6572P - Fixed Assets Procedures
A. Inventory Additions
Applicable additions to the equipment inventory are recorded on a computerized database as they are received in the District. Information for the additions is obtained from the purchase order and paid invoice, as well as from data collected at the item's point of entry into the District. Purchase orders coded to a capital outlay account in the General, ASB, Capital Projects, and Transportation Vehicle funds are included.
A New Fixed Assets Additions Form (6572 F1) is completed for each addition at its point of entry into the District. The form is the source document for the addition. The completed form is to be forwarded to the Business Office. After the initial input, the point of entry will be responsible for tagging the equipment if it meets the criteria of a fixed asset.
In order to most effectively and efficiently capture all of the relevant information pertaining to these assets, it is highly recommended that the warehouse receive all items to be inventoried. If a building obtains the fixed asset before it has been inventoried at the warehouse, then it is responsible for the following: first, a building staff member must acquire the New Fixed Assets Additions Form; second, the Business Office assigns and sends a bar code tag that the building is responsible for placing securely on the equipment; third, a building staff member completes the New Fixed Assets Addition Form and returns it to the Business Office.
Of the equipment added to the inventory system, those items meeting the following criteria will be capitalized and identified in the fixed asset system. These items are marked with a pre-numbered bar coded tag or identified otherwise and tracked from the date of purchase to the date of disposition.
1. Assets with a unit cost of $1,000 or more. Household appliances such as refrigerators, microwaves, washers, dryers and dishwasher, regardless of cost, will not be tagged.
2. Assets with a unit cost of less than $1,000 which the Business Office identifies as “theft sensitive”, will be tagged regardless of value. These include:
Electronic Student Response Systems
Interactive Technology such as ACTIVboards
Other assets as determined by the Business Office
B. Inventory Changes
Every fiscal year, each building administrator is responsible for ensuring that a physical inventory is taken of the equipment in their building. Changes to the inventory database will be reviewed by the Business Office.
Transfers of equipment from one building to another must be made by the warehouse staff or designee. An order for the transfer will be accompanied by a Fixed Asset Transfer/Deletion Form (6572F2). These changes are made by the Business Office into the fixed asset database.
C. Inventory Deletions
Equipment inventory that is to be sold, traded-in, or otherwise disposed of will be recorded on a Fixed Asset Transfer/Deletion Form (6572F2) or a Disposal Equipment Form (6572F3). When the final transaction is completed, the Business Office will input the deletion into the database.
All sales of surplus items are conducted through the warehouse or other district location following state regulations and board procedures.
Should an asset become damaged beyond repair or hazardous, the Business Office may approve the disposal of the asset.