The Superintendent or designee shall maintain accounting records for fixed assets and fixed asset transactions in such a manner as to provide information to promote sound fiscal management.
The District’s accounting system shall account for all fixed assets that exceed ten thousand dollars ($10,000), consistent with generally accepted accounting principles.
Assets will be depreciated using the straight-line method of depreciation for financial reporting. The useful life of an asset will be based on current industry standards.
Annually, the District management staff shall conduct a physical inventory of the fixed assets, which shall be reconciled with the accounting records. All discrepancies shall be disclosed to the Board. [33-506 (1)] (11-27-07)