5.5 Inventory and Fixed Assets
Property
INVENTORY AND FIXED ASSETS
Board of Education Section 5
Policy 5.5
District Inventories are the responsibility of the deputy/associate superintendent.
Inventories must be maintained by all personnel of the technology center should it become necessary to file claims arising from fire, theft, or storm damage.
A separate furniture and equipment list must be used for each room of the building, listing all items of furniture and equipment that are movable or portable.
Building/site inventories are the responsibility of the campus director; classroom/ lab/office inventories are the responsibility of the instructors and respective individuals/staff. Inventory must be submitted to the superintendent on September 1 and June 1 of each school year.
Inventory
Inventory items are those with a useful life of one (1) year or more and a value above $500. These items will be recorded in the Sylogist Inventory System but will not be depreciated. The $500 threshold will not apply to the following items: CPUs, laptops, tablets and any other tools or equipment identified by the Superintendent or their designee as needing to be included as inventory items. View the Inventory Procedures.
Inventory with the useful life of one year or more and below $500 will be recorded at the campus with the exception of CPUs, laptops, tablets, etc. Each employee will keep a current list of items and submit a listing of these items to Campus Director at the end of each school year.
Fixed Assets
A fixed asset is any item purchased for use in the day-to-day operations from which an economic benefit will be derived over a period greater than one year and has a value of $5,000.00 or more. Fixed assets include items of property and equipment such as buildings, office furniture, fixtures, computers, planes, machinery, and other related technology equipment.
At the time a fixed asset is acquired, its cost is capitalized and subsequently depreciated using the straight-line method over the asset’s estimated useful life. The estimated useful life of a given asset is determined as follows:
| Fixed Asset | Estimated Years of Useful Life |
|---|---|
| Building/Improvements | 40 |
| Vehicles | 10 |
| Buses | 15 |
| Machinery | 15 |
| Equipment/Furniture | 7 |
| Technology | 5 |
Purchasing a Fixed Asset
Purchasing a fixed asset is done in the same manner as any other purchase of goods.
Adopted December 10, 2024