Policy No. 6801
Management Support

FIXED CAPITAL ASSETS/THEFT-SENSITIVE ASSETS

CAPITAL ASSETS

The district shall maintain a comprehensive capital assets record-keeping system. The goal of the capital assets program is to protect the district against losses that would significantly affect the district’s students, staff, property, budget or the ability of the district to continue to fulfill its stewardship responsibilities. 

For purpose of this policy, “capital assets” shall mean and, improvements to land, easements, building improvements, vehicles, machinery, equipment, works of art and historical treasures, infrastructure and all other tangible and intangible assets that are used in operations and that have initial useful lives extending beyond a single reporting period which:

A.    Retains its shape and appearance with use;

B.     Is nonexpendable, meaning if the item is damaged or some of its parts are lost or worn out, it may be more feasible to repair it than to replace it with an entirely new item.

C.     It does not lose its identity when incorporated into a more complex unit;

D.    Is valued no less than $2,000; and

E.     Has a life expectancy of at least one year.

Federal law requires a physical inventory of federally-funded assets at least once every two years. Reconciled inventory reports shall be provided at the request of the board. Such report shall identify lost, damaged or stolen capital assets.  Missing capital assets will be removed from district property records by a vote of the board.

No equipment shall be removed for personal or non-school use.

Theft-Sensitive Assets

For purposes of this policy, “theft-sensitive” are those items identified by the district as most subject to loss. The district should establish procedures for internal controls and conduct an annual inventory of theft-sensitive assets.

The board will be provided a report identifying assets not accounted for in the annual inventory. These assets will be removed from the district property records through school board action annually.

The Superintendent shall develop procedures to implement this policy, including maintenance requirements and sales procedures to ensure the highest possible return.  

Cross References:       
         Board Policy 6570                   Property and Data Management

Legal References:       
         RCW 28A.335.090             Conveyance and acquisition of property — Management — Appraisal
         7 CFR § 3015, 3016           Agriculture
         34 CFR § 80.32                  Uniform Administrative requirements for grants and cooperative agreements
                                                                to state and local governments – Equipment
         45 CFR § 92.32                  Health and Human Services