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ROWAN UNIVERSITY POLICY
Title: Fixed Asset Policy
Subject: Accounting Services
Policy No: FIN: 2016: 04
Applies: University-Wide
Issuing Authority: President
Responsible Officer: Senior Vice President for Finance and CFO
Adopted:05/30/2016
Last Revision: 11/12/2018
Last Reviewed: 11/12/2018
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The following table represents the general asset life guidelines using the straight-line depreciation method, with a half year depreciation allocated in both the first and last years of the asset life and zero salvage value.
Asset Type | Years | Asset Type | Years |
Furniture, Computer, Telephone Equipment (bulk) | 2-5 | Custodial Equipment | 5-10 |
Computer Hardware | 2-4 | Grounds Equipment | 5-10 |
Telephone Equipment | 2-4 | Musical Instruments | 10 |
Firefighting Equipment | 10 | ||
Engineering, Scientific Equipment | 5-10 | Police Special Equipment | 10 |
Medical Equipment | 5-10 | Traffic Control Equipment | 10 |
Radio, Communications Equipment | 5-10 | Software - Large Systems | 10 |
Recreational/Athletic Equipment | 5-10 | Software | 3 |
Automobiles/Light Trucks | 5 | Buses | 8-10 |
Kitchen Equipment | 5-10 | Heating, Air Conditioning | 10 |
Outdoor Equipment | 5-10 |
Life for New Construction And Improvements | Years |
Building Improvements | 20 |
Land Improvements | 20 |
New Construction | 40 |
ATTACHMENT 2
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