6801 Policy – Capital Assets/Theft-Sensitive Assets

The district will maintain a comprehensive capital assets record-keeping system. The goal of the capital assets program is to protect the district against losses that would significantly affect the district’s students, staff, property, budget or the ability of the district to continue to fulfill its stewardship responsibilities.

Capital Assets

For purpose of this policy, “capital assets” will mean land, improvements to land, easements, building improvements, vehicles, machinery, equipment, infrastructure and all other tangible and intangible assets that are used in operations and that have initial useful lives extending beyond a single reporting period which:

A. Retains its shape and appearance with use;
B. Is nonexpendable, meaning if the item is damaged or some of its parts are lost or worn out, it may be more feasible to repair it than to replace it with an entirely new item;
C. It does not lose its identity when incorporated into a more complex unit;
D. Is valued no less than $5,000 unless a lesser amount is set by the district; and
E. Has a life expectancy of at least one year.

No equipment will be removed for personal or non-school use.

Theft-Sensitive Assets
For purposes of this policy, “theft-sensitive” assets are those items identified by the district as most subject to loss. “Theft-sensitive” assets are defined as easily moveable, concealable, portable, or desirable items with a unit cost of $300-$4,999. A list of theft-sensitive assets shall be maintained by the district. The district should establish procedures for internal controls and conduct periodic inventory of theft-sensitive assets.

Federal law requires a physical inventory of federally-funded assets at least once every two years. Reconciled inventory reports will identify lost, damaged or stolen capital assets.  Missing capital assets or theft-sensitive assets will be removed from district property records.
The superintendent will develop procedures to implement this policy, including maintenance requirements and sales procedures to ensure the highest possible return.

Approved By: Greg Baker
Adopted/Previous Revisions: 09/12/96; 06/26/08
Updated: 04/20/17
Superintendent or Board Approved: Superintendent Approved
Legal References: Content

RCW 28A.335.090 Conveyance and acquisition of property — Management — Appraisal
7 CFR 3015, 3016 Agriculture
34 CFR 80.32 Uniform Administrative requirements for grants and cooperative agreements to state and local governments – Equipment
45 CFR 92.32 Health and Human Services
2 CFR 200 Uniform Administrative requirements, Cost Principles, and Audit requirements

Management Resources: Content

2012 – June Issue
Policy News, June 2008, Capital Assets/Theft-Sensitive Assets
Policy News, April 2006, Fixed Assets