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HCPSS / POLICIES

Policy 4040 Implementation Procedures - Fixed Assets

Policy Document

Implementation Procedures

I. Acquisitions

  1. The Accounting Office, using the Fixed Asset Management System, will account for and record all new fixed assets.

  2. The Accounting Office will assign a fixed asset number to all fixed assets. Numbers will also be assigned to land, buildings, and improvements other than buildings.

  3. The Accounting Office will enter the following information for each addition into the Fixed Asset Management System:

    1. The year of acquisition

    2. The cost of the acquisition

    3. The assigned fixed asset tag number

    4. A description of the item including make, model, and serial number if applicable

    5. Location.

II. Transfers

  1. The principal/account manager/designee of each school or location is responsible for the physical accounting and reporting of the transfer of all fixed assets to/from another location.

  2. Each time a fixed asset is transferred from one location to another, the following information will be reported on FIN-Form 240, Fixed Asset Transfer or Disposal Form:

    1. The item’s fixed asset number

    2. A description of the item, including make, model, and serial number.

  3. A copy of FIN-Form 240 Fixed Asset Transfer or Disposal Form will be sent to the Accounting Office.

  4. The Accounting Office will record the appropriate information in the Fixed Asset Management System.

III. Disposals

  1. The principal/account manager/designee of each school or location is responsible for the physical accounting and recording of the disposal of all fixed assets.

  2. The principal/account manager/designee of each school or location will provide to the Accounting Office the following information for each disposal of a fixed asset from the Fixed Asset Management System on FIN-Form 240, Fixed Asset Transfer or Disposal Form:

    1. The item’s assigned fixed asset number

    2. A description of the item, including make, model, and serial number

    3. Location.

  3. The Accounting Office will calculate the appropriate depreciation for the item and record the information in the Fixed Asset Management System.

IV. Reporting

  1. At least annually the Accounting Office will coordinate a review of all the HCPSS fixed assets.

  2. At least once every three years, the Accounting Office will coordinate a physical inventory of all HCPSS fixed assets.

  3. Information on the fixed assets of the school system will be incorporated into the annual audited financial statements and the Comprehensive Annual Financial Report provided to the Superintendent and the Board.

V. History

ADOPTED: November 26, 2002

MODIFIED: October 2, 2018

REVISED: May 12, 2011

EFFECTIVE: October 2, 2018

Policy History Key

  • Adopted-Original date the Board took action to approve a policy
  • Reviewed-The date the status of a policy was assessed by the Superintendent’s Standing Policy Group
  • Modified-The date the Board took action to alter a policy that based on the recommendation of the Superintendent/designee did not require a comprehensive examination
  • Revised-The date the Board took action on a that policy based on the recommendation of the Superintendent/designee needed a comprehensive examination
  • Effective-The date a policy is implemented throughout the HCPSS, typically July 1 following Board action.