South-Western City School District
Bylaws & Policies
 

7450 - INVENTORIES (FIXED ASSETS)

In order to conform to Ohio financial reporting standards and to provide property insurance information, the District will maintain a Fixed Asset System which is a system of methods, policies and procedures for recording and reporting monetary amounts to account for Board-owned real property and equipment.

Fixed assets are defined as those assets that are deemed to be tangible, such as land, buildings, furniture and fixtures, equipment, vehicles, improvements other than buildings and construction in process. Fixed assets are those which are not expendable supplies; which have a useful life of more than five (5) years; and which have an acquisition value in excess of $1,500.00 or are considered to be an asset for which control (accountability) is desired. Exceptions for control and insurance purposes will extend this definition to include audio/visual equipment, musical instruments and computers. Any non-removable articles will be included in the assigned value of the structure in which they are installed.

Staff members shall participate in the continuous updating of the fixed asset inventories and values of Board-owned equipment as may be deemed necessary. The Treasurer is authorized to contract for the annual fixed asset inventory and establishment of values for all real estate and equipment owned by the Board.

A District inventory tag will be assigned to each new asset meeting the criteria established above, in an expedient manner. Tagged items will be discarded, destroyed, or otherwise disposed of after 1) approval of the supervisor, principal and/or Superintendent, and 2) notification of Treasurer's office for records maintenance.

Equipment acquired under a Federal award will vest upon acquisition to the

District, subject to the following conditions:

 

A.

The equipment shall be used for the authorized purposes of the award project during the period of performance or until the equipment is no longer needed for the purposes of the project.

 
 

B.

The equipment shall not be encumbered without the approval of the Federal awarding agency or the pass-through entity.

 
 

C.

The equipment may only be used and disposed of in accordance with the provisions of the Federal awarding agency or the pass-through entity and Policy 7300 and Policy 7310, AG 7300 and AG 7310.

 
 

D.

Property records shall be maintained that include a description of the equipment, a serial number or other identification number, the source of funding for the equipment (including the FAIN), title entity, acquisition date, cost of the equipment, percentage of Federal participation in the project costs for the award under which the equipment was acquired, the location, use, and condition of the equipment, and ultimate disposition data, including date of disposal and sale price of the equipment.

 
 

E.

A physical inventory of the property must be taken and results reconciled with property records at least once every two (2) years.

 
 

F.

A control system shall be developed to provide adequate safeguards to prevent loss, damage, or theft of the property. Any such loss, damage, or theft shall be investigated.

 
 

G.

Adequate maintenance procedures shall be implemented to keep the property in good condition.

2 C.F.R. 200.313
R.C. 117.38

Adopted 11/20/95
Revised 7/13/15
Revised 3/13/17

© Neola 2016