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Under the Government Accounting Standards Board Pronouncement No. 34, ¿ì²¥ÊÓƵ Cortland Community College will be required to capitalize and depreciate all equipment purchases. SUNY Requires the College to implement these new procedures effective September 1, 2001. The College recommends a new threshold for the purpose of capitalization and Board of Trustees’ approval for equipment of $5,000. The College administration recognizes the importance of inventory control over all tangible assets to minimize risk of loss. Therefore, it is recommended that a physical inventory be maintained for all tangible assets with a useful life greater than two years. The Board of Trustees of ¿ì²¥ÊÓƵ Cortland Community College hereby adopts a new equipment classification of $5,000 and inventory control procedures as recommended by the College administration. 

8/23/2001 – Resolution #2001-2002-10 – TC3 Equipment Capitalization Policy 5/10/2007 

11/10/2016