Versions Compared

Key

  • This line was added.
  • This line was removed.
  • Formatting was changed.

Corresponding Policy: See ‘/wiki/spaces/~655483049/pages/979043507Acquisition of Capital Assets’ policy.
Corresponding Forms: N/A
Process: Seeking Additional Help on the Accounting for Property that is Considered Owned by PSU

...

If the terms of the grant do not provide for transfer of title, the expenditures for the property are expensed and not capitalized.  If the grantor does later transfer title to the university, the university should record the property as an /wiki/spaces/~655483049/pages/1000898599in-kind gift as of the date the title is transferred.  Valuation of the asset should be determined based on the fair market value at time of ‘donation’. If fair market value cannot be readily obtained, an acceptable approximation can be made by determining what the net book value of the asset would have been had it been capitalized and depreciated from date of original purchase from the grant/contract fund.  Refer to the Personal Property & Real Property Obtained by Gift section in the procedures manual for more information.

...