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Collections Policy (Works of Art, etc.)

Authority:
GASB 34, paragraph 27

Effective Date:
7/1/2001

Except as discussed below, works of art, historical treasures, and similar assets should be capitalized at their historical cost or fair value at date of donation (estimated if necessary) whether they are held as individual items or in a collection.

Agencies are encouraged, but not required, to capitalize a collection (and all additions to that collection) whether donated or purchased that meets all of the following conditions. The collection is:

1. Held for public exhibition, education, or research in furtherance of public service, rather than financial gain
2. Protected, kept unencumbered, cared for, and preserved
3. Subject to an organizational policy that requires the proceeds from sales of collection items to be used to acquire other
   items for collections.

Collections already capitalized at June 30, 1999 should remain capitalized and all additions to those collections should be capitalized, even if they meet the conditions for exemption from capitalization.