Fixed assets shall be assigned and recorded to specific facilities and programs and provide for proof of loss of fixed assets for insurance purposes. The District shall establish and maintain fixed assets management system for reporting capitalized fixed assets owned or under the jurisdiction of the District in its financial reports in accordance with generally accepted accounting principles (GAAP) as required or modified by law.
A separate fixed assets listing shall be prepared for fixed assets in the general fixed assets account group (GFAAG) and for the fixed assets of each proprietary and fiduciary fund. "Fixed assets" in the GFAAG shall include District buildings and sites, construction in progress, improvements other than buildings and sites, land and machinery and equipment. "Fixed assets" in the proprietary funds shall include District buildings and sites, construction in progress, improvements other than buildings and sites, capitalized interest, infrastructure, land and machinery and equipment. Fixed assets reported in the financial reports shall include individual fixed assets with an historical cost equal to or greater than $1,000 capitalization threshold). Fixed assets accounted for and reported in the proprietary funds shall be depreciated over the useful life of each fixed asset.
The fixed assets management system shall be updated annually to account for the addition/acquisition, disposal, relocation/transfers of fixed assets. It shall be the responsibility of the School Business Official to count and reconcile the fixed assets listing for the general fixed assets account group and for each proprietary and fiduciary fund with the fixed assets management system by June 30 each year.
It shall also be the responsibility of the School Business Official to educate employees about this policy and its supporting administrative regulations.
Approved: September 2007
Reviewed: October 2020
Revised: October 2020