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Fixed Assets

 

 

What Is A Fixed Asset?

Fixed Assets are defined as all real or personal, stand-alone property with a useful life of greater than one year and an acquisition value that meets the minimum threshold limits adopted by the Board (see table below.) Technology is an exception to this rule: all workstations, desktops, laptops, tablets, etc., should be recorded as a fixed asset. Additionally, any theft sensitive items that may be identified by the Superintendent/designee should be recorded as a fixed asset.  All fixed assets are tracked through the inventory procedure from the date of purchase to the date of disposal, and are governed by audit requirements associated with control, accounting and disposal.

 

Minimum threshold limits adopted by the Board are:

Land $0
Land Improvements $20,000
Buildings $20,000
Portable Buildings $20,000
Building Improvements $20,000
Computers and Laptops $0
School Buses $5,000
Other Vehicles $5,000
Rolling Stock $5,000
Food Service Equipment $5,000
Furniture and Fixtures $5,000
Audio-Visual Equipment $5,000
Other General Equipment $5,000
Musical Instruments $5,000
Software $5,000

 

 

When and Why Did This Policy Go Into Effect?

The Kentucky Department of Education requested that all school districts in Kentucky begin tracking their fixed asset inventory through the MUNIS financial program by June 30, 2004. The Warren County Public School System volunteered to be the pilot district for the state, and so began initiating the procedures in June 2000. Many hours were spent brainstorming to assist the state in constructing the guidelines, which have been critiqued and are now mandated for all 120 counties in the state.

 

Who Is Responsible For Tracking Fixed Assets?

Each employee in the WCPS district has a responsibility to adhere to the policies and procedures set forth regarding procurement, movement and disposition of all district equipment.

 

Who Do I Contact With Questions About Fixed Assets?

Kim Lawrence, Fixed Asset Auditor
Warren County Public Schools
Email: kim.lawrence@warren.kyschools.us
Phone: 270-781-5150