Fiscal Management – Fiscal Accounting and Reporting 6641

Inventory and Appraisal of District’s Assets

The Superintendent or designee shall be responsible for maintaining the continuous and accurate inventory of fixed assets, equipment and supplies and materials owned by the District in accordance with “The Uniform System of Accounts for School Districts.”

All fixed assets, equipment, supplies and materials purchased by the District shall be checked, logged, stored and disposed of through an established procedure or regular consumption.

A recognized appraisal company will make an appraisal of the school districts fixed assets. This appraisal, updated annually, will be used to determine the minimum amount of property insurance coverage for the district’s fixed assets. Such property insurance coverage, unless directed otherwise by the Board of Education, will be based upon full replacement cost value.

Equipment Acquired Under a Federal Government Grant

The School District shall comply with the U.S. Department of Education regulations governing the use, management requirements and disposition of any and all equipment acquired through a federal grant. These federal Education Department General Administrative Regulations 9 collectively known or referred to as EDGR) comprise parts 74 through 99 of Title 34 of the Code of Federal Regulations (CFR).

34 CFR 80.32
Uniform Systems of Accounts for School Districts (Fiscal Section)

Update Presentation: 4/18/18
First Vote: 5/2/18
Second Vote: 5/16/18