102.11 - Statewide Accounting Policy - Collections

Policy Area: Accounting and Financial Reporting
Policy Sub Area: Capital Assets
Authority:  GASB Codification Sections 1400 and 2300
Effective Date: 7/1/2001
Last Revision Date: 6/30/2017
Policy Owner/Division: Statewide Accounting


Except as discussed below, works of art, historical treasures, and similar assets should be capitalized at their historical cost or acquisition value at the date of donation (assets donated prior to July 1, 2015 are recorded at their estimated fair value at the date of donation) whether they are held as individual items or in a collection. 

Agencies are encouraged, but not required, to capitalize a collection (and all additions to that collection) whether donated or purchased that meets all of the following conditions. The collection is: 

  1. Held for public exhibition, education, or research in furtherance of public service, rather than financial gain 
  2. Protected, kept unencumbered, cared for, and preserved 
  3. Subject to an organizational policy that requires the proceeds from sales of collection items to be used to acquire other items for collections. 

Collections already capitalized at June 30, 1999 should remain capitalized and all additions to those collections should be capitalized, even if they meet the conditions for exemption from capitalization.

If an entity prepares separately issued financial statements and elects not to capitalize a collection, the entity’s note disclosures should include a description of the collection and the reasons the assets are not capitalized. 



Accounting Guidance


Related Documents (Memos/Forms)


Revision History

  • 6/30/2017 - Update "fair value" to "acquisition value" for GASB 72.  Add note disclosure requirements and reference to Codification Section 2300.