Depreciation on a Parade Float

I just took over as the Treasurer of a non-profit.  They have a float that is used in parades. They originally paid 1400 for the trailer it on.   A lot of money has gone into wood, decorations, etc.  It seems really to be a work in progress.  Stage One was built in December 2021, however the nonprofit did not begin until February 2022.  Embellishments were in 2022 and again in 2023.  They Board estimates there is about a total investment of 5500.  Hard to say how long it will last... It's made of wood and needs constant improvements.  Any suggestions?  Should it be depreciated? Should it be expensed as embellishments are made?  If it should be depreciated what do we estimate the useful life would be?  Thanks for any help you can offer.