community College hereby adopts a new equipment classification of $5,000 and inventory control procedures as recommended by the College administration. 

8/23/2001 – Resolution #2001-2002-10 – TC3 Equipment Capitalization Policy 5/10/2007