Fixed Assets. Definition Capital Asset Tangible Life is greater than 1 year Significant value...
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Transcript of Fixed Assets. Definition Capital Asset Tangible Life is greater than 1 year Significant value...
Fixed Assets
Definition
• Capital Asset
• Tangible
• Life is greater than 1 year
• Significant value ($5,000 or greater per unit)
• Identified and controlled through inventory
Capitalization Threshold
• Effective 2013-2014 & Beyond
• Assets shall be capitalized if the cost is $5,000 or greater per unit
• Total cost of a “set” of items exceeding $5,000 will not be considered a capital asset.
High Pilferage
• Locally Defined Assets (Inventory)
• Non-capital assets (less than $5,000 per unit)
• These items are typically tracked for insurance purposes and to deter/detect theft
• Typical account code for high pilferage assets is 6399 Supplies
High Pilferage
• Computers (CPU, laptops, servers)
• Printers and Multi-function Printers
• Fax Machines• Computer Scanners • TV’s/Plasma
Screens/LCD/LED Panels• DVD/VCR/Blueray players• CD Players
• Camcorders • Digital Cameras • Photographic Cameras • Scientific/Graphing
Calculators • Video/Computer Projectors• Document Cameras• eReaders (Nook, Kindle,
etc.)• Mobile Devices (iPad’s,
iTouch, iPod’s, etc.)
High Pilferage
• Centralized Receiving
• Ship To Address on PO = S800
• Assets tagged with barcode labels during the receiving process at Central Warehouse
• If received at your location without barcode, contact Rudy Ramirez 688-5421.
Intended Use
• Identify in PR Notes who will be assigned the asset and the room number, department or office it will be located at,
• “Sandra Garza, 3rd Grade Teacher, Room 32”
• “Albert Canales, Principal’s office”
• “Hector Gloria, Accounting Department”
• “Mayra Lopez, Library”
Donated Assets
• Board Policy CDC(Local) - The Superintendent shall notify the Board of, and the Board shall formally acknowledge, each gift or donation having a value of at least $5,000
• Contact Rudy Ramirez at 688-5421 to tag and inventory any donated assets received by your campus
Disposal of Assets
• Assets are disposed of after a determination has been that the assets are obsolete or surplus.
• Submit work order through KACE• https://kace.mcallenisd.net/userui/welcome.php
• Attach TYPED Disposal Form• High Pilferage/Computer Equipment/Disposal Form (Word)• High Pilferage/Computer Equipment/Disposal Form (PDF) • Capitalized Equipment Transfer/Disposal Form (Word)• Capitalized Equipment Transfer/Disposal Form (PDF)
Disposal of Federal Assets
• Assets purchased with federal funds are subject to the federal guidelines (34 CFR 80.32)
• Assets with a current per-unit fair market value of less than $5,000 may be retained, sold or otherwise disposed of with no further obligation to the awarding agency
• Assets with a current per unit fair market value in excess of $5,000 may be retained or sold and the awarding agency shall have a right to an amount calculated by multiplying the current market value or proceeds from sale by the awarding agency's share of the equipment
Other Disposals
• A hardcopy disposal form is not required for the disposal of surplus, obsolete, broken or damaged furniture, scrap metal, tires and non-capital or non-high pilferage equipment
• Submit a work order on KACE indicating what surplus/obsolete items to schedule for pick up: “10 desks, 20 chairs, 2 file cabinets, etc”
• Broken furniture (trash) is to be disposed of by Custodian in dumpster
• For additional information contact Javier Gallegos at 661-4442.
Questions