Useful Lives for Equipment
Overview
RIT defines capital equipment as tangible personal property (moveable) with a unit cost of at least $5,000, including acquisition costs of delivery and installation, and a useful life of more than one year. Software (intangible personal property) having a value of at least $100,000 is also considered to be capital equipment. All capital equipment is recorded in RIT’s Oracle Fixed Asset System (inventory system).
| Asset Class | Useful Life Effective FY 08 |
| Agency Equipment | Depends on type of asset class – See below |
| Artwork | Not depreciated |
| Automobiles | Not depreciated |
| Automobiles | 4 years |
| AV Equipment | 8 years |
| Cary Library | Not depreciated |
| Computers | 5 years |
| Furnishings | 7 years |
| General Equipment | 8 years |
| Leased Equipment | Lease term |
| Loaned Equipment | Not depreciated |
| Musical Equipment | 15 years |
| Network Equipment | 5 years |
| Office Equipment | 5 years |
| Software Equipment | Depends on the type of software |
| Special Collections | Not depreciated |
| Telecom Deaf | 5 years |
| Workstation | 5 years |