Elbert County School District. Fixed Asset And Property Accounting Manual. Table of Contents. Introduction...1

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1 Elbert County School District Fixed Asset And Property Accounting Manual Table of Contents Introduction...1 Property Classifications and Funding Source Inclusions Capitalization Policy...4 Depreciation Policy...5 Responsibilities Tagging Of Property... 8 Physical Inventory... 9 Items Designated As Sensitive ATTACHMENTS Deletion/Transfer of Fixed Assets...10 Addition to Fixed Assets...11

2 Introduction ELBERT COUNTY SCHOOL DISTRICT In order to properly maintain adequate records necessary for fixed asset and property management, several guidelines must first be established. This manual is designed to: 1) Identify general accounting and control procedures for fixed assets 2) Determine a level of capitalization 3) Assign the content of fixed asset records 4) Designate responsibility for various actions and reports. The principles set forth in this manual are in accordance with Generally Accepted Accounting Practices (GAAP), and Government Accounting, Auditing, and Financial Reporting (GAAFR) and GASB Statement No. 34. In order to build a District Fixed Asset Master List it is necessary to classify fixed assets into one of the following classes: land, buildings and building improvements, land improvement, construction in progress, computer software, intangible assets and machinery and equipment. Elements to be reported within the Fixed Asset and Property System include, but are not limited to, the following: 1) Historic cost and value of item 2) Type of asset 3) Location of item 4) Funds used to purchase item (i.e. Federal, State or Local monies) 5) Date asset was placed in service 6) Date of disposition 7) Depreciation, estimated useful life and depreciation method. The system will also use trend factors assigned to each asset class to automatically update replacement costs, and depreciation will automatically be calculated (if applicable). The system will also track items purchased with any special revenue funds, such as items purchased by any Federal or State grants. Various reports can be generated for budget and audit purposes, such as: 1) Asset List by Number, Department, Location, Type, or Class 2) Depreciation Schedules 3) Acquisition, Transfer and Retirement Reports 1

3 Property Classifications and Funding Source Inclusions The assets that are included as part of the District s Fixed Asset System will fall into one of these five general classes: Land Land acquired by purchase is recorded at cost to include the amount paid for the land itself and all incidental costs. Land acquired by gift or bequest is recorded at the fair market value at the date of the acquisition. When land is acquired with buildings erected thereon, total cost is allocated between the two in reasonable proportion at the date of acquisition. If the transfer document does not show the allocation, other sources of the information may be used such as an expert appraisal or the real estate tax assessment records. Land is not depreciable. Land Improvements This category will include parking lots, outdoor lighting, covered walkways, fences, tennis courts, running tracks, and grandstands, etc. The Board does not capitalize landscaping. Land Improvements will be depreciated over their estimated useful lives. Buildings Buildings will be recorded at either their acquisition cost or construction cost. If a building is acquired by purchase, the capitalized cost should include the purchase price and other incidental expenses at the time of acquisition If a building is constructed, the capitalized cost should include all construction costs. The constructed building will be capitalized upon completion of the project. For the first year, all the component units of the building, such as HVAC, plumbing system, sprinkler systems, elevators, etc. will be included in the capitalized cost of the building. Building Additions Building additions will be recorded at their construction cost. Building additions will be capitalized separately and depreciated over their useful life. Building Improvements Component Units - (HVAC, plumbing systems, sprinkler systems, elevators, etc.) When building component units are replaced, the new component unit will be capitalized separately, and the old component (subsequent to original construction) will be removed from the property report. However, if the original component unit was included in the original construction, it will not be removed since it was not a separately 2

4 valued component. The new component unit will be depreciated over the remaining useful like of the building. Major Renovations or Alterations Any major renovation or alteration within an existing building will be added to the cost of the original building. These renovations/alterations will be depreciated over the remaining life of the building/structure. Construction in Progress This includes all projects for buildings or land improvements construction that are not completed at the end of the fiscal year. Machinery & Equipment This category consists of machinery, equipment and furnishings, including but not limited to, kitchen equipment, office and classroom furnishings (desks, chairs, cabinetry, chalkboards, etc.), educational materials (textbooks, library books, band instruments, etc.), computer hardware, school vehicles and maintenance equipment (floor buffers, lawn mowers, etc.) Items that form a system and cannot independently operate without the system as a whole will be considered one asset and will be recorded as such. Computer Software Expenditures for software applications costing $5,000 or more collectively for combined modules which are essential to the day to day activities of the Board of Education will be capitalized. Computer software that is purchased as a service or requires an annual maintenance agreement for the software to be continued to be utilized will not be capitalized. Intangible Assets Intangible assets consists of items purchased or donated that cannot be physically touched. This asset category includes right-of-ways, internally developed software, intellectual property, etc. Intangibles that are donated will be recorded at the fair market value on the date on donation. Items Excluded from Fixed Assets Listing: 1) Equipment located within the district that is on consignment. 2) Equipment located within the district that is owned by another agency. 3) Equipment located within the district that is being used as loaner equipment while district equipment is being serviced or repaired. 4) Equipment leased under an operating lease such as copy machines. Items leased under a capital lease will be included in the fixed assets listing. 3

5 Funding Source Inclusions: Items that are included in the fixed assets listing will have many different funding sources. The majority of items on the listing will go through the normal purchasing process and be paid for through the district s accounts payable department. However, assets purchased through grants will also be recorded and monitored as required by grant documents as well as items donated to the school district or purchases by student activity funds. Capitalization Policy According to Generally Accepted Accounting Principles, expenditures for land, new buildings and additions, newly acquired equipment (including Food Service Equipment), and improvements of a substantial nature that have an estimated useful life of at least one year and do not lose their identity in use, are recorded in the Fixed Assets System. Elbert County School District will capitalize all acquisitions of land, buildings and additions, improvements other than buildings, vehicles and equipment which has a cost that is greater than the approved federal capitalization rate. All other items that have a cost below the federal capitalization rate will be expensed as incurred. Specific guidelines for capitalization are as follows: 1) All land and buildings will be capitalized 2) The Chief Financial Officer will review renovation and remodeling projects, applying the following principles to make a determination of whether to capitalize or expense these projects. a) Renovations made to an existing building that keep the property in a serviceable condition that do not appreciably extend the estimated useful life of the property, nor add value, nor change its use should be expensed even if the cost of the renovation exceeds the federal capitalization rate. b) Renovations that do appreciably extend the estimated useful life of the property, add value exceeding the federal capitalization rate, or enhance its use should be capitalized. 3) The following guidelines apply to equipment purchases: a) The item must have an estimated useful life of at least one-year and must not lose its identity as it is used. b) The per unit cost of the item must exceed the approved federal capitalization rate. c) The item has been designated as a sensitive item. (See attachment) d) All equipment purchased with federal or state grant funds must follow guidelines set forth by the grant document. For equipment that falls under the federal capitalization rate, the individual grant or program office will be required to track that asset. 4) The following guidelines apply to repairs and replacements of equipment that are in excess of a cost of $50,000: a) Expenditures to repair and maintain a fixed asset in efficient operating condition, and which do not extend the normal economic useful life will be expensed. 4

6 b) Replacements in which an existing fixed asset is entirely replaced by a new one will be capitalized, if the replacement cost is greater than the approved federal capitalization rate, with an accompanying write-off of the old asset. c) Replacement amounts spent in restoring equipment, which prolong the estimated useful life of the equipment and is greater than the approved federal capitalization rate, will be capitalized. d) Items that by nature have a short life expectancy (less than one year), or are subject to breakage, early obsolescence, loss, or other factors that contribute to early loss of usefulness, will be expensed as incurred. Depreciation Policy The "straight line" method of depreciation should be utilized to depreciate capital assets, except for land, over the estimated useful lives of the related assets principally as follows: Computer Software Intangible Assets Internally Created Right of Ways Buildings Permanent Buildings Building Additions Building Improvements 3 to 6 years 5 years Not depreciated 50 years Remaining Useful Life up to 50 years Remaining Useful Life up to 50 years Machinery & Equipment Mobile Classrooms 25 years Vehicles (trucks, vans, tractors, forklifts, etc.) 8 years Kitchen Equipment 12 years Computer Hardware 5 years Outdoor Equipment 15 years Miscellaneous Equipment 15 years Buses 8 years Office & classroom furnishings 5 years Educational equipment 2 years Land Improvements 20 years Depreciation on newly acquired assets will be calculated utilizing a "Monthly" convention. Under this convention, an asset is treated as though it were placed in service or disposed of the first day of the month acquired. All equipment except for building will be depreciated 100% over the useful life of the asset. Buildings will have a salvage value of 15%. Should an improvement be made to a building, the improvement will be 5

7 capitalized over the useful of the asset addition or the remaining depreciable life of the building, whichever is greater. Retirement of Assets When an asset is sold or retired, the cost and accumulated depreciation are removed from the Statement of Net Assets and the resulting gain or loss is included in the Statement of Activities. Donation of Fixed Assets Assets donated from outside the District are to be recorded at the estimated fair market value of the asset on the date the donation is made. 6

8 Responsibilities Supervisory Responsibility Each department head and building principal that exercises supervision over a department or school in the School District is responsible for the oversight of fixed assets inventoried to that location. An inventory count will be performed on an annual basis by each department head, building principal or their designee. The date of the count will be determined each school year by the Finance Department. The department head and building principal are expected to direct personnel in the use and care of equipment as well as ensure that district policies and procedures regarding fixed assets are followed. Employees should be informed that they are not to take district equipment home for personal use. Any employee wanting to take computer equipment home on a limited basis for work purposes must notify his/ her immediate supervisor. Any personal equipment used or stored on district property is not insured by the district and will not be replaced if it is broken or stolen. Department heads and building principals will be provided with a copy of the District s Fixed Asset and Property Accounting Manual and on an annual basis a complete listing of inventoried equipment at their location to keep as a reference. Supervisory personnel will be responsible for approving all transfers of fixed assets within their location as well as providing the fixed asset accountant the forms needed to make necessary changes to the fixed asset listing. These forms are necessary to help prevent tracking items at fiscal year end when the annual inventory is performed. When an item is transferred to a new location, a transfer form must be signed by the transferring school/department and the new school/department at the time of transfer and the form forwarded to the finance department within ten working days. Supervisors along with Maintenance, Technology and Media Center Specialists will make decisions concerning items that should be disposed or transferred. All items that are disposed of will be house at the location for auction. There will be an inventory listing kept for the warehouse and items will only be removed from the district s inventory listing after being sold at auction. Final approval to dispose of any fixed asset rests with the Chief Financial Officer. 7

9 Chief Financial Officer The responsibilities of the Chief Financial Officer or delegate are as follows: (a) Timely and accurate recording of property transactions and maintenance of all appropriate records. (b) Performing physical inventories of property as needed or requested by administration. (c) Providing adequate safeguards for and protection of property within their area of accountability. (d) Conducting personal checks to determine the accuracy of accounting records. (e) Perform/have supervisory personnel perform tagging of all fixed assets. Tagging of Property Tagging of property is needed for several reasons: 1) Tags provide a positive means of identifying equipment 2) Tags provide a cross-reference from physical existence to a computer listing 3) Tags help readily identify property as belonging to the School District The Chief Financial Officer will be responsible for the control of tags. The following guidelines will apply to tagging of equipment: 1) Land will have a tag number in the fixed asset system and the Chief Financial Officer will keep this tag in a notebook. 2) Buildings and Improvements will also be assigned a tag number that will be kept in a notebook by the Chief Financial Officer. 3) Equipment such as computers, monitors, printers and other sensitive items regardless of whether the item is capitalized or expensed will be tagged for control purposed. 8

10 Physical Inventory The Chief Financial Officer will perform an inventory count of all locations in the district on an as needed basis as determined by Administration. The Finance Department may also conduct unscheduled inventory counts as a means of evaluating internal control or as determined as necessary by the Superintendent. Inventory results will be reconciled with the fixed asset listing and any differences will be researched by the department head, building principal or his/her designee. All adjustments that are necessary will be made and any documentation necessary will be processed by each location in the school district. The Chief Financial Officer with the respective department head or principal will discuss the results of the inventories. Items Designated As Sensitive Items that do not meet the generalized criteria for equipment however, the district desires to provide individual control, will be identified as sensitive items. These items will be recorded in the Fixed Asset System for information purposes only. There will be no value given to these items that have cost of less than the approved federal capitalization rate. The following items are considered Sensitive : Cameras Computers and all computer hardware Fax Machines Laminators Lawn Mowers LCD Projectors Televisions those that are not mounted to the wall Test Equipment for hearing or visually impaired Two-way radios Typewriters Band Equipment VCR s those that are not mounted to the wall Interactive whiteboards Document cameras 9

11 DELETION/TRANSFER OF FIXED ASSETS SCHOOL/LOCATION: ITEM DELETED/TRANSFERRED: ASSET TAG NUMBER: DELETION DATE: REASON FOR DELETION: TRANSFER DATE: NEW LOCATION/SCHOOL: DISPOSITION OF ASSET: STORAGE LOCATION TRASH SOLD APPROVAL Chief Financial Officer APPROVAL Department Head/School Principal APPROVAL New Location Department Head/School Principal 10

12 ADDITIONS TO FIXED ASSETS LOCATION/SCHOOL: ITEM PURCHASED/DONATED: MANUFACTURER: SERIAL NUMBER: MODEL NUMBER: COST/VALUE WHEN DONATED: DATE PURCHASED/DONATED: NEW OR USED ITEM DISTRICT OFFICE PURCHASE: SCHOOL PURCHASE: CHECK NUMBER: DATE PAID: IF DISTRICT OFFICE PURCHASE PLEASE PROVIDE ACCOUNT NUMBER BELOW: 11

13 A copy of the purchase order and invoice must be attached 12

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