Published on Capital Assets Management (https://cam.fo.uiowa.edu)

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Intangible Assets (Software) [1]

Definition

Title to equipment purchased with University funds (excluding Agency Funds) through the University Purchasing Department or through a retail-sales center on campus shall be considered property of The University of Iowa.

Software must have a useful life of more than one year and have a minimum capitalization

  • for Non UIHC Orgs is $500,000
  • for UIHC Orgs is $5,000

Software acquired with Agency Funds (currently Funds 950 – 997) cannot be capitalized and should not be purchased with a 6740 Iact.

Policy

See Operations Manual Part V, Chapter 12 [2]

For policies specific to UIHC Orgs 03, 65, 70-89, 93, and 94, please see the UIHC Asset Capitalization Policy [3] (UIHC Login Required)

Source URL: https://cam.fo.uiowa.edu/content/intangible-assets-software

Links:
[1] https://cam.fo.uiowa.edu/content/intangible-assets-software
[2] https://opsmanual.uiowa.edu/administrative-financial-and-facilities-policies/equipment-and-personal-property-university
[3] https://thepoint.healthcare.uiowa.edu/sites/Administration/finance/stratajazzcapital/default.aspx