FILE:  D-6.3

Cf:  H-13

INVENTORIES

FIXED ASSETS INVENTORY

In order to provide assurance that assets are safeguarded against loss from unauthorized use or disposition, the City of Baker School Board directs the Superintendent to maintain a current itemized list of all land, buildings, improvements other than buildings, equipment, and any other general fixed assets which were purchased or otherwise acquired, for which the Board is accountable.

The property control system shall include an annual inventory and evaluation of all fixed assets with a value of $5,000 or more in the district to the central office, except items purchased with 8(g) funds, valued at $250 and capital assets deemed as “attractive property” with a value of $500 or more.  Attractive property has the characteristics of small accountable property and which may be subject to conversion to personal use.  Examples include VCRs, cameras, pictures, monitors, etc.

The list shall include information as to the date of purchase, the initial cost, and the disposition, if any, and the purpose of such disposition and the recipient of the property or equipment disposed of. Where ascertaining the cost, exact selling price, or any other relevant information on property or equipment is not available, estimates may be provided.  Procedures for tagging, identifying, locating and reporting of fixed assets and maintaining the fixed assets inventory shall be supervised by the Superintendent and/or his/her designee.

CAPITALIZATION AND DEPRECIATION OF CAPITAL ASSETS

Capital assets are major items of property owned by the City of Baker School Board that include computers, computer equipment, software, and peripherals; equipment such as vehicles, machinery, copiers, and office equipment; buildings and land; and infrastructure such as roads, bridges, and rights of way.

All new and existing capital assets which meet the characteristics stated below shall be capitalized, reported, and recorded in the City of Baker School Board’s capital asset management system.

• Benefit more than a single fiscal period
   

• Are non-expendable; that is, if damaged or worn out, they can be repaired without being replaced
   

• Do not lose their identity through fabrication or incorporation into a different or more complex unit
   

• Meet the threshold value and useful life guidelines as listed below

All capitalized assets, with the exception of land and inexhaustible collections, should be depreciated using the straight-line method.  In addition, it will be assumed that the capital asset will have no salvage value.  A full year of depreciation will be taken in the year assets are placed in service or disposed of.

ANNUAL PHYSICAL INVENTORY

In order to maintain an accurate account of City of Baker School Board possessions, an annual physical inventory of all possessions shall be taken at the building level.  Principals are the designated custodians of all possessions at the school level and shall be ultimately responsible for the safeguarding and record maintenance of all possessions in their schools.  However, any employee who has physical custody of School Board assets shall be personally responsible for safeguarding the assets, i.e., each teacher shall be responsible for his/her classroom, the librarian for the assets in the library, the band director for the assets in the band department, etc.  Building level administrators shall be responsible for ensuring that annual inventories are taken and that the property control officer is notified of any changes that need to be made to their respective inventory records or reported as required.

TEXTBOOK INVENTORIES

The School Board and each school shall keep an inventory record of all textbooks on hand at the beginning of the school year, as well as records of those textbooks added, worn out, and in need of replacement.  Textbook records should be kept on file for a minimum of three (3) years.

All lost or damaged books must be paid for by the student to which the books have been assigned.  Money received by a principal for lost or damaged books must be recorded and submitted to the Central Office for deposit.

Revised:  June, 2005

Revised:  June, 2008

Approved:  September 1, 2009

Ref:    La. Rev. Stat. Ann. §§17:81, 24:515

Louisiana Accounting and Uniform Governmental Handbook, Bulletin 1929, Louisiana Department of Education

Board minutes, 5-24-05, 7-7-05, 9-1-09

City of Baker School Board