815 – Fixed Assets Management System

The District shall maintain a fixed assets management system in its financial reports in accordance with generally accepted accounting principles (GAAP) as required by law for reporting capitalized fixed assets owned or under the jurisdiction of the District.

A separate fixed assets listing shall be prepared for fixed assets in the governmental long-term fixed assets fund (GLTFAF) and for the fixed assets of each proprietary and fiduciary fund. Fixed assets in the GLTFAF shall include District buildings and sites, construction in progress, improvements other than buildings and sites, land, and machinery and equipment. Fixed assets in the proprietary funds shall include District buildings and sites, construction in progress, improvements other than buildings and sites, capitalized interest, infrastructure, land, and machinery and equipment. Fixed assets reported in the financial reports shall include individual fixed assets with an historical cost equal to or greater than five thousand dollars although the District shall inventory fixed assets with an historical cost equal to or greater than one hundred dollars. Fixed assets accounted for and reported in the proprietary funds shall be depreciated over the useful life of each fixed asset.

The fixed assets management system shall be updated monthly to account for the addition/acquisition, disposal, and relocation/transfers of fixed assets. It shall be the responsibility of the Director of Business Services or his/her designee to reconcile the fixed assets listing for the general fixed assets account group and for each proprietary and fiduciary fund with the fixed assets management system on June 30 each year.

Date of Revision: February 12, 2007

Legal References: 11.6, 256.9(18), 257.31(4), 279.8, Chapter 298A, Code of Iowa; 281 I.A.C. 12.3(1)

URBANDALE COMMUNITY SCHOOL DISTRICT BOARD OF DIRECTORS

 

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