The University maintains a policy of standard useful lives for its fixed assets. These useful lives are incorporated in the SAP fixed asset module. The useful lives are as follows:
|Art / Collections - Not Depreciated
|Buildings and Building Improvements between $50,000 -$100,000
|Buildings and Building Improvements > $100,000
|Equipment - Digital TV
|Land - Not Depreciated
||The lesser of 5 years or the actual known life of the software|
The use of standard useful lives provides consistent calculation of depreciation for items of like asset class.