7455 - ASSET ACQUISITION, TRANSFER, AND DISPOSAL

Wayne Trace Local School District

Administrative Guidelines

7455 - ASSET ACQUISITION, TRANSFER, AND DISPOSAL

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. 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.

Acquisition

A purchase order shall be completed and submitted to the Treasurer for approval.

If approved, the initial information from the purchase order will be entered into the accounting system as a pending item. The Treasurer shall send the transmittal form to the principal/supervisor.

When the asset is received, the transmittal form shall be returned to the originator. Information from the form shall be used to complete the fixed asset pending file and the asset will be recorded in the system.

Transfer and/or Disposal

A request for asset disposal (transfer) (Form 7455 F1) is to be submitted to the Treasurer. The Treasurer is to keep a copy of the request.

	B.	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.
	C.	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.