Policy 709

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    DEVELOPMENT AND MAINTENANCE OF AN INVENTORY OF
    FIXED ASSETS AND A FIXED ASSET ACCOUNTING SYSTEM
     

     

    I.          PURPOSE

     

    The purpose of this policy is to provide for the development and maintenance of an inventory of the fixed assets of the school district and the establishment and maintenance of a fixed asset accounting system. 

     

    II.            GENERAL STATEMENT OF POLICY

     

    It is the policy of this school district that a fixed asset accounting system and an inventory of fixed assets be developed and maintained. 

     

    III.          DEVELOPMENT OF INVENTORY AND ACCOUNTING SYSTEM

     

    The superintendent or such other school official as designated by the superintendent shall be responsible for the development and maintenance of an inventory of the fixed assets of the school district, and for the establishment and maintenance of a formal fixed asset accounting system.  The accounting systems shall be operated in compliance with the applicable provisions of the Uniform Financial Accounting and Reporting Standards for Minnesota School Districts (UFARS). 

     

    IV.          REPORT

     

    The administration shall annually update the property records of the school district and provide an inventory of the fixed assets of the school district to the school board. 

     

     

    Legal References:              Minn. Stat. § 123B.09 (School Board Powers)

                                                    Minn. Stat. § 123B.14, Subd. 7 (Duties of School Board

                                                    Clerk)

                                                    Minn. Stat. § 123B.02 (School District Powers)

                                                    Minn. Stat. § 123B.51 (Schoolhouse and Sites; Access for

                                                    Non-curricular Purposes)

     

     

    Cross References:             MSBA/MASA Model Policy 702 (Accounting)

                                                    MSBA Service Manual, Chapter 9, Public School Finance

     

    ADOPTED BY THE BOARD OF EDUCATION: August 2, 2004

    REVIEWED AND REAFFIRMED BY THE BOARD OF EDUCATION:  October 7, 2013

     

709.1 Administrative Guidelines

  •  

    DEVELOPMENT AND MAINTENANCE OF AN INVENTORY OF
    FIXED ASSETS AND A FIXED ASSET ACCOUNTING SYSTEM
     

     

    I.          PURPOSE

     

    The purpose of this administrative guideline is to provide for the development and maintenance of an inventory of the fixed assets of the school district and the establishment and maintenance of a fixed asset accounting system. 

     

    II.            DEVELOPMENT OF INVENTORY AND ACCOUNTING SYSTEM

     

    A.        The school district shall maintain a fixed asset inventory of all buildings,

                capital improvement, and equipment. 

     

    1.            When a building, an item of equipment or a capital improvement has an original cost of over $3,000, it shall be capitalized and placed on the fixed asset inventory. 

     

    2.            Certain equipment will be placed on the fixed asset inventory even though the original cost is less than $3,000.  This includes but is not limited to technology equipment.  These fixed assets are inventoried for insurance purposes. 

     

    3.            Equipment Criteria:

     

    a.            It maintains its original shape and appearance with use. 

     

    b.            It has a useful life of at least four years. 

     

    c.            It is non-expendable. 

     

    B.           Buildings, equipment and capital improvements will be depreciated over their useful life. 

     

    III.          REPORTING

     

    The administration shall annually update the property records of the school district in preparation of the annual report to the Commissioner required by Minn. Stat. § 123B.14, Subd. 7.

     

     

     

    Legal References:              Minn. Stat. § 123B.09 (School Board Powers)

                                                    Minn. Stat. § 123B.14, Subd. 7 (Duties of School Board

                                                    Clerk)

                                                    Minn. Stat. § 123B.02 (School District Powers)

                                                    Minn. Stat. § 123B.51 (Schoolhouse and Sites; Access for

                                                    Noncurricular Purposes)

     

     

    Cross References:             MSBA/MASA Model Policy 702 (Accounting)

                                                    MSBA Service Manual, Chapter 9, Public School Finance

     

     

    Dated:            August 2, 2004

    Reviewed:     October 7, 2013

    Revised: