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 applicable.
TUSD requires that all district and federally funded items valued at $1000.00 or more with a useful life of a year or more will be physically accounted for annually. Asset Management will be responsible for the distribution of the annual inventory listings in the $1,000.00 and over schedule.
The Site or Department Administrator will use this annual inventory list to:
Asset Management recommends that sites keep copies of all transactions to assist the site in maintaining all current and future inventories.
The purpose of the Stewardship Listing is to enhance accountability to safeguard District property and to maintain a listing of specific items with a value of $200.00 to $999.99. Equipment listed in this dollar range may require maintenance or may be identified as commonly pilfered. Asset Management recommends a physical inventory of all stewardship items be conducted every three (3) years.
Asset Management will maintain Stewardship Listings for the following categories under $1,000.00 in value, but the property will remain the responsibility of the Site or Department Administrator. The Stewardship Listing will be provided to Site or Department Administrators upon request.
|Audio Visual||Furniture||Musical Instruments|
All items listed above with a useful life of a year or more with a unit value of $200.00 and above will be assigned Asset ID Numbers, tagged with the business unit and Asset ID Number by the receiving site, and placed in the Stewardship Listing for tracking and inventory listing purposes, with the exception of furniture.
Furniture with a unit value of $300.00 or more will be assigned individual Asset ID Numbers, tagged with the business unit and Asset ID Number by the receiving site, and tracked.
Furniture with a unit value of $299.99 and under will not be assigned Asset ID Numbers. The receiving site will be responsible for marking these items with a permanent marker. All equipment must be tagged as "TUSD PROPERTY."
Surplus District materials (furniture, apparatus, equipment, library books, and supplies), regardless of value, shall be offered through competitive sealed bids, public auction or trade-in except for sales or leases to the state, county, city, or tribal government agency; and, except for the donation of surplus or outdated learning materials to nonprofit community organizations when the cost of selling the materials equals, or exceeds, the estimated market value of the materials. This does not apply to District real property, real estate, land, school buildings and grounds, or school sites.
Administrators may not arbitrarily dispose of any furniture, equipment or other TUSD property. All disposals must go through the Asset Management Office. Site & Department Administrators must adhere to the following procedures:
The following guidelines must be adhered to for accepting any donated assets (e.g. land, buildings, improvements, equipment, furniture, vehicles, materials, etc.) to the District:
Additional guidelines for vehicle donations:
|Vehicle offered to Site or Department|
|Director of Transportation|
|Donor signs over title|
|Director of Risk Management|
|Chief Business Officer|
|Asset Management Office|
|Receiving Site or Department|
|Response to Donor|
Reviewed: December 14, 2004
LEGAL REF: ARS 15-342 (Powers & Duties of the Governing Board Discretionary Powers), & ACC R7-2-1131 (Materials Management Disposition)
CROSS REF.: Related to Policy & Regulation #3745 (School Marquee Signs)