As required by the Office of the State Comptroller, Division of School Governance and Accountability, a set of accounts shall be maintained to record the historical values of all fixed assets of the School District, defined as $1,000 or more individually.
A written procedure detailing the manner in which asset acquisitions are to be made and recorded shall be established by the school business official.
Physical inventories of fixed assets shall be taken every 5 years and matched with perpetual inventory records kept at the Central Office.
Note: Prior policy, Fixed Asset Accounting, 3440
Policy Adopted: November 12, 1973
Amended: January 25, 1999
Amended: November 19, 2012
Amended: August 18, 2016