Fixed assets are defined as those tangible assets of the District with a useful life in excess of one (1) year that the District intends to hold or continue in use over an extended period of time. Such fixed assets have an initial cost equal to or exceeding $2500. This threshold amount shall be reviewed annually, to determine whether modification to the amount is necessary.

Although some assets may not meet all of the criteria for "fixed" assets, they shall be identified as "controlled" assets and recorded in the same manner as other assets on the fixed asset system.

A purchase order shall be completed and submitted to the Treasurer for approval. If the purchase order is approved, a copy of the approved purchase order will be returned to the originating principal/supervisor with an asset form.

If approved the Treasurer shall send the transmittal form to the principal/supervisor.

When the asset is received, the principal/supervisor shall complete asset form and return to the Treasurer. Information from the form shall be used to complete the fixed asset pending file and the asset will be recorded in the system.

A request for asset disposal (transfer) (Form 7455 F1) is to be submitted to the Treasurer for approval. The Treasurer is to keep a copy of the request and return the remaining copies to the principal/supervisor.

After approval has been received and upon disposition or transfer of an asset, the principal/supervisor shall sign and date the approved request for fixed asset disposal and shall send a copy to the Treasurer and, if the asset is to be transferred, a copy to the principal/supervisor receiving the asset.

An approved copy of the request for disposal is to be sent to the Treasurer. (This procedure has been established to facilitate the auction process by accumulating all assets for sale in one place and to enhance internal control by segregating duties.)

Monthly, the Treasurer shall prepare a report listing all assets held for sale. A copy of the report shall be forwarded to the Superintendent who shall compare the list to the approved requests for disposal and also compare the list to the actual assets stored for sale. Any discrepancies shall be reported to the Treasurer for resolution.

The requested disposal list shall then be approved by Board resolution prior to sale.

When an auction has taken place, the Treasurer shall prepare a list of assets sold and the amount of money received for each. Upon receipt of the list of assets sold, the Treasurer shall update the list of assets held for sale and the master asset list.

Annually, the Treasurer shall prepare a master list of all entity assets, a report of assets purchased, and a report of assets disposed of or transferred. Each principal/supervisor shall receive that portion of each report that relates to that building or department. It is the responsibility of the principal/supervisor to review and compare the reports to the fixed assets maintained in his/her area of responsibility. Any discrepancies are to be reported to the Treasurer for resolution.

Any evidence of lost, stolen, or damaged assets shall be immediately reported to the Treasurer. The Superintendent and Treasurer shall investigate the matter and determine the appropriate action.

Periodic physical inventories shall be conducted to account for the assets of the entity. The District shall adopt inventory guidelines to become a part of these procedures.

Revised 12/20/06