Reporting Requirements for Annual Financial Reports of State Agencies and Universities
Capital Asset Categories
Library Books & Reference Materials
A library book is generally defined as a literary composition bound into a separate volume and identifiable as a separate copyrighted unit. Library reference materials are information sources other than books that provide information essential to learning or enhance the quality of academic, professional or research libraries.
- Audio/visual media
- Computer-based information
- Documents and similar items
A library may be reported on a composite basis. Additions to a library are reported as a separate component (layer) in SPA. Deletions are made using the FIFO method.
- All purchases of books and materials for a professional, academic or research library are capitalized if the annual purchases meet the $5,000 threshold.
- Professional, academic and research library books and materials are depreciated.
- A book or collection of books deemed to be a historical art or treasure are not depreciated.
- Library acquisitions are valued at cost or other reasonable basis — deletions are valued at annually adjusted average cost.
- Books, periodicals and other materials purchased but not used in a library are expensed unless they constitute a capital event.
For more information on capitalization thresholds, see SPA Process User’s Guide – Appendix A – Class Codes.