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704.06 Inventory

704.06            

INVENTORY

An annual inventory of all furniture and other equipment shall be maintained under the supervision of the superintendent of schools or designee.  Items of equipment that are not consumable shall be included in the annual inventory.   A physical inventory compared to accounting records of purchases and disposals will be the method in which we do our inventory.

Equipment will include all identified items that:  have a historical cost of $250 or more; lasts more than one year; will be repaired rather than replaced; and the cost of tracking the item is a small percentage of the item’s cost.

The threshold to determine if an item is a capital asset will be $2,500.  Capital assets include land, buildings, land improvements, building improvements, vehicles, technology equipment, other equipment and furniture and construction in progress.  If the item is a capital asset, we will use the following accounting procedures:

  1. For all capital assets, the method of depreciation will be straight line; one-half year in year of acquisition and one-half year in year of disposal.  Land and construction in progress will not be depreciated.
  2. The useful life of the asset will vary depending on the asset, but we will use federal/state recommendations
  3. The salvage value of the assets being depreciated will be $0
  4. We will dispose of the assets according to Iowa Code
  5. A determination of functionality will be determined for each asset in order to allocate depreciation
  6. If an asset was purchased with federal money, the federal requirement will be adhered to, if different from our procedures

Approved:          4/9/90              Reviewed:          03/18/13           Revised:      2/10/03__

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