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Equipment and information technology (IT) assets are capitalized annually if they have useful lives of at least two years and an individual value of $25,000 or more. Bulk or aggregate purchases are capitalized when the individual useful lives are at least two years and a value of $25,000 or more. Depreciation for equipment and software is computed on a straight-line basis using a 5-year life. Leasehold improvements are amortized over the remaining life of the lease. Property, Plant and Equipment as of September 30, 2012 and 2011 consisted of the following:
| 2012 Major Class |
Service Life and Method | Cost | Accumulated Amortization/ Depreciation |
Net Book Value |
|---|---|---|---|---|
| Equipment | 5 Years/Straight Line | $29,120,043 | $(12,815,168) | $16,304,875 |
| IT Software | 5 Years/Straight Line | 16,485,238 | (6,938,168) | 9,547,070 |
| Software in Development | Not Applicable | 2,493,610 | – | 2,493,610 |
| Leasehold Improvements | Remaining Life of Lease/Straight Line | 23,641,222 | (2,639,648) | 21,001,574 |
| Construction In Progress | Not Applicable | 4,063,306 | – | 4,063,306 |
| $75,803,419 | $(22,392,984) | $53,410,435 |
| 2011 Major Class |
Service Life and Method | Cost | Accumulated Amortization/ Depreciation |
Net Book Value |
|---|---|---|---|---|
| Equipment | 5 Years/Straight Line | $23,845,759 | $(7,582,852) | $16,262,907 |
| IT Software | 5 Years/Straight Line | 10,061,707 | (4,942,862) | 5,118,845 |
| Software in Development | Not Applicable | 3,513,454 | – | 3,513,454 |
| Leasehold Improvements | Remaining Life of Lease/Straight Line | 15,345,533 | (1,427,205) | 13,918,328 |
| Construction In Progress | Not Applicable | 3,533,361 | – | 3,533,361 |
| $56,299,814 | $(13,952,919) | $42,346,895 |