Copyrights: A form of protection granted to a creator of an original work by giving exclusive rights for a certain time period in relation to that work, including its publication, distribution, and adaptation. Licenses and Permits: Legal permission to do something otherwise unauthorized. Easements: A legal right to access or use another’s land or waterway, or to prevent an owner from using their land in a particular way. Water rights: The right to use water from a water source (e.g., river, stream, pond, or source of groundwater). Timber rights: The right to existing uncut or growing timber from the property of another party. The type of intangible assets reported will depend on the department and has the potential to vary across the University. Threshold: Please report any potential intangible assets valued (or to be valued when completed) at $500,000 or greater. One exception is land easements—they have no dollar threshold. Useful Lives: Intangible assets will be considered for amortization (depreciation) using the following guidelines: Contractual or Legal Rights: Should not exceed the period to which the service capacity of the asset is limited by contractual or legal provisions. Renewal periods may be considered if there is evidence that the University will seek and be able to achieve renewal and that any anticipated outlays (expenses) to be incurred as part of achieving the renewal are nominal in relation to the level of service capacity expected to be obtained through the renewal. Consent of a third party and satisfaction of conditions should be considered, where applicable. Indefinite Useful Lives: Any intangible asset that has no legal, contractual, regulatory, or other factors that limit the useful life of the asset (e.g., permanent right-of-way easement). Intangible assets with indefinite useful lives will not be amortized. Service Capacity Period Not Known: The precise length of the useful life of the intangible asset may not be known; however, if it is known that at some time it will become obsolete and need to be replaced at some future time period, a uniform (University-wide) useful life will be established for the particular intangible asset class.
Copyrights: A form of protection granted to a creator of an original work by giving exclusive rights for a certain time period in relation to that work, including its publication, distribution, and adaptation. Licenses and Permits: Legal permission to do something otherwise unauthorized. Easements: A legal right to access or use another’s land or waterway, or to prevent an owner from using their land in a particular way. Water rights: The right to use water from a water source (e.g., river, stream, pond, or source of groundwater). Timber rights: The right to existing uncut or growing timber from the property of another party. The type of intangible assets reported will depend on the department and has the potential to vary across the University. Threshold: Please report any potential intangible assets valued (or to be valued when completed) at $500,000 or greater. One exception is land easements—they have no dollar threshold. Useful Lives: Intangible assets will be considered for amortization (depreciation) using the following guidelines: Contractual or Legal Rights: Should not exceed the period to which the service capacity of the asset is limited by contractual or legal provisions. Renewal periods may be considered if there is evidence that the University will seek and be able to achieve renewal and that any anticipated outlays (expenses) to be incurred as part of achieving the renewal are nominal in relation to the level of service capacity expected to be obtained through the renewal. Consent of a third party and satisfaction of conditions should be considered, where applicable. Indefinite Useful Lives: Any intangible asset that has no legal, contractual, regulatory, or other factors that limit the useful life of the asset (e.g., permanent right-of-way easement). Intangible assets with indefinite useful lives will not be amortized. Service Capacity Period Not Known: The precise length of the useful life of the intangible asset may not be known; however, if it is known that at some time it will become obsolete and need to be replaced at some future time period, a uniform (University-wide) useful life will be established for the particular intangible asset class.