INVENTORIES
FIXED ASSETS
INVENTORIES
FIXED ASSETS
As steward of this Educational Service Center’s school property, the
Governing Board recognizes that efficient management and full replacement
upon loss requires accurate inventory and properly maintained property
records.
The Governing Board shall conduct a complete inventory by physical count of
all Educational Service Center-owned equipment in accordance with the
Equipment Inventory Control policy.
For purposes of this policy, “equipment” shall mean a unit of furniture or
furnishings, an instrument,a machine, an apparatus or a set of articles
which retains its shape and appearance with use, is nonexpendable and costs
at least the amount of determined by the Governing Board.
It shall be the duty of the Superintendent or designee to ensure that
inventories are systematically and accurately recorded and property records
of equipment are updated and adjusted annually in accordance with the
Equipment Inventory Control Policy.
In order to conform to Ohio financial reporting standards, and to provide
property insurance information, the Educational Service Center will maintain
a Fixed Asset System which is a system of methods, policies and procedures
for recording and reporting monetary amounts to account for Board owned real
property and equipment.
Fixed assets are defined as those assets that are deemed to be tangible,
such as land, buildings, furniture and fixtures, equipment, vehicles,
improvements other than buildings, and construction in process. Fixed assets
are those which are not expendable supplies; which have a useful life of
more than three years and which have an acquisition value in excess of
$2,000.00*. Exceptions for control and insurance purposes will extend this
definition to include audio/visual equipment, musical instruments and
computers. Any non-removable articles will be included in the assigned value
of the structure in which they are installed.
The Treasurer shall maintain a system of property records for all assets
that have a value in excess of $500.00 that shall show, as appropriate to
the item recorded:
1. Description and identification
2. Year of purchase
3. Location
{Adoption date: June 21, 2001; Revised: May 20, 2004}
LEGAL REF: ORC117.38
Clermont County Educational Service Center Governing Board
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