1. Fixed Assets Kathy Hanlon Rogers Public Schools

2. Goals Include all the parties, auditors, librarians, M & O, Principals Accountability Vs Practicality Define responsibilities (Whose job is this anyway?) No audit findings

3. 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?

4. 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

5. 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.

6. The Guidelines Definition of A Fixed Asset Process for Recording New Fixed Assets Physical Inventory Keeping the System Up To Date

7. Fixed Asset for Inventory Purposes A fixed asset is an item that costs over $1000.

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

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

10. 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.)

11. 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.

12. 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.

13. 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?

14. Inventory How often? Whose job? Manually –The worksheet Scanning Who fixes Boo Boo’s?

15. Set up Tables –Category –Locations –Activity –Department –Funding Source –User Defined Tables Pentamation

16. Categories Audio/Visual Athletics Band Building Food Service Health Media Misc... Maintenance Office Science Technology Title I Transportation Vehicles Vocational

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

18. Activity Table We didn’t use one. Let us know what you come up with.

19. Department We use this for room numbers.

20. Funding Source Tables Use your same source of funds you usually do. –Title I = 6501 –Operating = 2000

21. User Defined Tables Let your imagination go wild!! –We don’t have any, why not share great ideas with the FMS list.

22. Audit Considerations Additions (67300) Deletions –A separate location code

23. 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

24. The Reports Very different from the other Modules –You can: Sort Sequence Title the Report

25. 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!

26. 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.

27. 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.

28. Questions?

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