FIXED ASSET ACQUISITION, TRANSFER, AND DISPOSAL

FIXED ASSET ACQUISITION, TRANSFER, AND DISPOSAL

ag7455Adopted June 1, 2009

7455 - FIXED ASSET ACQUISITION, TRANSFER, AND DISPOSAL

(Machinery and equipment is an apparatus, tool, or a conglomeration of pieces to form a tool. Machinery and equipment are not of an expendable nature so as to be consumed. They do not lose their identity through fabrication or incorporation into different or more complex units or substances. They will stand alone and not become a part of a basic structure or building, and may be moved between and among buildings to meet the needs of the School Corporation).

Acquisition

A purchase order shall be completed and submitted to the Director of Business for approval. If the purchase order is approved, a copy of the approved purchase order will be returned to the originating principal/supervisor.

If certified, the initial information from the purchase order will be entered into the accounting system as a pending item. The business office shall send the transmittal form to the principal/supervisor.

When the asset is received, the transmittal form shall be returned to the originator. Information from the form shall be used to complete the fixed asset pending file and the asset will be recorded in the system.

Transfer and/or Disposal

  1. Periodically the School Corporation will auction off surplus assets.

    Assets approved for auction shall be transferred to the designated storage area prior to sale. An approved copy of the request for disposal is to be sent to the Director of Business. (This procedure has been established to facilitate the auction process by accumulating all assets for sale in one (1) place and to enhance internal control by segregating duties.)

    The requested disposal list shall then be approved by Board prior to sale.

    When an auction has taken place, the Director of Facilities shall prepare a list of assets sold and the amount of money received for each. Transportation related auctions shall be accounted for by the Director of Transportation.

  2. As needed, but not less than annually, the Director of Business shall review asset acquisitions and dispositions for the purpose of updating insurance coverage. Insurance coverage for new vehicles shall be updated before the vehicle is used.

  3. Any evidence of lost, stolen, or damaged assets shall be immediately reported to the Insurance Manager.

  4. Surplus items that have little or no value that will cost more to auction than the item's value shall be disposed of.