The Board of Education shall maintain a fixed asset accounting system. The fixed asset system shall maintain sufficient information to permit the following:

The Assistant Superintendent of Finance shall be responsible for the development and maintenance of the fixed asset accounting system and shall develop procedures to insure compliance with all fixed asset policies.

Fixed assets are defined as those tangible assets of the District system with a useful life in excess of one year and an initial cost equal to or exceeding $5,000.00. Some items may be identified as "controlled" assets that, although they do not meet all fixed asset criteria, are to be recorded on the fixed asset system to maintain control.

Fixed asset shall be classified as follows:

Leased fixed assets and assets which are jointly owned shall be identified and recorded on the fixed asset system.

The purchase of fixed assets, the transfer of fixed assets between buildings, and the disposal of fixed assets shall be initiated by the Superintendent or designee and may require the written approval of the Board. The Superintendent, at his/her discretion, may require any asset, regardless of value, to be sold at auction. An auction shall be held at the discretion of the Board when sufficient assets have accumulated to warrant the cost. The Board shall establish minimum acceptable prices for assets sold at auction.

Accumulated depreciation shall be calculated on a straight line basis and be recorded for general fixed assets.

The following information may be maintained for all fixed assets:

Revised 2/28/03
Revised 6/29/09