Fiscal Operations Manual
Section 600: Plant Funds and Fixed Assets
WARNING: THESE ARE NOT CURRENT POLICIES!!
Buildings & Grounds - Improvements and Adjustments in Excess of $5,000
The annual capitalization report must be completed and submitted. The report must include all Plant Construction and Improvement Funds that had expenditures during the current fiscal year (see FWRFAAC) plus any other expenditures for buildings, improvements other than buildings, infrastructure, land or land improvements activity that qualify for capitalization. Transactions through period 14 must be included. Prior year adjustments must be clearly identified. Funds with zero or negative balances must be reported if they had capitalized account codes (4XXXX) transactions during the year. Include an explanation for these transactions.
The contents of year-end reports will be used to classify year-to-date (YTD) expenditures through Period 14 and post them to the appropriate subsidiary file for financial statement purposes. Amounts reported for unfinished (not completed/not accepted) projects at June 30 must be identified as construction in progress (CIP). These amounts will need to be identified for posting to the appropriate asset in a future year. Amounts reported as non-capital maintenance and repairs will be utilized in the indirect cost computations. Data must be reported as whole dollar amounts for each category of expenditure. OSU Office of Business Affairs prepares the journal vouchers to adjust the appropriate Net Investment in Plant Fund (890000) and Asset Accounts.
OSU may report current year Period 14 transactions in the next fiscal year as a prior year adjustment.
Accounting for Capital Projects 05.780 is a helpful reference.
In addition, year-end reports are prepared for any changes in:
Square feet of existing buildings whether by additions, demolitions, or removals.
The functional use of buildings so that usage categories maintained in the building master record may be revised. With regard to the use of buildings, give particular attention to miscellaneous housing properties acquired that may have been converted to offices or similar institutional facilities.
Changes in ownership/rededications.