6801 Procedure – Capital Assets/Theft-Sensitive Assets

The district’s Director of Business Services is responsible for inventories of district property. Inventory will be conducted periodically for all capital assets, except land; infrastructure; buildings; and improvements other than buildings and leasehold improvements. A theft-sensitive assets inventory will be conducted periodically.  The frequency and schedule of inventories will be determined by the Director of Business Services. The individual(s) conducting each inventory will have no direct responsibility for assets subject to the inventory count.

District assets will be marked with a unique identification number (e.g. bar code, property tag) and identified as district property. All capital assets and theft-sensitive assets will be identified and marked upon purchase or receipt.

When placing a capital asset on the inventory, the following will be recorded:

A. Description of the item;

B. Serial number or other identification number (bar code, tag number, etc.);

C. Source of the asset;

D. Acquisition date;

E. Cost of the asset;

F. Location of the asset; and

G. Ultimate disposition data including the date of disposal and sale price, if applicable. Federally purchased items with a per unit fair market value over $5,000 must reimburse the federal program proportionately. Disposed items with a per unit fair market value of less than $5,000 may be retained, sold or otherwise disposed of with no further obligation to the awarding agency.

The district will maintain an inventory identifying theft-sensitive assets. Theft-sensitive assets are defined as easily moveable, concealable, portable, or desirable items with a unit cost of $300 to $4,999. This inventory will be reviewed and updated periodically as the schedule is determined. When placing a theft-sensitive asset on the inventory the following information should be recorded at a minimum: a description of the item and identification number, location and federal participation, if any. Inventory of theft sensitive assets, purchased five years ago or earlier, will be reviewed annually and removed from inventory if they no longer meet the criteria for “theft-sensitive” assets.

At the conclusion of the physical inventory, the building principals and department administrators will be provided with a copy of the inventory that lists the assets that have been assigned to that site. The inventory will clearly identify the assigned items, including those that were not found, not used, or were in an obviously unserviceable condition.

The physical inventory will be compared to the equipment inventory records and discrepancies will be investigated. Principals and department administrators are required to attempt to locate items that have been listed as missing. The principals and department administrators are expected to return a copy of the inventory report to the purchasing department showing which items have been located and which are still missing. The missing items will be consolidated on a report of potential write-offs. The Director of Business Services will review the report and approve the total amount of assets to be written off. Only write-off items will be removed from the capital assets inventory system.

Items not being used or in an obviously unserviceable condition will be identified during inventory and the accounting department will be contacted to pick up the item(s) for auction or disposal.

Adopted/Previous Revisions: 03/17/98; 06/26/08; 12/11/08
Updated: 04/20/17