fixed assets kathy hanlon rogers public schools. goals include all the parties, auditors,...

Fixed Assets

Kathy Hanlon

Rogers Public Schools

Goals

• Include all the parties, auditors, librarians, M & O, Principals

• Accountability Vs Practicality

• Define responsibilities (Whose job is this anyway?)

• No audit findings

Accountability Vs Practicality

• What did we need to keep track of?• What was the best way to do it?• What were we really willing to do and what could

we get others to buy into?

Whose Job Is It?

• Someone has got to take charge.– This is probably you. (Sorry)

• Someone has got to be responsible – Dump it on the Principals

The Policy

• Keep it simple !!! • Ours

– The Board of Education requires that all fixed assets of the school distirct be inventoried and a perpetual inventory record maintained. An inventory audit shall be made annually and shall be as comprehensive as deemed necessary to assure that all fixed assets are properly accounted. The district shall have a physical inventory of all fixed asset equipment annually.

The Guidelines

• Definition of A Fixed Asset

• Process for Recording New Fixed Assets

• Physical Inventory

• Keeping the System Up To Date

Fixed Asset for Inventory Purposes

• A fixed asset is an item that costs over $1000.

Definition Continued

• A fixed asset equipment item is any instrument, machine, apparatus, or set of articles which meets all of the following:

It retains its original shape, appearance and/or character with use.

Identity

• It does not lose its identity through fabrication or incorporation into a different or more complex unit or substance. ( For example it is not a bus transmission, computer memory chip, or software.)

It is unexpendable:

• That is, if the item is damaged or some of its parts are lost or worn out, it is more feasible to repair the item then replace it with an entirely new unit, most of the time.

It Lasts

• Under normal conditions of use, including reasonable care and maintenance, it can be expected to serve its principal purpose for more than one year.

Adding New Assets

• Use the 673XX accounts for assets exclusively

• It is easier if you use the purchasing module

• Details Count!– How will it get recorded?– Who puts on the sticker?– Who gives what information to whom?

Inventory

• How often?

• Whose job?

• Manually – The worksheet

• Scanning

• Who fixes Boo Boo’s?

• Set up Tables– Category – Locations– Activity– Department– Funding Source – User Defined Tables

Pentamation

Categories

• Audio/Visual• Athletics• Band• Building• Food Service• Health• Media• Misc...

• Maintenance• Office• Science• Technology• Title I• Transportation• Vehicles• Vocational

Locations

• We use our same location tables. (LEA #’s)

Activity Table

• We didn’t use one.

• Let us know what you come up with.

Department

• We use this for room numbers.

Funding Source Tables

• Use your same source of funds you usually do.– Title I = 6501– Operating = 2000

User Defined Tables

• Let your imagination go wild!!– We don’t have any, why not share great ideas

with the FMS list.

Audit Considerations

• Additions (67300)

• Deletions– A separate location code

Purchasing Interface

• It’s magic! – All 67300’s purchased and paid for wait

in a file

• It’s flawed!– Multiple items must be received

– Soon to be fixed

The Reports

• Very different from the other Modules– You can:

• Sort

• Sequence

• Title the Report

Ok, How Do We Take Inventory Now?

• Use a physical inventory worksheet.• Use the Swiss Cheese Method!• Print it the way you need It

– By Building– By Source– By Department– By Category

• Scan it!

Keeping it Up to Date

• Give each Principal/Supervisor a Condensed Listing of Fixed Assets for their area of responsibility.

• Have them write changes or deletions on it and notify the person who updates the computer.– We use e-mail.

Annual or Perpetual

• Annual– Beginning or end of the school year.– I like both, but the principals may revolt.

• Perpetual– A location or two a month.

Questions?

Good Luck!

• Resources– The handouts– The manuals– The FMS list– Other Districts (Fort Smith)– e-mail me at khanlon@admin.nwsc.k12.ar.us