FILE: DIC
Cf: ECA
INVENTORIES
FIXED ASSET INVENTORY
The St. Martin Parish School Board directs the Superintendent to maintain a current itemized list of all land, buildings, improvements other than buildings, equipments, and other general fixed assets which were purchased or otherwise acquired, for which the Board is accountable. The inventory control system shall include an annual inventory and evaluation of all fixed assets with a value of $5,000 or greater, and all moveable assets with a purchase price of $5,000 or more. The list shall include information as to the date of acquisition, the initial cost, the physical location of the fixed asset, the disposition, if any, the reason for disposition, and the recipient of the property or equipment disposed of, if applicable.
Fixed Asset capitalization policy for financial reporting and depreciation purposes, in compliance with GASB 34, shall be fixed at acquisition cost of $5,000 or greater.
ANNUAL PHYSICAL INVENTORY
In order to maintain an accurate account of St. Martin Parish School Board possessions, an annual physical inventory is to be taken at the building level. Principals are designated custodians of all possessions at the school level and shall be ultimately responsible for safeguarding and record maintenance of all possessions in their schools. The principal may designate a Fixed Asset Coordinator at the school. However, any employee shall be personally responsible for safeguarding the assets, (i.e. each teacher shall be responsible for his/her classroom, the librarian for the assets of the library, the band director for the assets in the band department, etc.). Items checked-out by an employee should be logged by the principal, the building level administrator or their designees. All items checked out should be back on site or available for business use on the next working day. Building level administrators shall be responsible for ensuring that annual inventories are taken and that the Accountant responsible for fixed asset reporting is notified of any changes that need to be made to their respective inventory records via a properly completed Inventory Control Form.
Revised: August 6, 2008
Revised: August 5, 2009
Ref: La. Rev. Stat. Ann. ยงยง17:81, 24:515
Louisiana Accounting and Uniform Governmental Handbook, Bulletin 1929, Louisiana Department of Education
St. Martin Parish School Board