ISLE OF WIGHT COUNTY SCHOOLS

Transcription

1 Intrductin and Purpse FIXED ASSET INVENTORY MAINTENANCE AND REPORTING The Finance Department shall maintain a prperty cntrl prgram that is structured t: Prvide fficials with infrmatin required t cntrl the use and lcatin f schl prperty, Assist administratrs in planning fr equipment replacement, Identify prperty fr insurance purpses, and Prvide infrmatin required fr district and cunty financial reprts. It is the respnsibility f each schl r department t ensure that all prperty and equipment under their cntrl is prperly accunted fr in the Fixed Asset Ledgers. The department directr r schl principal (r designee) cntrlling the asset shall be respnsible fr securing persnal prperty assigned t their department/schl and may be held respnsible fr any lst r missing Schl assets. Definitins f Fixed Assets The schl divisin shall maintain tw fixed asset ledgers: a) Capitalizable Assets The first ledger shall include all assets that must be capitalized and depreciated accrding t the Gvernmental Accunting Standards Bard (GASB). These are referred t as Capitalizable Assets. A capitalizable asset is defined as any asset r grup f assets that has a useful life in excess f tw years and at the time f acquisitin has a fair market value r cst f at least $5,000. Examples include land and imprvements, buildings, easements, vehicles, and machinery. b) Cntrllable Assets The secnd ledger shall include fixed assets fr which capitalizatin is nt required by GASB. A cntrllable fixed asset is defined as any asset that must be inventried and requires security frm theft. Generally, cntrllable assets have a useful life f tw r mre years and a fair market value r acquisitin cst f less than $5,000. Cntrllable assets include the fllwing: Cmputer equipment (cmputer wrkstatins, laptps, printers, scanners) Audi-visual equipment including televisin mnitrs/receivers, cmpact disc players, prtable steres Vide prjectrs Camcrders and digital cameras Pwer tls (lathes, table saws, etc.) Tw-way radi equipment Other equipment subject t lss r theft Cntrllable assets are nt subject t depreciatin and are expensed in the year acquired. Security is imprtant fr these items as they are easily cnverted t cash. Fixed asset tags shall be attached t these assets and they must be recrded in the Cntrllable Fixed Asset Ledger. Cntrllable assets shall be secured in a manner cnsistent with its peratinal use and which minimizes the risk f lss r theft.

2 Valuatin DI-R Page 2 Prperty recrds are nt required fr assets csting less than $5,000 and which are nt defined as cntrllable. Prperty that des nt require recrd keeping includes furniture, equipment having less than a tw-year life, and equipment nt susceptible t lss r theft. The list f prperty defined as cntrllable prperty shall be mdified as circumstances change. a) Valuatin f fixed assets shall be at riginal acquisitin cst, including shipping and installatin csts. Acquisitin csts are net f any discunts received at purchase. Valuatin f a dnated asset shall be the fair market value f the asset at the date f acquisitin. b) Valuatin f Grup Assets Grup assets are thse assets that individually are valued fr less than $5,000, but that are cllectively valued abve $5,000. The fllwing tw criteria shall be used in making such a determinatin: Depreciatin 1. The expected ecnmic useful service life f the entire grup f assets and; 2. The materiality f the ttal purchase price r acquisitin cst f the grup f assets invlved. The administratr respnsible fr finance shall identify grup assets. Capitalizable fixed assets can be either depreciable r nn-depreciable. Land is nt subject t depreciatin. Practically all ther capitalizable assets are subject t annual depreciatin. The straight-line depreciatin methd shall be used n all depreciable fixed assets in accrdance with generally accepted accunting principles. A cmpsite life table shwn belw shall be used as the basis in determinatin f an asset s useful life. The useful life f a particular asset may be adjusted based n the district s experience as deemed apprpriate. COMPOSITE ASSET LIFE TABLE ASSET CLASSIFICATION ASSET LIFE (YEARS) ASSET CLASSIFICATION ASSET LIFE (YEARS) Athletic Equipment 10 Licensed Vehicles General 8 Appliances/Fd Service Equipment 15 Audi Visual Equipment 5 Licensed Vehicles Schl Buses 12 Business Machines 10 Machinery and Tls 15 Cmmunicatins Equipment 10 Musical Instruments 10 Cmputer Sftware 5 Outdr Recreatin Equipment 20 Maintenance Equipment 10 Stage and Auditrium 20 Cmputer Equipment 5 Buildings general cnstructin 50 Cmputers, Mnitrs, Printers 5 Building cmpnents: rfs 20* Fine Arts and Antiques N/A Building cmpnents: Interir 30* cnstructin Building cmpnents: Plumbing, 30* HVAC, Electrical Systems Furniture and Accessries 15 Building Cmpnents: Fire Prtectin 25* Systems and Elevatrs Grunds/Agricultural Equipment 15 * Depreciatin perid n building cmpnents shall nt exceed estimated remaining life f structure Lab/Science/Engineering Equipment 10 Prtable Classrms 25 Land N/A Custdial Equipment 15 Land Imprvements 20 Cpiers 5

3 Page 3 Recrding f Fixed Assets The finance administratr shall maintain a perpetual inventry f all asset recrds. Fixed assets shall be recrded nt the fixed asset ledger as they are acquired. The administratr f each site (schl r department) is respnsible fr all prperty n the premises and fr reprting all acquisitins, mvements, and dispsals t the Finance Department. Generally, as prperty is acquired, the acquiring site shall securely affix a prperty cntrl tag t the asset and cmplete the Asset Acquisitin, Transfer, and Dispsal Frm (AATDF). The prperty listed n the AATDF shall include the number shwn n the prperty cntrl tag. The cmpleted AATDF is then submitted t the Finance Department. See Fixed Asset Tags in next sectin fr further discussin n the tagging f prperty. The finance administratr shall recrd AATDF Frms n the apprpriate Fixed Asset Ledger. The finance administratr shall als review purchases f prperty in rder t ensure that all newly purchased equipment is identified and recrded in the Fixed Asset Ledgers. At least annually, the finance administratr shall recncile equipment purchases frm the divisin s Financial Ledgers with thse recrded in the Fixed Asset Ledgers. At least annually, an inventry f fixed assets shall be taken at each schl and department. Discrepancies between the perpetual inventry recrds and assets physically present at each schl r department shall be prmptly reprted t the finance directr. Fixed Asset Tags The finance administratr will prvide prperty tags t all schl sites. Fr mst newly acquired prperty, it is the respnsibility f the site administratr t ensure that a tag is affixed t the prperty. Prperty tags are t be used whenever pssible. Hwever, sme assets are nt easily tagged while the use f ther assets causes the tag t fall ff r becme lst. Fr thse assets, the finance directr will assign a separately identifiable eight-digit number. The eight digit number will begin with 20. Prperty tags are nt assigned t the fllwing prperty: Land, land imprvements, and buildings Licensed mtr vehicles and trailers Outdr recreatinal equipment, bleachers, stage curtains Refuse cmpactrs, water tanks, and fuel tanks Wheelchair lifts Telephne systems and cmputer netwrk servers Other equipment nt easily tagged All ther assets shall be tagged with a prperty cntrl tag. The prperty cntrl tag indicates that the asset is prperty f Isle f Wight Cunty Schls and it cntains a five-digit number and bar cde. Placement Lcatins fr Fixed Asset Tags T assist in inventrying and identifying fixed assets, prperty cntrl tags are t be affixed nt all assets in a unifrm manner. Tags shall be placed n the frnt main bdy f the asset and shuld be clearly visible where pssible and in a lcatin that is nt subject t disturbance r dislcatin.

4 Page 4 Dispsing f Fixed Assets When a fixed asset is n lnger f use t a schl r department r it becmes bslete and thus requires dispsal, an AATDF frm shall be cmpleted and frwarded t the finance directr. Cntact administer respnsible fr finance transfer t anther department r surplus dispsitin. When the dispsal invlves cmputer equipment, the AATDF shuld be frwarded t the directr f technlgy fr assessment f future use. The directr f technlgy is respnsible fr ntifying the finance administratr f cmputer equipment deletins and transfers. Annual Physical Inventry f Fixed Assets Each schl site (schl r department) that hlds r uses fixed assets shall cmplete an inventry f all capitalizable and cntrllable prperty at least annually. The finance administratr will crdinate the annual inventry and prvide administratrs with a Prperty Reprt listing all prperty lcated at their site. The schl administratr is respnsible fr physically identifying all assets cntained n the Prperty Reprt. Fixed assets that are nt listed n the Prperty Reprt must be added t the divisin s Fixed Asset Ledgers. AATDF frms shall be cmpleted fr all cntrllable and capitalizable prperty lcated n the schl premises and that is nt listed n the Prperty Reprt. If assets listed n the Prperty Reprt are nt physically present at the schl site, the site administratr must cmplete AATDF indicating that the prperty cannt be lcated. The site administratr will als prvide written explanatins fr missing prperty. Explanatins shuld indicate the reasn that assets listed n the Prperty Reprt are n lnger present at the schl site. At the cnclusin f the fixed asset inventry, the site administratr shall ntify the finance administratr f such cmpletin. The site administratr will submit AATDF frms fr all missing and unlisted prperty alng with a certificatin f all ther prperty listed n the Prperty Reprt. The finance administratr shall prescribe frms apprpriate fr ntificatin and certificatin f the inventry. The finance administratr shall adjust the Fixed Asset Ledgers based n the AATDF frms and certificatins submitted by site administratrs. Audit f Fixed Assets The inventry f fixed assets shall be subject t audit internally by the Finance Department and externally by independent auditrs hired fr the annual fiscal year end audit. Issued: May 24, 1993 Revised: December 11, 2003 December 19, 2007 Reference: DI Financial Accunting and Reprting ECA Inventry and Reprting f Lss r Damage

5 Isle f Wight Cunty Schls ASSET ACQUISITION, TRANSFER, AND DISPOSAL FORM Frm DI-E PLEASE INITIAL WHEN COMPLETE: Equipment tagged: SCHOOL/DEPARTMENT Entered in FA Ledger: 1. Reprt all acquisitins, transfers, and requests fr dispsal f assets belw. A frm must be cmpleted fr all items that are maintained n the Fixed Asset Ledgers (inventry). 2. Assign a tag number and affix t all new equipment except buildings, land imprvements, land, licensed vehicles, utdr recreatin equipment, trailers, refuse cmpactr, wheelchair lift, servers, bleachers, stage curtains, tanks, telephne systems, and ther items that are nt easily tagged. Cntact the Finance Department t determine if an asset shuld be assigned a physical white prperty tag. Actin Asset Number Manufacture Mdel N. Serial Number DESCRIPTION Date Received Acquisitin Cst Purchase Order # LOCATION (Building, flr, rm) Actins: A = Additin AF = Additin purchased with federal funds T = Transfer t new lcatin RD = Request t Delete M = Missing/Lst TR = Traded-in FOR ALL ADDITIONS: Affix a Prperty Cntrl Tag t the asset as required by the Fixed Asset Plicy. If the asset falls under the exceptins mentined abve, please leave blank and the Finance Department will assign an apprpriate tag number. Als, attach a cpy f the invice r purchase rder fr the new asset. Explain all requests fr dispsals, including lst prperty. Attach theft reprt fr stlen prperty. Principal r Directr Signature Date COMPLETED BY EXECUTIVE DIRECTOR OF ADMINISTRATION Fr dispsitins, indicate methd and date f dispsal: Send riginal t Finance Department and retain cpy fr yur recrds. If requesting t delete r transfer cmputer equipment, send an additinal cpy t the Technlgy Department. Address questins t Finance Department.