FILE:  DIC

Cf:  DO

 

INVENTORIES

 

 

FIXED ASSETS

 

The Washington Parish 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. 

 

For the purpose of identifying and itemizing all property and equipment, the administration shall be guided by the fol­lowing:

 

  1. Fixed Assets:

    Defined as "land, buildings, machinery, furniture and other equipment which the school board intends to hold or continue in use over a long period of time" and

 

    1. Shall have a cost of $5,000 or more, except items purchased through a grant, the cost of which shall be specified by the grant. 

    2. Shall have a useful life of more than one (1) year.

    3. Items purchased with funds identified by the state as 8(g) funds, valued at $250 or more, shall also be classified as fixed assets and included in the fixed asset records.

 

Fixed assets shall be recorded in the financial records on the basis of original cost, estimated cost or appraised value.

 

    1. Original Cost: To be used in preference where invoices and records are available to verify the cost.

    2. Estimated Cost:  To be used when records are not available to verify the original cost.

    3. Appraised Value: To be used when fixed assets are acquired by gift or donation.  Appraised value will be based on the date received (not current appraised value).

 

            It shall be the responsibility of the business office to/ properly establish and maintain an accounting system for "Fixed Assets" in accordance with accepted accounting principles.

 

  1. Custody:

    The principal of each school shall be the custodian of all fixed assets located in his/her school and shall be responsible for:

 

    1. Inventory of all fixed assets.

    2. Care and upkeep.

    3. Location and identification.

 

Supervisors of ESEA Title I, Vocational Education, and Special Education shall be responsible as custodian for all fixed assets related to their program.

 

The school lunch supervisor shall be responsible with the principals as custodians of all school lunch fixed assets including the inventory identification and location thereof.

 

All furniture and equipment shall be physically inventoried at the end of each school year and a list of the inventory shall be filed in the school office and the School Board central office.  During the school year, the transferring of fixed assets shall be recorded on these lists.

 

Movable fixed assets shall be marked so as to permit positive identification. Any missing items shall be listed and the inventory list adjusted accordingly.

 

For accountability and internal control purposes, an inventory of equipment and other items costing less than $5,000 may also be inventoried, tagged, and tracked by the School Board.

 

TEXTBOOK INVENTORIES

 

The School Board and each school shall keep an inventory record of all textbooks on hand at the beginning of the session, 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 deposited into the school account.

 

Revised:  June, 2002                       

Revised:  June, 2008

Approved:  February 12, 2009

 

 

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

Louisiana Accounting and Uniform Governmental Handbook, Bulletin 1929

Board minutes, 9-10-81, 6-13-02, 2-12-09

 

Washington Parish School Board