FIXED ASSET AND EQUIPMENT INVENTORY PROCEDURES                                            DEB


Approved: 7-31-02
Revised: 11-8-06
Revised:   4-16-14


The Board recognizes the need for adequate inventories in assessing the needs of the District and as a matter of record in case of theft, vandalism or casualty loss.  Therefore, the purpose of this Policy is to establish guidelines for purchasing, inventorying, tracking, disposing, and safeguarding all property owned by the District.

  1. Fixed Asset is the property, equipment, or materials owned by the School District.
  1. Inventory is the process used to account for the School District property.

Inventory personnel, teachers, and school principals are responsible for tracking, monitoring, and safeguarding all inventories within the District.  Tracking of all inventories will increase accountability and avoid potential loss, replacement, and displacement. Risk management recommends fixed asset listings to be as detailed as possible.

A. Inventory Criteria:

  1. Inventory is the process used to account for the School District property.
  2. All School District equipment, machinery, vehicles, furniture, fixtures, instructional equipment, etc. shall be inventoried annually by responsible, designated administrators. 
  3. Items should be Inventoried that have a useful life of more than two years under normal conditions of use and have at least a $200 value. Identical items of a lower value may be bundled.
  4. Inventory all items that retain their original shape and appearance with use.
    1. A complete yearly inventory is required at all District locations:  warehouses, schools, maintenance facilities, office locations, classrooms, etc.
    2. Inventory personnel within the school are responsible for the inventorying, monitoring and safeguarding District property.
    3. Only District Office generated inventory reports will be used for corrections, dispositions, transfers, and additions.
    4. Each school is responsible for properly tagging and identifying its own inventory on textbooks, library books, and miscellaneous classroom items and equipment at teacher stations.
    5. The District shall distribute a yearly Fixed Asset Report to each school in the month of January. Each school is to carefully check this Report for accuracy and add new items and/or delete old items as needed. Each school must return its Fixed Asset Report to the District Office by April 1 of each year.
      1.  Special Education:
        1. Once equipment is purchased with Special Education money, it always belongs to Special Education. The regular student population may use Special Education equipment if it is used in conjunction with Special Education. (i.e., mainstreaming).
        2. Special Education equipment will be on the school's inventory. It is recorded and reported along with all other fixed assets.
        3. Special Education equipment may not be borrowed or used unless it is used in connection with Special Education.
        4. Any question should be referred to the Special Education Department.
        5. CTE equipment is not to be used for purposes not connected with CTE.
        6. If a CTE program is canceled, the Vocational Director needs to be contacted and the equipment will be distributed with no guarantee that it will stay in the school.
        7. As with Special Education, no one may borrow or use CTE equipment unless connected with CTE.
        8. CTE equipment will still be listed on the school's inventory.
        9. Any questions should be referred to the CTE Director.
        10. Equipment purchased with Title I money is to be used exclusively for   Title I. It is never to be absorbed into the regular program.

B.  Maintenance of Fixed Assets Records (School Level)

C.  Financial Statement Reporting (District Level)

For financial statement reporting purposes, the District will capitalize and report all fixed assets, equipment, land, buildings, vehicles, etc., in excess of $5,000.     A separate listing of these assets will be on a depreciation schedule.

      D.  Disposing of District Property

District employees shall not dispose of old equipment or books without getting verbal or written permission from the Business Administrator.

No District employee shall transfer, sell, or trade in any property owned by the District without verbal or written authorization by the Business Administrator. The schools shall notify the Business Administrator of all surplus property. Insofar as feasible and practical, the Business Administrator will transfer surplus property between schools. Surplus property shall be offered to the general public through competitive sealed bids or public auction. It is recognized, however, that some types and classes of items can be sold more advantageously by other means. In such cases, and also where the nature of the property or unusual circumstances call for its sale to be restricted or controlled, the Business Administrator may employ such other means, provided he makes a written determination that such procedure is advantageous to the District.


E.  Special Program Purchases

Listed below is specific information on some of the special programs:

2.    Career Technical Education (CTE):

3.    Title I:

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