805.05 – Inventory

An annual inventory of all furniture and other equipment shall be maintained under the supervision of the Superintendent of Schools.  All items of equipment that are not consumable in nature shall be included in the annual inventory.  A perpetual inventory shall be maintained for all items that are consumable in nature at the time of purchase.

In addition, a separate fixed asset listing will be maintained for all Governmental Funds, in accordance with GASB 34 and GASB 51.   All fixed assets, both tangible and intangible, shall be accounted for at cost, or if cost is not determinable, at the estimated cost.  Donated fixed assets shall be recorded at estimated fair market value at the time received.

Tangible fixed assets will include buildings, land, land improvements, artwork, construction in progress, and machinery and equipment.  Tangible assets with a historical cost equal to or greater than $1,500 will be capitalized and depreciated using the straight-line method over their estimated useful life.

Intangible fixed assets shall be defined as assets that are identifiable, lack a physical substance, have an initial useful life extending beyond a single reporting period, and cost more than $25,000. Examples include easements, patents, trademarks, copyrights, and computer software that is purchased, licensed, or internally generated. If the asset is generated internally, the cost shall include efforts of staff members or independent contractors to plan, develop, and implement the asset. Intangible fixed assets will be considered capital assets for financial reporting purposes and depreciated over the estimated useful life of the asset using the straight-line method.

In addition to the equipment meeting, the capitalization threshold as defined in this policy, all computers, TVs, digital cameras, LCD projectors, and all electronics must be tagged in a manner to identify them as permanent property of the Colfax-Mingo Community School District.

Date of Adoption: July 1, 1985

Revised & Reviewed: September 3, 1991; June 5, 1995; February 7, 2005; January 18, 2010; September 20, 2010; June 27, 2016