| Chippewa Valley Schools |
| Bylaws & Policies |
7455 - ACCOUNTING SYSTEM FOR FIXED ASSETS
The Board of Education shall maintain a fixed-asset accounting system. The fixed-asset system shall maintain sufficient information to permit the following:
| A. | the preparation of year-end financial statements in accordance with generally-accepted, accounting principles | |
| B. | adequate insurance coverage | |
| C. | control and accountability |
The Superintendent/designee shall be responsible for the development and maintenance of the fixed-asset accounting system. The Superintendent/designee shall develop procedures to ensure 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 (1) year and an initial cost equal to or exceeding $150.00. 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 assets shall be classified as follows:
| A. | land | |
| B. | building | |
| C. | improvements other than building | |
| D. | machinery and equipment | |
| E. | furniture and fixtures | |
| F. | vehicles | |
| G. | plant (aerator) | |
| H. | underground lines | |
| I. | construction-in-progress |
Fixed assets shall be recorded at historical cost or, if that amount is not practicably determinable, at estimated historical cost.
The following information shall be maintained for all fixed assets:
| A. | description | |
| B. | asset classification (land, building, equipment, etc.) | |
| C. | location | |
| D. | purchase price | |
| E. | year purchased | |
| F. | replacement cost | |
| G. | accumulated depreciation |