BOARD POLICY  8510

 

Inventories

 

                The District shall maintain a fixed asset accounting system which shall maintain sufficient information to permit the following:

 

1.        the preparation of year-end financial statements in accordance with generally accepted

accounting principles;

 

2.        adequate insurance coverage; and

 

3.        control and accountability.

 

The Superintendent, or his designee, shall be responsible for the development and

maintenance of the system and shall develop procedures to insure compliance.  To insure control over entity property, an individual in each building and/or department shall be assigned fixed asset responsibilities.

 

                Fixed assets are defined as those tangible assets with a useful life in excess of one (1) year and an initial cost equal to or exceeding $300.  The Superintendent or his designees may identify “controlled” assets that, although they do not meet all fixed asset criteria, are to be recorded on the fixed asset system to maintain control.

 

                The purchase, transfer, and/or disposal of fixed assets shall be initiated by the designees and shall require the prior written approval of the Superintendent.  Any asset to be disposed of by sale, at the Superintendent’s discretion, may be sold at auction.

 

Consumable

 

1.        The District shall have a Consumable Inventory which shall maintain sufficient information

to permit the following:

 

A.      The preparation of year-end financial statements in accordance with generally accepted

accounting principles.

 

B.       Adequate insurance coverage.

 

C.   Control and accountability.