Common use of Capital Cost Accounting Clause in Contracts

Capital Cost Accounting. Pursuant to the General Requirements, the Design-Builder shall provide a Final Certificate of Costs for Capital Asset Accounting, as a part of the Record Documents, to enable the Owner and Using Agency to accurately reflect the Project as a capital asset in accordance with generally accepted government accounting principles (GASB – 34). The Design Builder, using its final Statement of Probable Costs (Exhibit C-1) and the guides to useful life of capital assets contained in Exhibit L, shall complete the certification on the Design-Builder’s Certificate (the format for the Certificate is included in Exhibit L). Should there be a disagreement with the categorization of any cost between the Design-Builder and the Design Builder, both should consult with the Owner. The Vice Chancellor for Facilities, in consultation with the Director, Construction Division, GSFIC, shall make the final decision consistent with established State accounting policies and the Certificate shall be adjusted accordingly.

Capital Cost Accounting. Pursuant to the General Requirements, the Design-Builder shall provide a Final Certificate of Costs for Capital Asset Accounting, as a part of the Record Documents, to enable the Owner and Using Agency to accurately reflect the Project as a capital asset in accordance with generally accepted government accounting principles (GASB – 34). The Design BuilderProfessional, using its final Statement of Probable Costs (Exhibit C-1) and the guides to useful life of capital assets contained in Exhibit L, shall complete the certification on the Design-Builder’s Certificate (the format for the Certificate is included in Exhibit L). Should there be a disagreement with the categorization of any cost between the Design-Builder and the Design BuilderProfessional, both should consult with the Owner. The Vice Chancellor for Facilities, in consultation with the Director, Construction Division, GSFIC, shall make the final decision consistent with established State accounting policies and the Certificate shall be adjusted accordingly.

Capital Cost Accounting. Pursuant to the General Requirements, the Design-Builder shall provide a Final Certificate of Costs for Capital Asset Accounting, as a part of the Record Documents, to enable the Owner and Using Agency to accurately reflect the Project as a capital asset in accordance with generally accepted government accounting principles (GASB – 34). The Design BuilderProfessional, using its final Statement of Probable Costs (Exhibit C-1) and the guides to useful life of capital assets contained in Exhibit L, shall complete the certification on the Design-Builder’s Certificate (the format for the Certificate is included in Exhibit L). Should there be a disagreement with the categorization of any cost between the Design-Design- Builder and the Design BuilderProfessional, both should consult with the Owner. The Vice Chancellor for Facilities, in consultation with the Director, Construction Division, GSFIC, shall make the final decision consistent with established State accounting policies and the Certificate shall be adjusted accordingly.. Part 2 – Preconstruction Phase Services