Use of Standard Useful Lives for Fixed Assets

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 Not Depreciated
Buildings and Building Improvements between $50,000 -$100,000 10 years
Buildings and Building Improvements > $100,000 40 years
Equipment 8 years
Equipment - Digital TV 20 years
Infrastructure 20 years
Land  - Not Depreciated Not Depreciated
Land Improvements 8 years
Leasehold Improvements 8 years
Library Books 10 years
Software The lesser of 5 years or the actual known life of the software
Vehicles 4 years

 

 

The use of standard useful lives provides consistent calculation of depreciation for items of like asset class.​

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