Fixed Assets are items purchased that are tangible in nature, they have a life longer than two years; are of significant value at the time of purchase; and/or may be reasonably identified and controlled through a physical inventory system. They include machinery, furniture and other equipment which are intended to be held or used over a long period of time.
In order to meet state accounting guidelines, and have adequate documentation for insurance purposes, it is necessary for each campus to accurately account for all fixed assets purchased with the school activity fund money. See the purchasing section of this manual for instructions on quotes. All fixed assets must be tagged and posted to the Fixed Assets Module in TEAMS. Contact the Records/Assets Specialist.
Examples of Fixed Assets
- Computers, printers, TV’s, DVD, Laptops, Radios, Cameras, Athletic Equipment, Band equipment