NORTH SANPETE SCHOOL DISTRICT

Creating Conditions for Learning So All Students Can Succeed

NORTH SANPETE SCHOOL DISTRICT

Creating Conditions for Learning So All Students Can Succeed

Lucky Duck Recipients

VIII-19: Non-capital Assets Inventory


North Sanpete School District
Statement of ............. 

Board Policy with Guidelines

Policy Number: VIII-19
Effective Date: 12/16/1982
Revised Date: 9/20/2022


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Subject:  Non-capital Assets Inventory


BOARD POLICY


The District Administration is assigned the responsibility to oversee accurate inventory of District assets and to promote and implement adequate safeguards over assets. To accomplish this, the District will maintain a complete and accurate listing of all District assets and ensure the completion of an annual inventory.

DEFINITIONS

  1. References to “schools” indicate the school Principal or his/her designee.
  2. References to “departments” indicate the District department Supervisor or his/her designee.
  3. The Finance Department is under the direction of the Business Administrator. References to the “Finance Department” indicate the Business Administrator or their designee.
  4. References to the “Purchasing Department” indicate the Procurement Officer or their designee.
  5. Non-capital Assets are items with an initial cost greater than $500, but less than $5,000 and have a useful life greater than one year. This may include, but is not limited to: Furniture, Works of Art, Equipment, Computers, Electronic Equipment, and any other items at the request and discretion of the schools or departments.


Non-Capital Asset Acquisitions


  1. All non-capital asset acquisitions made by or on behalf of schools or departments will adhere to the following:
  2. Upon receipt of a Non-capital Asset, Schools or Departments will complete the “Equipment Tracking Form” and forward to the Finance Department within 72 hours.
  3. Assets will be tagged by the schools or departments utilizing the assets using authorized numbered tags distributed by the Finance Department.


Non-Capital Asset Transfers

Schools and departments transferring assets should adhere to the following:

  1. The “Equipment Tracking Form” must be completed and signed by the previous responsible employee and the new responsible employee. The receiving department or school is responsible to forward the form to the Finance Department.


Non-Capital Asset Disposition


Schools and departments desiring to dispose of an asset will complete the “Equipment Tracking Form” and notify the Finance Department.


If the Finance Department determines that the asset(s) will be sold, the following steps will take place:

  1. The Finance Department will advertise the sale of the asset(s) in publications or electronic forums as determined appropriate.
  2. Those involved in the sale of the asset(s) must provide the purchaser with a receipt and deliver a copy of the receipt(s) and the sale proceeds to the Finance Department.


Non-Capital Asset Inventory


The Finance Department will maintain records for non-IT related items. The IT Department will maintain records for all IT related items. The Finance and IT departments will work together to provide schools and departments a non-capital asset listing by April 15th each year. Schools and departments will physically verify the location and condition of each non-capital assets on their list. Schools and Departments sign and return their inventory listing to the Finance Department by May 15th each year with notation of any discrepancies.


OVERSIGHT AND REVIEW


District Administration will perform the following oversight and review activities:

  1. Verify compliance during periodic internal audits performed at schools for selected asset purchases made at the school level.
  2. Review the Annual Asset Reconciliation Forms and related asset inventory lists submitted by schools and departments.
  3. Generate an asset disposition report from the asset accounting system at least annually and verify compliance for selected asset disposals.
  4. Report any noncompliance issues observed to both the schools or departments and to their appropriate Director or Supervisor.



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