Several years ago, the Financial Accounting Standards Board (FASB) released Statement No. 93: Recognition of Depreciation by Not‐for‐Profit Organizations. The result of this directive is that certain not‐for‐profit entities are required to change their formal financial statements (balance sheets) to reflect the current and changing value of their assets. Colleges and universities, in particular, will now be required to capitalize their fixed assets and depreciate them over time. In most institutions the physical collection of the library is being treated as an asset and may be subject to depreciation.
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