Questions regarding this chapter should be directed to the following: | ||
---|---|---|
Asset and Inventory Mailbox | osc.assets@ct.gov | |
Elizabeth Daly, CPPA | 860-702-3436 | elizabeth.l.daly@ct.gov |
Fiscal Policy Statewide Services | 860-702-3440 |
Assets may be acquired by various methods. These methods include purchase, donation, and construction and are discussed below.
Acquisition Methods
1. Purchase
2. Donation
3. Construction
Routine repair and maintenance; including replacements, return the asset to its original condition. Agencies should treat any maintenance or repair that returns a capital asset to its original condition, regardless of the amount spent, as an expense. These costs do not increase the asset's economic benefit.
Building additions or renovations are a large portion of the State's capital projects. The completed Construction in Progress records will provide support for the total cost of a building, including the project (or projects) under which it was built and the projects which represent additions or renovations.
A few examples will illustrate this point:
4. Miscellaneous Acquisitions
- Purchased
- Licensed
- Donated
- Internally Generated
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