Adoption Date: 7/19/1994, Revised: 6/20/2000; 1/20/04; 11/7/06; 12/04/12
5000 - NON-INSTRUCTIONAL/BUSINESS OPERATIONS
NON-INSTRUCTIONAL OPERATIONS
5621 ACCOUNTING OF FIXED ASSETS
The
School Business Official shall be responsible for accounting for
general fixed assets according to the procedures outlined by the Uniform
System of Accounts for School Districts and GASB Statement 34
Regulations.
These accounts will serve to:
- a)Maintain a physical inventory of assets;
- b)Establish accountability;
- c)Determine replacement costs; and
- d)Provide appropriate insurance coverage.
Fixed
assets with a minimum value of $1,500 established by the Board that
have a useful life of one (1) year or more and physical characteristics
not appreciably affected by use or consumption shall be inventoried and
recorded on an annual basis. Fixed assets shall include land, buildings,
and equipment.
The Board shall establish a dollar threshold as a
basis for considering which fixed assets are to be depreciated. Such
threshold shall ensure that at least 80 percent of the value of all
assets is reported. However, it is recommended that such threshold shall
not be greater than $5,000. A standardized depreciation method and
averaging convention shall also be established for depreciation
calculations.
Fixed assets acquired having a value equal to or
greater than the established threshold are considered depreciable assets
and shall be inventoried for the purposes of GASB 34 accounting
practices and placed on a depreciation schedule according to its asset
class and estimated useful life as stipulated by the NY State
Comptroller's Office or the IRS.
Assets shall be recorded at
initial cost or, if not available, at estimated initial cost; gifts of
fixed assets shall be recorded at estimated fair value at the time of
the gift. A property record will be maintained for each asset and will
contain, where possible, the following information:
- a)Date of acquisition;
- b)Description;
- c)Cost or value;
- d)Location;
- e)Asset type;
- f)Estimated useful life;
- g)Replacement cost;
- h)Current value;
- i)Salvage value;
- j)Date and method of disposition; and
- k)Responsible official.
The
School Business Official shall arrange for the annual inventory and
appraisal of School District property and equipment. Any discrepancies
between an inventory and the District’s property records on file should
be traced and explained.