6645 Capital Assets Accounting

CAPITAL ASSETS ACCOUNTING  

The School Business Official shall be responsible for accounting for general fixed assets according to the procedures outlines by the Uniform System of Accounts for School Districts.  These accounts will serve to:

a.  Maintain physical inventory of assets;

b.  Establish accountability;

c.  Determine replacement costs; and

d.  Provide appropriate insurance coverage.

All fixed assets carrying a minimum value of $5,000 that have a useful life of two years or more, and physical characteristics that are not appreciably affected by use or consumption shall be inventoried and recorded on an annual basis.  Fixed assets shall include land, building, equipment and materials. The district will use the straight-line method of depreciation and depreciation expense will be calculated beginning in the year of acquisition.

Assets shall be recorded at initial cost, or if not available, at estimated initial costs.  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:

a.       Date of acquisition;

b.      Description;

c.       Serial number, model number or other identification number

d.      Numbered asset inventory tag

e.       Cost or value;

f.        Location;

g.      Responsible official;

h.      Estimated useful life;

i.        Date and method of disposition.

The School Business Official shall arrange for the inventory and appraisal of school district property, equipment and material.  Any discrepancies between an inventory and the district’s property records on file should be traced and explained.

 

Adoption date:  April 19, 2016

Reviewed:  October 29, 2019

Revised:  March 26, 2024