Basehor-Linwood School District

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D - Fiscal Management » Fixed Assets Accounting (DIA)

Fixed Assets Accounting (DIA)

The board of education will follow statutory provisions for all accounting and fiscal procedures. Accounting control over fixed assets will be governed by guidelines published by the Municipal Accounting Section of the Division of Accounts and Reports of the Kansas Department of Administration and the rules and regulations of the board of education.

Approved: NOVEMBER 18, 1996

DIA-R

A general fixed asset is defined as an item consisting of land, buildings, and equipment having a useful life greater than one year for which the capitalized value must be $200.00 or greater. Equipment may be accounted for either by individual units or group items.

The superintendent shall be responsible for (1) identifying all general fixed assets, determining their capitalized value; (2) assigning the responsibility for their custody for inventory purposes; (3) formulating record forms and inventory schedules; and (4) avoiding duplication and inefficient use of fixed assets.

General fixed assets are not to be depreciated. All equipment items shall be stamped or decaled with an individual serial number, unless they are classed as group equipment, such as folding chairs.

Fixed assets must be capitalized in one of the following ways: (1) historical cost, (2) estimated historical cost, or (3) market value at date of receipt of gifts. The record may also include insurance values, replacement values and/or market value at time of inventory to avoid duplicating records.

The board retains the responsibility to authorize the procurement and disposition of general fixed assets. This includes specific authorization of purchase orders procuring general fixed assets; authorizing sale, trade-in or scrapping; or excusing inventory shortages.

Approved: NOVEMBER 18, 199