REGULATION TITLE: Asset Management
CODE: DID - R
LEAD DEPARTMENTS: Facilities & Finance
The following procedures will be utilized to implement the Board Policy for Asset Management:
Land purchased by the District will be placed on the fixed asset inventory list at the purchase price, or at appraised or fair market value for donated property. Land received in a trade will be valued at the basis of the District’s land traded plus any additional monies paid. The Governing Board must approve all acquisitions and disposals of land.
Buildings acquired or constructed at, or over the $5,000 capitalization limits will be placed in the fixed asset database at actual cost, or at appraised or fair market value for donated property.
Land and building improvements or renovations at or over the $5,000 capitalization limits that extend utility or useful life or increase the value of the property will be placed on the fixed asset inventory list at actual cost. Donated improvements will follow the established guidelines for site-based facility improvements. In addition, the receiving site will submit a completed Equipment Donation form.
Receiving and Tagging Capital Assets
A purchase order for taggable, capital equipment will have a note to sites upon receipt to send all partial copies or completed original purchase order to the Asset Management Office. The receiving site must send the signed Purchase Order Receiver including bill of lading, packing slip, invoices, partial reports and warranty documents to the Asset Management Office upon receipt of capital equipment.
The Asset Management Office will input receiving of the equipment into the Asset Management database to create an Asset ID Number and forward partial receiver copies or the completed receiving original copy of the purchase order to Accounts Payable (Finance/Student Finance). The Asset Management Office will send the Asset ID Number to the receiving site via e-mail or hard copy, and add the new equipment to the site inventory listing.
The receiving site is responsible for tagging the equipment with the appropriate business unit and Asset ID Tag Number as provided by the Asset Management Office. The receiving site will confirm, by signature, that the equipment has been tagged and also provide Asset Management with the corresponding project code and serial numbers when
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