University of Vermont

Cost Accounting Services 

Cost Accounting Standards Fixed Assets Definitions

Assets:   Items of ownership convertible into cash, as cash, notes and accounts receivable, securities, inventories, goodwill, fixtures, equipment, or real estate

Building Interiors: General interior renovations/improvements

Building Service Systems:   Service systems such as plumbing, heating, ventilation, air conditioning, electrical, fire protection and safety, and elevators

Capital Movable Equipment: An article of non-expendable, tangible, personal property which stands alone, is complete in itself, does not lose its identity, has a useful life of more than one year, and has a value of $100,000 or more

Capital Projects: Those projects that add to the fixed assets of the University or increase the useful life of a fixed asset

Fair Market Value: Cost at acquisition in an arm’s length transaction, or at appraised value for gifts

Fixed Equipment:   Permanently attached fixtures, machinery, and other appurtenances that cannot be removed without cutting into walls, ceilings, or floors or otherwise damaging the building

Infrastructure:   Long-lived capital assets that normally can be preserved for a significantly greater number of years than most capital assets and that normally are stationary in nature

Institutional Personal Property:   Moveable Equipment, Software Systems, Fine Arts, Library Collections, and Livestock

Land Improvements: Betterments, other than buildings, that ready land for its intended use

Real Property:   Land, Buildings, Infrastructure and Land Improvements

Software Systems: Purchased, or University developed, software including all implementation costs

Last modified February 01 2012 03:45 PM