The Superintendent or his/her designee shall be responsible for developing and maintaining a complete physical inventory accounting for general fixed assets according to the procedures outlined by the Uniform System of Accounts for School Districts. These accounts will serve to:
- Maintain a physical inventory of assets;
- Establish accountability;
- Determine replacement costs; and
- Provide appropriate insurance coverage.
For purposes of insurance, items to be included in the record of fixed assets shall have a useful life of at least two years, have physical characteristics not appreciably affected by use or consumption and represent an investment of money which makes it feasible and advisable to capitalize, have a value of at least $500 upon acquisition and be inventoried and recorded on a monthly basis. Fixed assets shall include, but not be limited to, land, buildings, equipment and materials.
Assets shall be recorded at initial cost or, if not available, at estimated initial cost. Gifts of fixed assets shall be recorded at estimated fair value at the time of the gift. A property record will be maintained for each asset and will contain, where possible, the following information:
- Date of acquisition;
- Description;
- Cost or value;
- Location;
- Asset type;
- Replacement cost;
- Current value;
- Salvage value;
- Responsible official;
- Estimated useful life; and
- Date and method of disposition.
For purposes of accounting for financial statements, items to be included in the record of fixed assets shall have a useful life of at least two years, have physical characteristics not appreciably affected by use or consumption and represent an investment of money which makes it feasible and advisable to capitalize, have a value of at least $5000 upon acquisition and be inventoried and recorded on a monthly basis. Fixed assets shall include, but not be limited to, land, buildings, equipment and materials.
Financial records of valuation and depreciation of applicable property shall be in accordance with GASB Statement 34 regulations and other applicable regulations as they may subsequently occur.
The Superintendent or his/her designee shall arrange for the annual inventory and appraisal of District property, equipment and material. Any discrepancies between an inventory and the District’s property records on file should be traced and explained.
Ref:
- Audit Report of Comptroller’s Office Report No. A-17-95
Adoption date: March 10, 2008
Reviewed: August 28, 2017