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NASA Ball NASA
Procedural
Requirements
NPR 9250.1C
Effective Date: October 29, 2015
Expiration Date: July 18, 2023
COMPLIANCE IS MANDATORY FOR NASA EMPLOYEES
Printable Format (PDF)

Subject: Property, Plant, and Equipment and Operating Materials and Supplies

Responsible Office: Office of the Chief Financial Officer


| TOC | Preface | Chapter1 | Chapter2 | Chapter3 | Chapter4 | Chapter5 | | Chapter6 | Chapter7 | Chapter8 | AppendixA | AppendixB | ApendixC | ALL |

Chapter 7 Heritage Assets

7.1 Overview

This chapter establishes the accounting policies for heritage assets.

7.2 Roles and Responsibilities

Refer to Section 1.6 of this NPR document.

7.3 Identification

7.3.1 When capitalized assets are identified as heritage assets by the Center Historical Preservation Officer (HPO), in accordance with NPR 8510.1, NASA Cultural Resources Management, and no longer predominately serves NASA operations, their values should be removed from the PP&E accounts and a copy of the SAP Asset Accounting Document for the transaction must be forwarded to NASA Headquarters, OCFO Property Branch for retention and documentation for the preparation of the required annual supplementary reporting. The Center will also notify the NASA-Agency OCFO, Property Branch, when it becomes aware of the existence of a heritage asset.

7.3.2 Contractors and commercial firms that have received grants or cooperative agreements are required to provide information on heritage assets in their possession in their annual NF1018 submissions. Those contractors required to report monthly in CHATS will also identify the heritage assets in their possession.

7.4 Capitalization and Valuation

7.4.1 The costs of acquiring, constructing, improving, reconstructing, or renovating heritage assets should be considered an expense in the period incurred when determining the net cost of operations.

7.4.2 Assets that serve both heritage and operational functions are considered multiuse when the predominant use is for Government operations. Multiuse heritage assets are reported in the general ledger asset accounts. Capital renovation, improvement, or reconstruction costs to facilitate Government operations (for example, installation of communication wiring or redesign of office space) are depreciated over its expected useful life as defined in Chapter 2.

7.4.3 For multiuse heritage assets, The cost of acquisition, improvement, reconstruction, or renovation of multi-use heritage assets shall be capitalized as general PP&E and depreciated over its estimated useful life.

7.4.4 Heritage assets shall be quantified in terms of physical units (for example, number of items in collections or the number of national parks). No asset amount will be shown on the balance sheet of the Federal financial statements for heritage assets.

7.4.5 The costs of acquiring, constructing, improving, reconstructing, or renovating heritage assets must be considered an expense in the period incurred when determining the net cost of operations. The cost will include all costs incurred to bring the heritage asset to its current condition and location.

7.5 Reporting

Heritage assets should be reported in a note to the financial statements. The note will provide the number of physical assets by major category, the number by category acquired and withdrawn during the reporting period, and a description of the major methods used to acquire the assets as well as withdrawals during the reporting period. In addition, NASA will disclose in the footnotes how heritage assets are related to the mission of the entity, a description of the heritage assets, stewardship responsibilities, and their condition. Condition of the heritage assets may be reported with the deferred maintenance information in the required supplementary information.



| TOC | Preface | Chapter1 | Chapter2 | Chapter3 | Chapter4 | Chapter5 | | Chapter6 | Chapter7 | Chapter8 | AppendixA | AppendixB | ApendixC | ALL |
 
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