Capital expenditures incurred with constructing or developing a tangible or intangible capital asset before it is substantially ready to be placed into service is categorized as construction in progress. Once the asset is complete and placed into service the asset will be reclassified in to the appropriate capital asset category. Until the asset is placed into service no depreciation expense will be incurred.
(Res. 2020-4, passed 9-22-2020)