SUBTITLE A: EDUCATION
CHAPTER I: STATE BOARD OF EDUCATION
SUBCHAPTER c: FINANCE
PART 100 REQUIREMENTS FOR ACCOUNTING, BUDGETING, FINANCIAL REPORTING, AND AUDITING
SECTION 100.60 CAPITAL ASSETS AND DEPRECIATION
Section 100.60 Capital Assets and Depreciation
a) In order to account for capital assets properly, each school board shall adopt a capitalization threshold.
b) For purposes of calculating per capita costs under Section 18-3 of the School Code [105 ILCS 5/18-3], the depreciation allowance shall include both depreciable capital assets and non-capitalized equipment.
c) Unless otherwise required by state or federal law or regulation, useful lifetimes and annual depreciation rates for various classes of capital assets and non-capitalized equipment shall be based on the following schedule.
|
Classification |
Estimated Useful Lifetime |
Annual Depreciation Rate |
|
Works of Art and Historical Treasures |
Permanent |
None |
|
Land |
Permanent |
None |
|
Permanent Buildings |
50 Years |
2% |
|
Temporary Buildings |
20 Years |
5% |
|
Improvements other than Buildings (Infrastructure) |
20 Years |
5% |
|
Equipment (Three-Year Schedule) |
3 Years |
33⅓% |
|
Equipment (Five-Year Schedule) |
5 Years |
20% |
|
Equipment (Ten-Year Schedule) |
10 Years |
10% |
|
Construction in Progress |
Not Applicable |
None |
|
Non-Capitalized Equipment |
10 Years |
10% |