| Mt. Pleasant Public Schools |
| Bylaws & Policies |
7455 - ACCOUNTING SYSTEM – 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 |
The Superintendent shall be responsible for the development and maintenance of the fixed asset accounting system.
Fixed assets are defined as those assets of the District system with a useful life in excess of three (3) years and an initial cost equal to or exceeding $5,000.00. 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 asset 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) | |
| H. | underground lines | |
| I. | construction-in-progress |
Adopted 8/19/02