Lamar University ● Property Management Department
PO Box 10004 ● (409) 880-1886 or (409) 880-8898
logisticalsupport@lamar.edu
IMPROVEMENT AND/OR BETTERMENT OF EXISTING ASSET
Department: ______________________________________________________________________________________
• Improvements include additions of new components to previously capitalized assets that either increase the
assets’ value, extend the useful life, increase the normal rate of output, lower the operating cost, or increase the
efficiency of the existing assets. Replacements of components of existing capitalized assets with improved or
superior units are also classified as improvements. Total improvements must be equal to or greater than $5,000.
• Betterments enhance an existing capitalized individual or group asset to a condition beyond that achieved through
normal maintenance repairs. A betterments increases the useful life of the asset by at least 1 year without the
introduction of a new unit. Only alterations that significantly rebuild an asset will be capitalized as betterments.
All other will be considered maintenance and expensed. Total betterments must be equal to or great than $5,000.
• Improvements or betterments of noncapitalzed assets that do not involve replacements will be capitalized as part
of the original asset only if the total cost of the original asset, including the improvements or betterments, is equal
to or greater than $5,000. Otherwise, the cost will be expensed as maintenance and repairs.
• Maintenance and repairs are not intended to alter or change the asset or to increase the useful life of the asset,
but rather to sustain the asset in its present condition. Maintenance and repair costs incurred to keep a fixed
asset in normal operating condition will be expensed.
Lamar University Property Inventory Tag# or original PO#: __________________________
Asset Description: __________________________________________________________________________________
Current Asset Value: _______________________________
Betterment or replacement needed: ____________________________________________________________________
_________________________________________________________________________________________________
_________________________________________________________________________________________________
Estimated Completion Cost: _____________________________
Estimated Date of Completion: ___________________________
(Note: Purchases after this date will be classified as maintenance and not capital expenditures.)
Employee Signature: ________________________________________ ID #:___________________________________
Printed Name: _____________________________________________ Phone #: _______________________________
Department Head Signature: __________________________________ Date: __________________________________
Printed Name: ______________________________________________ Phone #: _______________________________
NOTE: Purchase requisitions must include the Lamar University property inventory tag number and the words “Improvement or Betterment.” Failure to
provide this information may delay the purchase process for the needed modification, attachments, or accessories.
Does this meet the guidelines to capitalize? _____ Yes _____ No
Property Manager Approval: ________________________________ Date: __________________________________
OFFICE USE ONLY BELOW THIS LINE
□ SPA □ L DRIVE Initials:___________ Date:___________
Revised: 01/14/2020
