Real property refers to land and land improvements, buildings, and permanently attached equipment.
Land is non-expendable (inexhaustible), unimproved, real property that represents ground to which the University holds title. It is identified by the tract or parcel contained in the legal description.
Improvements Other than Buildings
Improvements other than buildings include site improvements and infrastructure. Exhaustible modifications to land (other than buildings) that add to land value or adapt it to a new use or improve its functionality and usability.
Site improvements – Work done for a particular site such as landscaping, fencing, parking lots, athletic fields, access roads, etc. Can include the cost of removal, relocation, or reconstruction of property belonging to others (railroads, telephone and power lines)
Infrastructure – Basic physical and organizational structures needed for the operation of an enterprise: roads, water supply, sewers, power grids, telecommunications, lighting systems attached to infrastructure items, etc.
Permanent, enclosed structures to house persons or property
New Buildings (Four Standard Components)
Building shell – The building shell includes all design and construction.<
Building Service Systems – Includes air-conditioning systems, heating systems, ventilation systems, plumbing systems, electrical and telecommunication wiring and fixtures, elevator systems, etc.
Fixed Equipment – Equipment that cannot be removed from the building without significant physical effort, technical expertise, or costly or extensive repairs or alterations to make the space usable for other purposes. Fixed equipment includes all permanently attached equipment, machinery, and other furnishings that are not integral to another component and cannot be removed without rewiring; cutting into walls, ceilings, or floors; or otherwise damaging the buildings or the items being removed. Examples of fixed equipment include sterilizers, casework, fume hoods, cold rooms, and glassware washers.
Incorporated Artwork – Works of art incorporated into a building for purely aesthetic, non-functional purposes are recorded as a separate component of the structure. This includes statuary, murals, and similar stationary works.
Repairs and Maintenance – Work performed to keep or restore an asset to normal operating condition from normal wear and tear. Includes painting walls, replacing carpet, replacing lighting fixtures, woodwork repair, etc. Repair and maintenance activities are performed to obtain the expected service life of an asset. Maintenance on a regular basis keeps an asset in normal or expected operating condition.
Renovation/Remodeling – Alters the appearance and/or internal configuration of an existing structure without altering its structural "footprint" (foundation/number of floors, gross square footage). Renovation significantly increases the usefulness or service life of a building. Includes any change in the intended use of an area such as converting a classroom into office space.
Replacement – Replaces property that has been damaged or outlived its useful life.