Those assets that are part of the University of Iowa's Museum of Art collection and UIHC Project Art collection are carried on the asset management system. Purchased items are carried at full purchase cost. Gifts are carried at appraised or estimated value at time of acceptance.
Effective July 1, 2013, the minimum capitalization threshold is $5,000 for art objects. Art assets are not depreciated.
Museum's collection and UIHC Project Art collection assign Accession numbers to assets. These accession numbers are carried in PSAM as the asset’s tag number.
University-owned art objects located outside the Museum of Art may also become a part of the collection if the museum so determines.
Antiques on display at the Old Capitol are included in the asset management system, regardless of cost. Like Art Objects, Antiques are not depreciated.