| Mt. Healthy City School District |
| Bylaws & Policies |
7455 - ACCOUNTING SYSTEM FOR FIXED ASSETS
The Board of Education shall maintain a fixed-asset, accounting system. The fixed-asset system shall maintain sufficient information to permit the following:
| A. | the preparation of year-end financial statements in accordance with generally-accepted, accounting principles; | |
| B. | adequate insurance coverage; | |
| C. | control and accountability. |
Fixed assets are defined as those tangible assets of the District with a useful life in excess of one (1) year and an initial cost equal to or exceeding the amount determined periodically in the District's administrative guidelines. Some items may be identified as "controlled" assets that, although they do not meet all fixed asset criteria, are to be recorded on the fixed-asset system to maintain control.
Fixed assets shall be classified as follows:
| A. | land | |
| B. | building | |
| C. | improvements other than building | |
| D. | machinery and equipment | |
| E. | furniture and fixtures | |
| F. | vehicles | |
| G. | plant (aerator) |
Leased fixed assets and assets which are jointly-owned shall be identified and recorded on the fixed-asset system.
Fixed assets shall be recorded at actual, or if not determinable, estimated purchase price or fair market value at the time of acquisition. The method(s) to be used to estimate such price or market value shall be established by the Treasurer.
The Superintendent shall develop administrative guidelines to ensure proper purchase, transfer, and disposal of fixed assets.
Depreciation shall be recorded for funded fixed assets using the method(s) agreed upon by the Superintendent and the Treasurer.
The following information shall be maintained for all fixed assets:
| A. | description | |
| B. | asset classification (land, building, equipment, etc.) | |
| C. | location | |
| D. | purchase price | |
| E. | vendor | |
| F. | date purchased | |
| G. | voucher number | |
| H. | estimated useful life | |
| I. | estimated salvage value | |
| J. | replacement cost | |
| K. | accumulated depreciation | |
| L. | method of acquisition (purchase, trade-in, lease, donated etc.) | |
| M. | appropriation | |
| N. | manner of asset disposal |