6801 Capital Assets/Theft-Sensitive Assets
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Capital Assets
The district will maintain a comprehensive capital assets record-keeping system. The goal of the capital assets program is to protect the district against losses that would significantly affect the district’s students, staff, property, budget or the ability of the district to continue to fulfill its stewardship responsibilities.
For purpose of this policy, “fixed capital assets” will mean a unit of furniture or furnishings, an instrument, a machine, an apparatus or a set of articles land, improvements to land, easements, building improvements, vehicles, machinery, equipment, works of art and historical treasures, infrastructure and all other tangible and intangible assets that are used in operations and that have initial useful lives extending beyond a single reporting period which:- Retains its shape and appearance with use;
- Is nonexpendable, meaning if the item is damaged or some of its parts are lost or worn out, it may be more feasible to repair it than to replace it with an entirely new item;
- Does not lose its identity when incorporated into a more complex unit;
- Is valued no less than $5,000 unless a lesser amount is set by the district; and
- Has a life expectancy of at least one year.
Federal law requires a physical inventory of federally funded assets at least once every two years. Reconciled inventory reports will be provided to the board. Such report will identify lost, damaged, or stolen capital assets. Missing capital assets will be removed from district property records by a vote of the board.
No equipment will be removed for personal or non-school use.
Theft-Sensitive Assets
For purposes of this policy, “theft-sensitive” are those items identified by the district as most subject to loss. A list of theft-sensitive assets will be maintained by the district. The district should establish procedures for internal controls and conduct an annual inventory of theft-sensitive assets.
The board will be provided a report identifying assets not accounted for in the annual inventory. These assets will be removed from the district property records through school board action annually.
The superintendent will develop procedures to implement this policy, including maintenance requirements and sales procedures to ensure the highest possible return.
Cross References:
Board Policy 6570 Property and Data Management
Legal References:
RCW 28A.335.090 Conveyance and acquisition of property – Management – Appraisal
34 CFR § 80.32 Uniform Administrative requirements for grants and cooperative agreements to state and local governments – Equipment
7 CFR § 3015, 3016 Agriculture
45 CFR § 92.32 Health and Human Services
Management Resources:
Policy News, June 2012 Auditor Raises Concerns Regarding Theft-Sensitive Assets
Policy News, June 2008 Capital Assets/Theft-Sensitive Assets
Policy New,s April 2006 Fixed Assets
ADOPTED: 05/25/2006
REVISED: 09/25/08; 09/27/12
Procedure No. 6801P Capital Assets/Theft-Sensitive Assets
The district’s Deputy Superintendent of Business and Operations is responsible for inventories of district property. Inventory will be conducted at least once every other fiscal year for all capital assets, except land; infrastructure; buildings; and improvements other than buildings and leasehold improvements. A theft-sensitive assets inventory will be conducted annually. The individual(s) conducting each inventory will have no direct responsibility for assets subject to the inventory count.
District assets will be marked with a unique identification number (e.g. bar code, property tag) and identified as district property. All capital assets and theft-sensitive assets will be identified and marked upon purchase or receipt.
When placing a capital asset on the inventory, the Deputy Superintendent of Business and Operations will record:- Description of the item;
- Serial number or other identification number (bar code, tag number, etc.);
- Source of the property;
- Who holds title;
- Acquisition date;
- Cost of the property;
- Percentage of federal participation in the cost of the property and the federal pro-gram charged;
- Location of the asset;
- Use and condition of the property; and
- Ultimate disposition data including the date of disposal and sale price, if applicable. Federally purchased items with a per unit fair market value over $5,000 must reimburse the federal program proportionately. Disposed items with a per unit fair market value of less than $5,000 may be retained, sold or otherwise disposed of with no further obligation to the awarding agency.
The district will maintain an inventory identifying theft-sensitive assets. This inventory will be reviewed and updated annually. When placing a theft-sensitive asset on the inventory the Deputy Superintendent of Business and Operations will record the information needed by the district. This should include, at a minimum, a description of the item and identification number, location and federal participation, if any.
At the conclusion of the physical inventory, the building principals and department administrators will be provided with a written copy of the inventory that lists all the assets that have been assigned to that site. The inventory will clearly identify all assigned items, including those that were not found, not used, or were in obviously unserviceable condition.
Principals and department administrators are required to attempt to locate items that have been listed as missing. Within 25 working days, the principals and department administrators are expected to return a copy of the inventory report to the purchasing department showing which items have been located and which are still missing.
The missing items will be consolidated on a report of potential write-offs. The Deputy Superintendent for Business and Operations will review the report and approve the total amount of assets to be written off. Only write-off items will be removed from the capital assets inventory system.
Items not being used or in an obviously unserviceable condition will be identified during the inventory and the Facilities/Maintenance Department will be contacted to pick up the items for auction or disposal.ADOPTED: 04/23/1998
REVISED: 07/18/02; 05/25/06; 09/25/08; 09/27/12 - Retains its shape and appearance with use;
6000 Policies
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FINANCIAL PLANNING AND MANAGEMENT
6000 Program Planning, Budget Preparation, Adoption and Implementation
6001 Tax Deferred Annuity/Compensation
6020 System of Funds and Accounts
6021 Interfund Loans
6022 Minimum Fund Balance
6030 Financial Reports
6040 Expenditures in Excess of Budget
6070 Employee Suggestion Program
REVENUES
6100 Revenues from Local, State and Federal Sources
6101 Federal Cash and Financial Management
6102 District Fund-Raising Activities
6106 Allowable Costs for Federal Programs
6111 Tuition
6112 Rental or Lease of District Property
6114 Gifts or Donations
6120 Investment of Funds
6121 Personal Checks - Acceptance and Processing
PURCHASING
6210 Purchasing: Authorization and Control
6212 Charge Cards
6213 Reimbursement for Travel Expenses
6215 Voucher Certification and Approval
6216 Reimbursement for Goods and Services: Warrants
6220 Bid Requirements
6225 Use of Electronic Signature
6230 Relations with Vendors
6250 Cellular Telephones
RISK MANAGEMENT
6500 Risk Management
6511 Staff Safety
6512 Infection Control Program
6513 Workplace Violence Prevention
6530 Insurance
6535 Student Insurance
6540 Staff Personal Property Protection
6570 Property and Data Management
6580 Continuity of Operations Plan
TRANSPORTATION
6600 Transportation
6605 Student Safety Walking, Biking and Riding Buses to School
6608 Video Cameras on School Buses
6610 Video surveillance
6620 Special Transportation
6625 Private Vehicle Transportation
6630 Driver Training and Responsibility
6640 School Owned Vehicles
6690 Contracting for Transportation Services
FOOD SERVICES
6700 Nutrition and Physical Fitness
SCHOOL PROPERTY
6800 Safety, Operations and Maintenance of School Property
6801 Capital Assets/Theft-Sensitive Assets
6810 Energy Management, Education and Conservation
6881 Disposal of Surplus Equipment and/or Materials
6882 Sale of Real Property
6883 Closure of Facilities
6890 State Environmental Policy Act Compliance
6895 Pesticide Notification, Posting and Record Keeping
CAPITAL PROJECTS
6900 Facilities Planning
6905 Site Acquisition
6910 Construction Financing
6920 Construction Design
6925 Architect and Engineering Services
6950 Contractor Assurances, Surety Bonds and Insurance
6955 Maintenance of Records
6959 Acceptance of Completed Project
6970 Naming of Schools/Facilities
6971 Works of Art