Finance FAQ

In general, an item is considered a Fixed Asset if it meets BOTH of the following criteria.

    1. The cost of an item is $300.00 or more

    2. The item has a useful life of more than one (1) year

 

EXCEPTIONS TO THE $300.00 RULE:

    1. ALL computer workstations are Fixed Assets. 

        (A computer workstation consists of a   CPU, Monitor,

           and Keyboard.)

 

    2. Individual Furniture items that cost $1000.00 or more

         are Fixed Assets.

 

    3. Maintenance Repairs that cost $10,000.00 or more are

        Fixed Assets.

 

    4. Software that cost $1000.00 or more and IS NOT

        annually renewed is a Fixed Asset.

        If the Software must be re-purchased, updated or renewal fee paid each year

         it is NOT  considered a Fixed Asset.

 

 

Fixed Assets must be Barcode tagged and recorded in the District Fixed Asset Inventory system as well as the School / Worksite Inventory system.

Fixed Asset items are more strictly monitored than other purchases due to their higher value. The school board requires an annual scanned inventory to be conducted at each school / worksite where Fixed Assets are used or stored. We also conduct a Beginning of Year Inventory to monitor movement of assets during the summer break and an End of Year Inventory to discover any movement that has not been reported.

In additon to tracking the location of all Fixed Assets we assess the purchase value, current value and depreciation values, quarterly, to determine when an asset can be replaced or retired. 

 

 

 

The Administrator at each worksite/school is responsible for the care and monitoring of the Fixed Assets assigned to their particular area of responsibility. The Administrator assigns Fixed Assets to the employees under his/her authority. Those employees are then responsible for the Fixed Assets assigned to them. 

In most cases, the Fixed Assets assigned to a room are the responsibility of the teacher assigned to that room. Some assets, such as, laptops, digital cameras, etc., are specifically assigned to a certain employee. In either case, it is the district employees responsibility to take care of items placed in their care.

 

 

No matter how hard we try accidents happen. This is especially true when dealing with a classroom full of children. If a Fixed Asset in your room is damaged report it to your Principal or Administrator as soon as possible. The Administrator will contact the appropriate personnel to see if the item can be repaired or must be scrapped. Take every precaution to keep students away from a damaged item that could cause harm to one of them. 

DO NOT TRASH A FIXED ASSET ON YOUR OWN. There are certain procedures to follow to make sure it is taken off of your room inventory and no longer your responsibility.

 

If you discover a Fixed Asset has been stolen report it to your Principal or Administrator as soon as possible. The Administrator should initiate a thorough search for the missing item(s) to insure the item has not been moved or borrowed by another employee. If the item(s) cannot be found after conducting a search the Administrator should contact the SRO assigned to their site and file a police report for the stolen item(s).

A copy of the Police Report is to be sent to the Fixed Assets Manager in order to remove the item(s) from the school inventory and the responsibility of the employee the item(s) was assigned to.

 

 

The FA 1 Fixed Asset Tracking form is a multi-purpose form that is used for most Fixed Asset moves within the district.

An item that is moved from your room to another room, at the same location, is an "On Site Transfer".

To ensure that an item is properly transferred from your room inventory (and responsibility) you should complete a FA 1 Tracking form. Turn the completed form in to your Fixed Asset Building Representative. The Building Rep will review the form for accuracy and forward it to the District Fixed Asset Manager who will update the information in the District Inventory files.

Instructions for completing the form are listed to the right of the FA 1 Tracking form on the Documents Upload page.

It is recommended that you keep a copy, with the person's signature that received the item and your Building Rep's signature, showing the Transfer form was filed and the date the item is no longer your responsibility.  

 

 

The FA 1 Fixed Asset Tracking form is a multi-purpose form that is used for most Fixed Asset moves within the district.

An item that is moved from your room to a different school / worksite is an "Off Site Transfer".

To ensure that an item is properly transferred from your room inventory (and responsibility) you should complete a FA 1 Tracking form. Turn the completed form in to your Fixed Asset Building Representative. The Building Rep will review the form for accuracy and forward it to the District Fixed Asset Manager who will update the information in the District Inventory files.

Instructions for completing the form are listed to the right of the FA 1 Tracking form on the Documents Upload page.

It is recommended that you keep a copy, with the person's signature that received the item and your Building Rep's signature, showing the Transfer form was filed and the date the item is no longer your responsibility.  

 

 

The FA 1 Fixed Asset Tracking form is a multi-purpose form that is used for most Fixed Asset moves within the district.

When items are moved from the original  school / worksite to a different school / worksite, it is an "Off Site Transfer".

BEFORE MOVING ITEMS FROM THE ORIGINAL WORKSITE TO THE NEW WORKSITE verify with the former Administrator that it is okay to transfer the items. Some items are specific to the location they are assigned and should not be moved.

To ensure that items are properly released from your previous school / worksite assignment and received by your new school / workiste assignment you should complete a FA 1 Tracking form. The former Administrator and Fixed Asset Building Rep should sign the form and keep a copy to update their records. Turn the completed form in to your new Fixed Asset Building Representative. The Building Rep will review the form for accuracy and forward it to the District Fixed Asset Manager who will update the information in the District Inventory files.

Instructions for completing the form are listed to the right of the FA 1 Tracking form on the Documents Upload page.

It is recommended that you keep a copy, with your former Administrator's and Building Rep's signatures, showing the Transfer form was filed and the date the items were released from your previous school / worksite assignment.  

 

 

The FA 5 Disposal form is a specialty form to use when a Fixed Asset item should be Retired, Scrapped or Sent to Surplus. This form may also be used for NON-Fixed Assets that need to be Retired, Scrapped or Sent to Surplus.

To ensure that an item that should be disposed of is deleted from you room inventory (and resposibility) you should complete a FA 5 Disposal form and turn it in to your Fixed Asset Building Representative. The Building Rep will then review the form for accuracy and forward it to the District Fixed Asset Manager who will update the information in the District Inventory files. 

DO NOT LIST FIXED ASSETS WITH NON-FIXED ASSETS.

DO NOT LIST DIFFERENT TYPES OF DISPOSAL REQUESTS ON THE SAME FORM (EX. Keep items to be scrapped separate from items to be sold, etc.) 

Instructions for completing the form are listed to the right of the FA 5 Disposal form on the Documents Upload page.

There are four (4) catagories on the FA 5 Disposal form in which to designate the status of the items listed on the form.

1. SURPLUS

An item should ONLY be listed as SURPLUS if it is a working item and can be reassigned to another school / worksite. Items designated as surplus no longer belong to the original school / worksite. These items become property of the District and can be reassigned to whomever, at whatever location that may be able to use the item.

2. PARTS MISSING

An item listed as PARTS MISSING may be repaired and reassigned, parted out to keep other items working OR sold at an advertised school public auction or to a state approved vendor, as determined by the local board of education.

3. EXCESS

An item listed as EXCESS is a working item that is old, out-dated and can not be used anywhere in the District. These items will be  sold at an advertised school public auction or to a state approved vendor, as determined by the local board of education.

4. SCRAP

An item listed as SCRAP is non-working, broken or dangerous. These items will be thrown away or disposed of in a manner the complies with applicable State and Federal laws.

If an item does not fit into one of the catagories listed then choose OTHER and explain on the back of the form or on a separate sheet that is attached to the FA 5 Disposal form.

 

 

 

The FA 8 Off-Site Tracking form is a specialty form to track a Fixed Asset item that can or will be taken off site to use. These are usually items such as, but not limited to, laptops, cameras, projectors, etc. 

 

To ensure an item that is used off campus is properly tracked and accounted for you should complete a FA 8 Off-Site Tracking  form and turn it in to your Fixed Asset Building Representative. The Building Rep will then review the form for accuracy and forward it to the District Fixed Asset Manager who will file the form for future reference.

Instructions for completing the form are listed to the right of the FA 8 Off-Site Tracking form on the Documents Upload page.

Any Fixed Asset item that is taken away from the assigned school / worksite must have a FA 8 Off-Site Tracking form completed for the item. This includes items used by Administrators, Teachers, Teacher Aides, Other District Personnel, Parents or Students. There is a specific off-use policy explained on the form.

The FA 8 Off-Site Tracking form releases the teacher from the responsibility of taking care of items assigned to them that need to be used by others. The item will still be assigned to the room but the responsibility shifts to the person using the item. If a teacher releases a Fixed Asset item assigned to them, to another teacher, district employee, parent or student and DOES NOT get the FA 8  Off-Site Tracking form completed and signed by the person using the item (or the parent / guardian of a student using an item), the item will still be the responsibility of the teacher it was originally assigned to.

 

 

The FA 22 Signature Autorization form is a multi-purpose form for assigning, modifying or changing the Fixed Asset Building Representative(s) at your school / worksite.

THIS FORM IS FOR THE BUILDING ADMINISTRATOR'S USE ONLY!!!

This form is to be completed EACH School Year by the Administrator at each School / Worksite. The Adminstrator should choose a person that can be available to assist the Fixed Assets Manager with the annual SCAN Inventory cycle, process Fixed Asset paperwork at their location and assist the Administrator in maintaining the Fixed Assets assigned to the Administrator's area of responsibility. The Administrator may choose a PRIMARY Building Rep, and up to two Assistant Building Reps if they feel it is necessary.

Instructions for completing the form are listed to the right of the FA 22 Signature Authorization form on the Documents Upload page.

The FA 22 form permits the Administrator to assign FULL or PARTIAL rights to the selected Fixed Asset Building    Rep(s) ONLY in signing FIXED ASSET PAPERWORK.

 

 

The proper procedure should be followed when purchasing Fixed Assets in order to receive the items you request in a timely and efficient manner.

1. SELECT THE ITEM. 

Use a vendor from the school approved vendor list if at all    possible. If the vendor is not on the school vendor list make sure the proper paperwork is submitted along with the Purchase Requisition to justify using the vendor you have chosen.

2. COMPLETE THE REQUISITION FORM.

No order will be processed without a completed Purchase Requisition. Each section of the Requisition should be completed with as much information as possible. Each Requisition MUST have the correct ORG Code and OBJECT Code for the purchase.  The PROJECT  Code and Commodity Code MUST be included if required. Authorized signatures MUST be on the Requisition - NO STAMPED SIGNATURES ACCEPTED!

    FAILURE TO INCLUDE THE PURCHASE CODES WILL CAUSE THE

    REQUISITION TO BE RETURNED!

3. SEND THE REQUISITION TO THE CORRECT DEPARTMENT.

    Technology orders are to be sent to the Technology Department . ALL other Fixed Asset orders are to be sent to the Fixed Assets Department unless other arrangements have been made.

4. Purchase Order Created.

The Fixed Assets Manager or the Technology Coordinator will generate a Purchase Order (PO) for the item(s) being ordered. At this time the funds will be encumbered for the item(s) to be ordered.

5. Order is Placed.

The completed Fixed Asset Purchase Order will be sent to the person placing the order. The vendor can now be contacted and the order placed. (Technology orders will be placed from the Technology Department.)

 

 

 

Please adhere to the following procedure for quick and accurate processing of invoices received for Fixed Asset purchases.

1.Item Delivery.

Fixed Asset purchases should be delivered to the Central Office Warehouse. The Fixed Asset Manager should be notified as soon as possible if an item cannot be delivered to the CO Warehouse or is picked up by an employee and taken to the worksite. ALL items should be inspected for damage, correct number delivered and verification that correct item has been received.

2. Tagging and Recording of Order.

The Fixed Asset Manager will attach a McCreary County School District Barcode Tag to each Fixed Asset item ordered and record the Fixed Asset information into the District Inventory.

3. Invoice Received.

A copy of the PO is to be attached to the Invoice, the Invoice is to be signed by the person who placed the order (verifying that the order has been received and is ready to be paid) and is to be sent to the CO Finance Dept. - Accounts Payable to be processed for payment. Invoices should be checked for accuracy. Verify the complete order has been received BEFORE sending Invoice for payment.