Custodian of Policy: VP Finance & Administration
Relevant Minnesota State System Policy: 7.3 – Financial Administration, 7.7 – Gift and Grants Acceptance
Effective Date: October 2019
Last Review: Fall 2019
Next Review: 2026
MSUM will maintain inventory records for the University’s capital assets.
Capital Assets – An asset with a useful life greater than two (2) years, a cost (or value if donated) greater than a defined capitalization dollar amount, that maintains its identity while in use.
Capital Assets include the following items:
Sensitive Items – Assets MSUM has declared as:
To account for Minnesota State Colleges and Universities’ capital assets in conformity with Generally Accepted Accounting Principles (GAAP) and Governmental Accounting Standards Board (GASB).