The following corrective measures will be implemented to ensure compliance with Title 2, Code
of Federal Regulations, Part 200.313(d)(2), as well as Board Policy 3270 Management of District
Assets and Administrative Regulation 3440 Inventories:
1. Procedure:
a. The District defines a Fixed Asset as ...
The following corrective measures will be implemented to ensure compliance with Title 2, Code
of Federal Regulations, Part 200.313(d)(2), as well as Board Policy 3270 Management of District
Assets and Administrative Regulation 3440 Inventories:
1. Procedure:
a. The District defines a Fixed Asset as any tangible asset purchased for a
school/department in the day-to-day operation of the District from which an
economic benefit will be derived over a period greater than one year and has a
value of $500 or more (Education Code 35168). The District capitalizes assets valued
at $5,000 or above and tracks all assets over $500.
b. Every every two years, the Business Services Department will provide an inventory
count sheet to each school site and department. The count sheets will contain the
equipment for each room. Sites shall designate staff to perform a physical count as
follows:
i. In performing a physical inventory, sites and departments will check every
room, closet, locked cabinet, and open area, including items checked out to
staff members.
ii. When the site completes the physical inventory, the inventory report will be
returned to the purchasing department with the signature of the site or
department administrator and the names of the staff members who
performed the inventory check.
c. When the Purchasing Department receives the inventory listing from the site, the
items will be checked for accuracy. If there are any discrepancies between the site's
inventory and the master listing held in purchasing, the Purchasing Department will
perform a physical inventory at the site to locate items. Once purchasing has
completed its inventory check, the master list will be updated in the Fixed Assets
Module.
d. A form will be completed by sites and departments for assets that are transferred
from one location to another, retired, etc., and submitted to the Purchasing
Department for proper recording of the location change or retirement of an asset.
2. Warehouse Procedures:
a. All electronic assets ($100 or greater), as well as all other items purchased with
state and/or federal funds that have a useful life of more than one year with a value
of $500 or greater (Education Code 35168) are to be asset tagged once received by
the warehouse.
b. Asset tag procedure: The Warehouse will tag and record all asset-tagged items into
the Master Asset Tag form. The following information will be added to the
completed form:
i. Item type/description
ii. Model/name
iii. Serial number or other identification number
iv. Title holder
v. Funding source
vi. Acquisition date
vii. Cost
viii. Percentage of federal participation in the cost of the property
ix. Location
x. Current condition (fair, good, poor)
xi. Transfer, replacement or disposition of obsolete or unusable equipment
c. Timelines: From the 1st to the 15th of February 2025, repeated every two years.