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    Lib SF AssetAccounting

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    jhouvan
    The school board will maintain a fixed asset accounting system to track assets worth over $5,000 with a useful life of more than one year. This will allow the board to prepare financial statements, ensure proper insurance coverage, and maintain control over assets. The superintendent is responsible for developing and maintaining the fixed asset system and ensuring compliance with asset policies. Assets are classified and key information like purchase price, location, and depreciation is recorded and maintained.

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    Lib SF AssetAccounting

    Uploaded by

    jhouvan
    17 views3 pages
    The school board will maintain a fixed asset accounting system to track assets worth over $5,000 with a useful life of more than one year. This will allow the board to prepare financial statements, ensure proper insurance coverage, and maintain control over assets. The superintendent is responsible for developing and maintaining the fixed asset system and ensuring compliance with asset policies. Assets are classified and key information like purchase price, location, and depreciation is recorded and maintained.

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    Lib Sf AssetAccounting

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    The school board will maintain a fixed asset accounting system to track assets worth over $5,000 with a useful life of more than one year. This will allow the board to prepare financial statements, ensure proper insurance coverage, and maintain control over assets. The superintendent is responsible for developing and maintaining the fixed asset system and ensuring compliance with asset policies. Assets are classified and key information like purchase price, location, and depreciation is recorded and maintained.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    17 views3 pages

    Lib SF AssetAccounting

    Uploaded by

    jhouvan
    The school board will maintain a fixed asset accounting system to track assets worth over $5,000 with a useful life of more than one year. This will allow the board to prepare financial statements, ensure proper insurance coverage, and maintain control over assets. The superintendent is responsible for developing and maintaining the fixed asset system and ensuring compliance with asset policies. Assets are classified and key information like purchase price, location, and depreciation is recorded and maintained.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 3

    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 shall be responsible for the development and maintenance of the fixed-
    asset accounting system. The Superintendent shall develop procedures to insure 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 year and an initial cost equal to or exceeding $5,000. 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 asset 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

    H. Underground lines

    I. Construction in progress

    J. Computers shall be identified as “controlled” and shall be monitored in the fixed asset
    management system

    Leased fixed assets and assets which are jointly-owned shall be identified and recorded on the
    fixed-asset system.

    Fixed assets shall be recorded at historical cost or, if that amount is not practicably
    determinable, at estimated historical cost. The method(s) to be used to estimate historical cost
    shall be established by the Superintendent.

    1
    The purchase of fixed assets and the disposal of fixed assets shall be the responsibility of the
    Superintendent. An asset to be disposed of by sale which has a current value in excess of
    $5,000 shall be sold at auction or sealed bid.

    Depreciation shall be recorded for fund fixed assets using the method(s) stipulated by the
    Superintendent.

    Accumulated depreciation shall be calculated on a straight line basis and be recorded for
    general fixed assets.

    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. Vendor

    F. Date purchased

    G. Voucher number

    H. Estimated useful life

    I. Estimated salvage value

    J. Replacement cost

    K. Accumulated depreciation

    L. Method of acquisition (purchase, trade-in, lease, donated, etc.)

    M. Appropriation

    N. Manner of asset disposal

    2
    REQUEST FOR ASSET DISPOSAL (TRANSFER)

    Asset Tag or Other To be transferred from To be transferred to


    Description Identification # Dept./Location Location Date

    ___________ ______________ __________________ ___________ ________

    ___________ ______________ __________________ ___________ ________

    ___________ ______________ __________________ ___________ ________

    ___________ ______________ __________________ ___________ ________

    ___________ ______________ __________________ ___________ ________

    ___________ ______________ __________________ ___________ ________

    Reason for disposal (transfer) ___________________________________________________

    Method of disposal ____________________________________________________________

    Signature of building principal ____________________________________________________

    Date of request ________________  Approved  Disapproved

    Signature of fixed asset manager _________________________________________________

    Date of disposal (transfer) ____________ If sold for scrap, amount received _______________

    If traded in, tag or identification number of asset acquired ______________________________

    Signature of building principal ____________________________________________________

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