Capital assets, other than works of art, are defined as identifiable tangible assets with a life expectancy of at least three years in accordance with the Capitalization Policy and that:
- are held for use in the provision of services, for administrative purposes, for production of goods or for the maintenance, repair, development or construction of other capital assets;
- are intended to be used on a continuing basis;
- are not intended for sale in the ordinary course of operations; and
- are not held as part of a collection.
Works of art are defined as rare and unique items having cultural and historical significance that are:
- held for public exhibition, education, or research;
- protected, cared-for and preserved; and
- subject to an organizational policy that requires any proceeds from their sale to be used to acquire similar items or to be used towards their direct care.