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On the Asset Inventory and Depreciation Record Sheet
Per discussion with Christopher Nichter, Director, we've received an excel sheet of an "example" suite of information which should be stored or calculated for each instrument.
The data model should be aligned to be able to store the following information. Examples are provided:
- Inventory #: OB1
- Name of Item: Oboe
- Make: D. Kaye
- Model: IWW
- Finish: Black plastic
- Case: Standard
- Serial: 62862
- Merchant: Buddy Roger's Music
- Year Purchased: 2010
- Invoice: 1055
- Purchase Order: 111111-2234
For our purposes, the merchant/invoice/purchase-order/date of purchase should be stored in a separate object viewable from the Instrument page.
This is a table cataloguing the purchase line item and further maintenance line items associated with the instrument. Each line item should contain a reference to an asset, its containing receipt, as well as an item cost and notes section. Of interest to users is the accumulated cost by year of the asset, equalling the purchase price and any cost of maintenance.
This is a separate table used to calculate the current "valuation" of an asset based on a percentage yearly depreciation rate and the asset's accumulated cost. See the sheet for details. There is a different depreciation schedule for instruments with a 10-year and 15-year average life.
| Year | 10-Year Schedule | 15-Year Schedule |
|---|---|---|
| 1 | 20% | 20% |
| 2 | 15% | 15% |
| 3 | 12% | 10% |
| 4 | 10% | 8% |
| 5 | 10% | 7% |
| 6 | 8% | 6% |
| 7 | 8% | 6% |
| 8 | 6% | 5% |
| 9 | 6% | 5% |
| 10 | 5% | 4% |
| 11 | - | 4% |
| 12 | - | 3% |
| 13 | - | 3% |
| 14 | - | 2% |
| 15 | - | 2% |
In this table, the value shows the percentage of the instrument's current accumulated value which should be deducted due to depreciation that year. If an instrument's accumulated cost doesn't change over its life, after 10 or 15 years, it's valuation would be $0. We can expect however for additional years of life beyond expected due to maintenance. If 2 extra years were added, its current valuation will decrease by (1/2)% = 50% per year. Whereas the expected number of years of life is known for each instrument, it is unknown how to predict number of years of added of life. Perhaps the user specifies?
This final table is used for computing the expected cost for purchasing a similar instrument based on the original cost of the instrument and accumulated inflation. E.g. an instrument which was $400 in 2010 would now cost about $470. We can pull this information from one of two sources. One is StatBureau, which allows us to request the inflation rate between any two months, and when provided a "start price" will compute an inflation-adjusted "now price". If we want to manually run the numbers, we can also request raw monthly figures going back to 1913. The Terms of Use are: that it is for non-commerical use only (sure), and we attribute the website somewhere.