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Viewing: Capital Assets

Last approved: Fri, 24 Nov 2023 01:13:06 GMT

Last edit: Fri, 24 Nov 2023 01:13:05 GMT

 

Administrative
Capital Assets
117
February 13, 2020
February 13, 2020
New
February 13, 2025
President
Vice President Administration & International Development
Operations Council
Financial Services

Policy

Does this policy have procedures?
Yes

Procedures

References and Resources

 
Term Description
Amortization An expense that reflects the consumption of an asset over its useful life, allocated over a designated period of time for accounting purposes.
Budget Officer An individual responsible for managing the budget within their area of responsibility.
Building Improvements and Betterments The cost incurred to enhance the service potential of a capital asset as per PSAB guidelines.
Capital Assets Significant pieces of property owned by the College that are:

a. Equal to or greater than $5,000 in value;
b. Held for use to provide economic benefit beyond the current fiscal year; and
c. Not intended for sale in the regular course of operations.
Capital Lease An agreement in which the lessee acquires property or equipment with a useful life extending beyond a fiscal year, and is held under lease by the entity for use in the production or supply of goods and services, as per PSAB guidelines.
Cost The cash amount or equivalent given up to acquire, construct, develop or better an asset including installing the asset at the location and in the condition necessary for its intended use.
Employee An individual who is currently employed by VCC on a full-time, part-time, permanent, temporary, term, contract or casual basis.
Leasehold Improvement Betterment made to leased property as outlined in PSAB guidelines.
Net Book Value The value of an asset, factoring in diminutions, amortizations, and other accounting charges, as recorded in an organization’s or individual’s accounts.
Non-capital asset Operating expenses and other short-term costs incurred through normal operations throughout the course of a fiscal year, such as supplies and services.
Operating Lease An agreement in which the lessee acquires the property for only a small portion of its useful life, commonly used to acquire equipment on a short-term basis.
Repairs and Maintenance Operating expenses that maintain the functionality of a capital asset but do not extend the life of that capital asset; including but not limited to repairs to roofs, and the repainting of buildings or interior offices.
Useful Life The estimated period of time over which a capital asset is expected to be used by the College.
VCC Policies Policy Number
Use of College Supplies, Products, Services, and Facilities 142
Procurement 130
Provide links to all supporting documents. These may include links to Appendices, Forms, Guidelines, Handbooks, Standards or other departmental or College resources that support the implementation of this policy and/or procedures.
Are there appendices for this policy?
Yes
 
Are there associated forms?

 
Are there supporting internal documents?

 

Rationale and Additional Information

Does this change require an implementation plan?
No

ADMINISTRATIVE INFORMATION

FOR ADMINISTRATIVE PURPOSES ONLY. DO NOT EDIT. These fields are not required for governance approval.

Category 1: College Operations

 
Financial Management

Category 2: Employees

 

Category 3: Students

 

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Key: 11