Section D: Fiscal Management
Regulation Title: Asset Management
Regulation Code: DID-R
Lead Department: Facilities and Finance
Print Version (in PDF)
The following procedures will be utilized to implement the Board Policy for Asset Management:
Land purchased by the District will be placed on the fixed asset inventory list at the purchase price, or at appraised or fair market value for donated property. Land received in a trade will be valued at the basis of the District's land traded plus any additional monies paid. The Governing Board must approve all acquisitions and disposals of land.
Buildings acquired or constructed at, or over the $5,000 capitalization limits will be placed in the fixed asset database at actual cost, or at appraised or fair market value for donated property.
Land and building improvements or renovations at or over the $5,000 capitalization limits that extend utility or useful life or increase the value of the property will be placed on the fixed asset inventory list at actual cost. Donated improvements will follow the established guidelines for site-based facility improvements. In addition, the receiving site will submit a completed Equipment Donation form.
Receiving and Tagging Capital Assets
A purchase order for taggable, capital equipment will have a note to sites upon receipt to send all partial copies or completed original purchase order to the Asset Management Office. The receiving site must send the signed Purchase Order Receiver including bill of lading, packing slip, invoices, partial reports and warranty documents to the Asset Management Office upon receipt of capital equipment.
The Asset Management Office will input receiving of the equipment into the Asset Management database to create an Asset ID Number and forward partial receiver copies or the completed receiving original copy of the purchase order to Accounts Payable (Finance/Student Finance). The Asset Management Office will send the Asset ID Number to the receiving site via e-mail or hard copy, and add the new equipment to the site inventory listing.
The receiving site is responsible for tagging the equipment with the appropriate business unit and Asset ID Tag Number as provided by the Asset Management Office. The receiving site will confirm, by signature, that the equipment has been tagged and also provide Asset Management with the corresponding project code and serial numbers when applicable.
TUSD requires that all district and federally funded items valued at $1000.00 or more with a useful life of a year or more will be physically accounted for annually. Asset Management will be responsible for the distribution of the annual inventory listings in the $1,000.00 and over schedule.
The Site or Department Administrator will use this annual inventory list to:
- Check off items on the listing for physical verification. Items not accounted for or verified must be explained on the appropriate TUSD form (refer to DID-E).
- Correct the inventory listing as necessary for information, including but not limited to serial number, brand name, and project code location (refer to DID-E). Proper project code identification, such as science, computer labs, drama, etc., will assist in separating the inventory listing by department at each site. This will help the Site or Department Administrator conduct future physical inventories.
- Include new asset acquisitions valued at $1,000.00 and over that are NOT listed on inventory listings to inventories as "ADD ON's". This will also apply to transfers or surplus acquisitions in this price range.
- Account for all items at their respective sites regardless of value and whether they were lost, damaged, or stolen.
- Verify that all items with an existing Property Control Number also have an Asset ID Number as a cross-reference. However, it is not necessary to have the Asset ID Number placed on items that were purchased prior to July 1,1999.
- Sign, date and return the inventory listing and the appropriate documentation to the Asset Management Office as directed on the annual inventory cover memorandum.
Asset Management recommends that sites keep copies of all transactions to assist the site in maintaining all current and future inventories.
The purpose of the Stewardship Listing is to enhance accountability to safeguard District property and to maintain a listing of specific items with a value of $200.00 to $999.99. Equipment listed in this dollar range may require maintenance or may be identified as commonly pilfered. Asset Management recommends a physical inventory of all stewardship items be conducted every three (3) years.
Asset Management will maintain Stewardship Listings for the following categories under $1,000.00 in value, but the property will remain the responsibility of the Site or Department Administrator. The Stewardship Listing will be provided to Site or Department Administrators upon request.
All items listed above with a useful life of a year or more with a unit value of $200.00 and above will be assigned Asset ID Numbers, tagged with the business unit and Asset ID Number by the receiving site, and placed in the Stewardship Listing for tracking and inventory listing purposes, with the exception of furniture.
Furniture with a unit value of $300.00 or more will be assigned individual Asset ID Numbers, tagged with the business unit and Asset ID Number by the receiving site, and tracked.
Furniture with a unit value of $299.99 and under will not be assigned Asset ID Numbers. The receiving site will be responsible for marking these items with a permanent marker. All equipment must be tagged as "TUSD PROPERTY."
Surplus District materials (furniture, apparatus, equipment, library books, and supplies), regardless of value, shall be offered through competitive sealed bids, public auction or trade-in except for sales or leases to the state, county, city, or tribal government agency; and, except for the donation of surplus or outdated learning materials to nonprofit community organizations when the cost of selling the materials equals, or exceeds, the estimated market value of the materials. This does not apply to District real property, real estate, land, school buildings and grounds, or school sites.
Administrators may not arbitrarily dispose of any furniture, equipment or other TUSD property. All disposals must go through the Asset Management Office. Site & Department Administrators must adhere to the following procedures:
- Lost or destroyed property will not be removed from the site inventory without the signature of the Site Administrator authorizing the action on the appropriate form.
- Surplus items will be reported to the Asset Management Office on the Property Loss/Disposal/Transfer Report (refer to DID-E). Arrangements to pick up itemized surplus can be made by contacting Property Control and/or the Asset Management Office in writing by fax, email, or through District inter-office mail. This will provide Asset Management with all the necessary information and authority to remove the item from the site's inventory. Sites may not transfer items directly to another site.
- Surplus items that may not be operational or may be damaged can be submitted with a Capital Equipment Disposal Request (refer to DID-E) for assessment and evaluation. The appropriate Facilities Management Shop will notify Asset Management if the item is to be disposed of or placed in surplus for reissue.
- Property that has been evaluated as obsolete, unsafe or not cost-effective for repair shall be disposed of or made available for public auction by Property Control. This property can also be donated to non-profit groups or sold to the public at prices set by Property Control with proceeds going to the School Plant fund.
- Stolen and/or vandalized property will be processed and removed from the site inventory as submitted to Asset Management on a Theft & Damage Report (refer to DID-E). Each incident requires a police case number and may be obtained by dialing 791-4444 for all non-emergency situations.
- Each site is responsible for maintaining their own copies of documents for accountability purposes and inventory records (refer to disposal and inventory forms in (refer to DID-E).
The following guidelines must be adhered to for accepting any donated assets (e.g. land, buildings, improvements, equipment, furniture, vehicles, materials, etc.) to the District:
- Any site or department that is receiving donated assets on behalf of TUSD must fill out an Equipment Donation Form and forward it to the appropriate department director (refer to DID-E). Donated vehicles titles must be delivered directly to the Risk Management Department.
- Each director is required to complete the Equipment Donation Form with his/her signature of approval or disapproval the form will then follow the flowchart path listed below beginning at the "Director of Risk Management" level. Asset Management will use the form's estimated value as the value of the donated asset only where TUSD agrees to maintain the asset.
- Donors retain the responsibility to justify the fair market value of the donated equipment for taxing authorities. The District does not approve an assigned value. Any receipts issued or letters of acknowledgement will not specify a value of the property received by TUSD.
- The Asset Management Office will be responsible for assigning Asset ID Numbers only for equipment that will be maintained by the district. Asset Management will return a completed copy of the Equipment Donation Form to the receiving site or department. The site or department will be responsible for tagging the equipment and providing a response to the donor.
- Equipment not maintained by the district will not be issued an Asset ID Number or added to the Asset Stewardship Listing. This equipment will be tagged as "DONATION" by the receiving school/department.
Additional guidelines for vehicle donations:
|Vehicle offered to Site or Department
|Director of Transportation
|Director of Risk Management
|Receiving Site or Department
- Before any vehicle can be donated to TUSD, the Transportation Department must evaluate the condition of the vehicle to determine whether to accept or reject the donation and whether the Auto Shop will maintain the vehicle. Vehicles not maintained by the Transportation Auto Shop will be the responsibility of the school/site to be used for salvage parts only.
- After the Transportation evaluation, vehicle donors must annotate the back of the Certificate of Title by crossing out the word "sold" and writing in the words "donated" and "TUSD" in the appropriate places. The lien holder place must be marked as "none" or include a copy of the lien release form. The Certificate of Title must be signed by the owner, notarized, and delivered to the Risk Management Department.
- The Risk Management Department will be responsible for maintaining all the Certificates of Title plus the new Certificates of Registration and insurance coverage only for vehicles that will be licensed, maintained and serviced by the Transportation Auto Shop.
Reviewed: December 14, 2004
LEGAL REF: ARS 15-342 (Powers & Duties of the Governing Board Discretionary Powers), & ACC R7-2-1131 (Materials Management Disposition)
CROSS REF.: Related to Policy & Regulation #3745 (School Marquee Signs)