LAS CRUCES PUBLIC SCHOOLS FIXED ASSETS PROCEDURES

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1 The purpose of this procedure is to define and outline responsibilities for management and control of the District s fixed assets. This procedure applies to all locations and personnel employed by Las Cruces Public Schools (LCPS). STATUTORY PROVISIONS SECTION NMSA A. The governing authority of each agency shall, at the end of each fiscal year, conduct a physical inventory of equipment costing more than five thousand dollars ($5,000) and under the control of the governing authority. Upon completion, the inventory shall be certified by the governing authority as to correctness. Each agency shall maintain one copy in its files. At the time of the annual audit, the state auditor shall satisfy himself as to the correctness of the inventory by generally accepted auditing procedures. B. The official or governing authority of each agency is chargeable on his official bond for the equipment shown in the inventory. C. The general services department shall establish standards, including a uniform classification system of inventory items and promulgate regulations concerning the system of inventory accounting for chattels and equipment required to be inventoried and the governing authority of each agency shall install the system. D. No surety upon the official bond of any employee of any agency shall be released from liability until a complete accounting has been had. PSAB SUPPLEMENT 12 FIXED ASSETS AND GSD RULE PSAB SUPPLEMENT 12 establishes procedures for the control and accounting of all fixed assets. District Policy and Procedure is designed to meet all requirements as outlined in the New Mexico State Statute. This supplement also recommends that locations prepare an additional list of equipment items not included on the official inventory of a district. The listing maintains necessary control for items such as: chairs, calculators, desks, bookshelves, tables, recorders, athletic or musical uniforms, etc. The supplemental asset listing is recommended to safeguard assets against unauthorized use, to prevent theft and to provide a method to properly track these items. DISTRICT POLICY Permanent Fixed Assets Inventory LCPS shall maintain an inventory of all fixed assets which will consist of all land, land improvements, buildings, building improvements, equipment with a value greater than $5,000*, and artwork with a value greater than $5,000*. * $1,000 if purchased prior to

2 Annual Physical Inventory LCPS shall conduct an annual physical inventory of all fixed assets. Upon completion of the inventory, it shall be certified as to correctness by the responsible administrator. Each year a complete inventory listing shall be provided to the independent financial auditor as specified by the State Auditor s Rule. RESPONSIBILITIES, DEFINITIONS AND PROCEDURES I. RESPONSIBILITY A. Responsibility for managing public property is an obligation shared by all LCPS employees, regardless of location, assignment, and level of supervision. Management of public property is the process of providing for proper allocation, control, care, use and safeguarding. This includes liability for loss, damage or destruction of property resulting from mismanagement or unauthorized use. B. Each LCPS employee has an inherent responsibility for public accountability. Annual evaluations will include the effectiveness of the school/department administrator s control of fixed assets. Personnel responsible for managing property may be relieved of their duties if an unsatisfactory condition is found that is attributable to mismanagement, inefficiency or other causes within their control. Accountability includes the annual certification of the fixed asset inventory, property control and maintenance of all equipment at their assigned location. A physical inventory certified by the school/department administrator must be conducted before and after a change in administration. C. A FIXED ASSET INVENTORY SYSTEM LETTER OF COMMITMENT for each location/department must be kept on file with the Fixed Assets Inventory Specialist in the Finance Department. Any changes in the assignment of responsible personnel must be reported via a revised letter of commitment. D. Fixed Assets which are maintained by a department but reside in a different location, must be retained on the residing location s inventory. The equipment must be transferred to the residing location by a Property Transfer Form if the original location is the department. The Property Transfer Form must indicate the department s need to maintain the equipment. The maintaining department must write their program or department name on the equipment with permanent ink (SPED, Health Services, Title I). The maintaining department s designation will be entered in the Department Field on the Location section of the Fixed Asset record. II. DEFINITION AND CHARACTERISTICS OF FIXED ASSETS A. EQUIPMENT WITH A VALUE EQUAL TO OR GREATER THAN $5,000, AND VEHICLES i. Moveable or fixed units of equipment, furniture or furnishings, instruments, machines or machinery, vehicles, apparatus or other items that retain their original shape and appearance with use. 2

3 ii. Non-expendable with a life longer than one year and it is usually more feasible to repair the item than replace it with an entirely new unit. iii. Must have a unit cost greater than $5,000. iv. It does not lose its identity through incorporation into a different or more complex unit. B. LAND AND LAND IMPROVEMENTS i. All land for which LCPS holds title. ii. Improvements to land greater than $5,000 which includes permanent improvements or structures such as fencing, landscaping, paving, lighting, signs, playground equipment, drainage improvements and wells. iii. Improvements to land would increase the value or improve the use of the land. iv. Athletic field improvements other than buildings and bleachers. C. BUILDINGS AND BUILDING IMPROVEMENTS i. Buildings purchased or constructed. ii. Portable buildings. iii. Storage or similar type buildings purchased or constructed. iv. Additions, remodeling greater than $5,000 and asbestos removal costs. v. Amphitheater, Athletic field buildings and bleachers. vi. Building improvements include new roofing, HVAC, mechanical, flooring, exterior lighting attached to the building, alarm systems, telephone systems, clock systems, data cabling, bleachers, gym floors, scoreboards and other permanently fastened items. D. ARTWORK i. Any artwork including paintings, sculptures or other type of artwork which has a value greater than $5,000. III. ACQUISITION OF FIXED ASSETS A. All purchases of fixed assets will be processed on a Purchase Requisition regardless of the total cost. The appropriate cost center key and object code will be used. The following object codes are for fixed asset purchases. Not all funds have these object codes available. The requestor must verify that their Operational allocation or budgeted funds allows the use of the particular object code. i Land ii Land Improvements iii Buildings Purchased iv Building Improvements and Construction v Technology Building Improvements greater than $5,000 vi Vehicles General vii Buses viii Heavy Equipment 3

4 ix Equipment greater than $5,000 x Technology Equipment greater than $5,000 xi Equipment equal to or less than $5,000 xii Technology Equipment equal to or less than $5,000 B. The Control Agent will initiate a Purchase Requisition for the purchase of a fixed asset. A clear description of the items being ordered must be included (part and model numbers are not descriptions). Purchases of more than one fixed asset item or a group of items that make up a single fixed asset on a requisition requires special processing. Refer to IFAS Guides Fixed Asset Requisition and PO Receiving Guide for further instructions. All requests for the purchase of technology equipment (hardware, software, wiring, etc.) must be approved by the Technology Support Services Department. All purchase requisitions for equipment will be reviewed by the accounts payable staff in the Finance Department. The accounts payable staff will review the requisition for proper coding and for compliance with this procedure. Once the purchase requisition is approved a purchase order will be issued. C. Purchases of equipment which add value to an existing bar coded asset should have a notation on the purchase requisition referencing the existing asset bar code number. D. No equipment item should be placed into use until it is properly tagged and recorded in the fixed asset inventory. IV. RECEIVING OF FIXED ASSETS A. ALL EQUIPMENT DELIVERIES MUST BE MADE TO THE WAREHOUSE. Equipment purchases which are delivered to school or department locations by the vendor must be cleared with the warehouse or fixed assets inventory specialist before they can be accepted at the school or department. Equipment requiring installation by the vendor may be delivered to a school or department location if the purchase order contains delivery instructions. B. THE WAREHOUSE WILL: i. Verify that a purchase order has been issued for the item(s). ii. Check for damage and sign for or refuse the delivery. iii. Verify quantities delivered to quantities ordered. iv. Tag the equipment with a bar code, making note of the serial number for the item tagged. v. Receive the equipment items on the IFAS system, creating an ASSET ID, recording the bar code number, serial number and location 4

5 number based on the purchase order account coding. Receiving will be one item at a time on purchase orders with more than one item of equipment. vi. Secure necessary signatures and forward all completed purchase/delivery documents to the Finance Department Accounts Payable for processing of payment. Paperwork should reference the applicable purchase order. C. EQUIPMENT PICKED UP BY SCHOOL STAFF AT A LOCAL VENDOR MUST BE TAKEN TO THE WAREHOUSE FOR PROPER RECEIVING AND TAGGING. The staff member will need the purchase order number or a copy of the purchase order when they arrive at the warehouse. The warehouse will then follow the procedures noted in Section IV: Receiving of Fixed Assets, Item B. D. School or department location staff will verify the warehouse delivery and sign any warehouse documents. The school or department staff should verify that the equipment items have been tagged with a barcode. They can also verify that the PO has been received in the IFAS system. E. Equipment purchased with Federal or other Categorical Funds that require special handling related to the funding source can add additional permanent tagging or markings with the name of the Program. The fixed asset record will also have a record field that can indicate the Program or Department for this situation. Refer to the IFAS Guides Fixed Asset User Guide. V. DONATIONS OF PROPERTY A. All donations/gifts from organizations or private individuals become the property of the District and are governed by the policy and procedures defined in the LCPS Fixed Assets Procedures. B. Donations/gifts of real property (land and/or buildings) or personal property (equipment, etc.) which obligates the District must be accepted by the School Board. Board policy must be followed as applicable. C. All equipment donations/gifts must be reported in writing to the Executive Director for Finance. A letter from the donor listing the following should be provided: i. Donor Name ii. Address iii. Description of the item(s) donated iv. Estimated value v. Special instructions regarding use as applicable D. Once the donated items are accepted by the District, the school or department must provide the serial number for each item received to the Fixed Asset 5

6 Inventory Specialist in the Finance Department. A bar code tag will be delivered to the appropriate staff member for placement on the donated equipment. E. The Fixed Assets Inventory Specialist will create a fixed asset record, recording the information regarding the donated item(s). VI. ADJUSTMENT TO FIXED ASSETS A. Fixed Asset Disposals or Retirements Fixed Asset disposals or retirements are not performed without proper documentation being provided. Documentation includes but is not limited to police reports regarding stolen or damaged equipment, purchase orders documenting a trade-in or a completed property transfer form. Disposals or retirements must be supported with documentation and signatures which provide an audit trail of the reason for adjustment to the fixed asset records. Any property disposed of without following proper procedures will be in direct violation of District Policy. Individuals may be held personally responsible and may be required to reimburse the District up to the replacement value of item(s). Written notification of disposition of property must be provided to the State Auditor at least 30 days prior to any proposed disposal. This notification is coordinated through the Fixed Assets Inventory Specialist in the Finance Department. B. Computer Dispositions Computer equipment disposals follow the same process as noted in Item A above. In addition, any disposals of computer equipment require that the district sanitize all licensed software and any electronic media. This sanitizing process is performed by the LCPS TSS Department. Hard drive removal certification is required for all computer equipment regardless of original cost. Certification of removal of the hard drive is required when dispositions include computer equipment. This certification is provided with the written notification provided to the State Auditor noted in Item A. C. Property Transfers i. Transfers of equipment will be coordinated with the Fixed Assets Inventory Specialist in the Finance Department. A PROPERTY TRANSFER FORM is required for equipment which is moved between District locations. The departments transferring and receiving the property must agree to the transfer before the completion of the Property Transfer Form and the transfer process. 6

7 ii. The Property Transfer Form will include the following: a. Inventory Bar Code Number on the item(s) b. Request Code c. Complete description of each item d. Serial Number e. Model Number f. Location name and code where the item(s) are being transferred from (releasing location) g. Location name and code where the item(s) are being transferred to (receiving location) h. Signatures of the transferring and receiving principal or administrator i. Signature certifying removal of hard drives (if applicable) iii. Removal of the hard drives by TSS must be completed BEFORE the transfer form is submitted to Finance. iv. School or Department locations will retain the goldenrod copy of the Property Transfer Form and forward the remaining copies to the Fixed Assets Inventory Specialist in the Finance Department. v. Warehouse staff will distribute one copy of the signed form at the releasing location after the item(s) are picked up. vi. Warehouse staff will distribute one copy of the signed form at the receiving location after the item(s) are delivered. vii. Upon completion of this process the Fixed Assets Inventory Specialist will record the transfer on the IFAS Fixed Asset record. D. Stolen Equipment All equipment thefts must be reported to the office of the Executive Director of Finance. The theft must be documented by 1) Police Report, 2) Report of Break- In, Vandalism or Theft Form; and 3) a valid and current quote to replace the stolen items, if the dollar value exceeds $750. The stolen equipment will be disposed of on the IFAS Fixed Asset record when the documentation is received by the Fixed Assets Inventory Specialist in the Finance Department. Copies of these documents should be kept at the school or department. E. Unused/Unwanted Equipment The transfer of any Unused/Unwanted equipment must be requested on a PROPERTY TRANSFER FORM. All items of this type must be gathered in a designated location at the school or department. Warehouse staff will make arrangements for pick-up once the Property Transfer Form is approved. The school or department will remain responsible for these inventory items until the receiving department signs for delivery. F. Equipment on Temporary Loan All equipment issued to an individual or another department, on a temporary basis, must be documented on an approved EQUIPMENT CHECKOUT 7

8 REQUEST. All equipment loans must be returned to the loaning school or department for inspection prior to the end of each school year. The individual/department will be held responsible for any loss or damage to the equipment issued out on loan up to the replacement value of the item(s). LCPS staff is prohibited from removing district equipment from the school or department, regardless of funding source, except by written approval from the school or department administrator. The written approval must be kept on file at the school/department location. G. Trade-Ins Equipment traded in, regardless of condition, should be identified on the last line of the purchase requisition. This will provide documentation to allow the District to dispose of the traded item. The following information should be included: VII. ANNUAL PHYSICAL INVENTORY i. Asset description ii. LCPS Barcode Number iii. Manufacturer s serial number if applicable iv. Manufacturer s model number if applicable A. The annual physical inventory will be coordinated by the Fixed Asset Inventory Specialist in the Finance Department. The Fixed Asset Inventory Specialist will prepare a master inventory schedule at the beginning of each fiscal year. The Principal at each location will be notified as to when their inventory scanning process will begin. The Primary Contact Person at each location will check out scanners from the Finance Department Fixed Assets Inventory Specialist and conduct the physical inventory at their location. The site will be given three working days to complete the initial scan. Upon completion, the scanned records will be matched to the current fixed asset inventory records for the location. The Fixed Assets Inventory Specialist will issue a preliminary Missing List for any asset records not matched to the physical inventory. This preliminary Missing List will be given to the location administrator. B. The location will be given ten working days after completion of the initial inventory to locate and identify assets that were not accounted for during the initial scanning process. The location will use scanners to scan any missing items located during this second phase. Any assets remaining on the missing list will be placed in the missing inventory category on the fixed asset records. These items will be coded by location and year identified as missing. An annual report is to be prepared showing each location s results of their physical inventory and the percentage of missing items. This report will be used by administration to determine any corrective actions needed at a particular location. 8

9 C. All items not accounted for must be justified to the Executive Director for Finance and corrective actions identified. Missing inventory will be reported to the School Board for final action or disposal after two years of being listed on the missing inventory category. VIII. MAINTENANCE AND UPKEEP OF FIXED ASSETS RECORDS A. Access to Fixed Asset records is restricted to each location. The location administrator will be responsible for the internal changes to fixed assets. Internal changes include the following items: IX. PERSONAL PROPERTY i. Printing reports by room number at the beginning and end of each school year to be used for the start up and close out procedures at each location. ii. Entering the room number designation on all new fixed asset purchases for their location. iii. Using Internal Transfer Forms to update room number designation for equipment which is moved within the location s buildings. iv. Conducting a physical inventory before and after a change in administration at a location. A. Personally owned property is not included in the District s fixed asset inventory. There is no insurance coverage in the case of loss, theft or damage for this type of property. All personal property must be identified as such. B. Personal property must be labeled listing the name, address and telephone number of the owner. This information should be visible on each personal item. X. REPAIRS TO FIXED ASSETS A. Repairs to equipment are to be charged to object code Maintenance/Repairs to Equipment. The applicable cost center will include Function 2600 Operations and Maintenance. XI. OTHER EQUIPMENT SAFEGUARDS A. A list of non-barcoded items such as: chairs, calculators, desks, bookshelves, tables, recorders, theft sensitive items, uniforms, etc. should be maintained at each location. This is to assist with safeguarding these items against unauthorized use and to prevent theft. B. A check-out system for items loaned to students such as uniforms, lap-top computers and musical instruments must be maintained at each location. XII. FORMS AND OTHER MISCELLANEOUS ITEMS 9

10 A. Appendix A includes copies of various forms used in fulfilling the requirements of this procedure. These forms can be obtained by contacting the Fixed Assets Inventory Specialist in the Finance Department. 10

11 APPENDIX A 11

12 FIXED ASSET INVENTORY SYSTEM LETTER OF COMMITMENT LOCATION: PHONE #: FAX #: DATE: INVENTORY DATE: PRIMARY CONTACT PERSON: IFAS User ID: Address: ALTERNATE CONTACT PERSON: IFAS User ID: Address: The Las Cruces Public Schools has made a commitment to a fixed asset inventory system that utilizes bar code technology. The Finance Department is responsible for developing and monitoring a fixed asset inventory control system that provides for the safeguarding of District owned property against unauthorized use and that ensures that the inventory records represent a complete and valid listing of all capitalized assets. School/department administrators are accountable for all fixed assets within their immediate area of responsibility. Accountability includes the annual certification of the fixed assets inventory, property control and maintenance of all equipment in their area of responsibility. School/department administrators will be held accountable for all assets that cannot be physically accounted for during their annual physical inventory of fixed assets. As school/department administrator, I understand the responsibilities of fixed asset inventory control. The individuals listed above are authorized to act on my behalf for all fixed asset transactions. Any changes in authorized personnel will be reported, in writing, to the Fixed Asset Inventory Specialist in the Finance Department. Principal/Control Agent Date 12

13 EQUIPMENT CHECKOUT REQUEST EMPLOYEE STUDENT OTHER LAS CRUCES PUBLIC SCHOOLS PLEASE PRINT ALL INFORMATION AND SUBMIT TO LOCATION ADMINISTRATOR FOR APPROVAL. DATE: NAME: LOCATION: SSN: ADDRESS: EQUIPMENT NEEDED FROM: TO: JUSTIFICATION: INVENTORY # DESCRIPTION MODEL SERIAL # COST I CERTIFY THAT THIS EQUIPMENT WILL BE USED FOR BUSINESS/EDUCATIONAL PURPOSES ONLY. I UNDERSTAND THAT I WILL BE RESPONSIBLE FOR LOSS OR DAMAGE TO THIS EQUIPMENT UP TO THE REPLACEMENT COST OF THE ITEM(S). EMPLOYEE/STUDENT SIGNATURE DATE SUPERVISOR/TEACHER SIGNATURE DATE CONTROL AGENT SIGNATURE DATE EXECUTIVE DIRECTOR FOR FINANCE DATE (APPROVAL REQUIRED FOR ALL CHECKOUTS) (APPROVAL REQUIRED FOR EXTENDED CHECKOUTS) CHECK OUT (DATE) (BY) (CONDITION OF EQUIPMENT) CHECK IN (DATE) (BY) (CONDITION OF EQUIPEMENT) 13

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