To: University Business Managers
From: David Blakemore Director, Financial Reporting and Management Services
Date: July 6, 2011
The University continues the implementation of Governmental Accounting Standards Board (GASB) Statement 51, Accounting and Financial Reporting for Intangible Assets, for the fiscal year ended June 30, 2011. The Statement requires certain intangible assets, including website development, to be classified as capital assets.
If your department expended $100,000 or greater in fiscal year 2011 on website development, please contact Keith Harris at 919-962-7008 or firstname.lastname@example.org no later than Wednesday, July 20, 2011.
Thank you in advance for your assistance.