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E10 - Fixed Asset Accounting

Addison Northwest Supervisory Union Policy

 

SECTION:     BUSINESS                                                                                      CODE: E10

TITLE:           FIXED ASSET ACCOUNTING


The Addison Northwest Supervisory Union requires an accurate accounting of the value of fixed assets belonging to the supervisory union offices. Fixed assets include transportation, maintenance, data processing, instruction, and other equipment and machinery of a value exceeding $5,000 or less if attractive and portable.

The administration shall be responsible for establishing and maintaining the fixed asset records to be used in the supervisory union offices. Such records shall:

  1. Provide safeguards for the preservation of the assets and assign the custodial responsibility of all assets.
  2. Ensure that adequate and proper loss coverage for supervisory union property exists.
  3. Aid in the acquisition and replacement of capital equipment on an initial or a replacement basis.
  4. Provide records by location to identify fixed assets and the total dollar value.

Date Adopted:     October, 2004

Revision Dates:

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