All fixed assets owned by the WILKES COUNTY BOARD OF EDUCATION shall display a property identification, “Property of Wilkes County Schools.” Fixed assets (furniture, equipment, and vehicles) costing five thousand dollars ($5,000) or more shall be recorded for financial statement purposes, assigned a life, and depreciated under the new GASB 34 rules. They will have an asset control number and a property identification number displayed. The asset control number shall be duly recorded in the fixed asset inventory for internal auditing and safeguarding.
Buildings and building improvements costing one hundred thousand dollars ($100,000) or more shall be recorded for financial statement purposes, assigned a life, and depreciated under the new GASB 34 rule.
Assets under these amounts will be expensed in the year of purchase.
This policy is retroactive to July 1, 2002.
The principal, director or supervisor shall be the custodian of all fixed assets assigned. It shall be the responsibility of the principal, director or supervisor to record the removal (temporary or permanent) of any fixed asset from its assigned location. Fixed assets may be removed from their assigned location for repairs, transfer or disposal.
Legal References: G.S. 159-26(b)(8)
Cross References:
Adopted: January 9, 2006