Illinois Administrative Code
Title 23 - EDUCATION AND CULTURAL RESOURCES
Part 100 - REQUIREMENTS FOR ACCOUNTING, BUDGETING, FINANCIAL REPORTING, AND AUDITING
Section 100.60 - Capital Assets and Depreciation
Current through Register Vol. 48, No. 38, September 20, 2024
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 |
331/3% |
|
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% |
