What are Fixed Assets?
Fixed asset inventory and tracking systems are an essential part of maintaining control of an organization’s assets. It documents ownership and helps provide accountability for the public funds that have been entrusted to the Canyons School District. Canyons School District asset systems are being used to comply with State requirements, monitor and safeguard District assets, provide proof of loss from vandalism and will have updated records of all assets in case of any catastrophic events. Fixed assets will also be able to provide a report that calculates depreciation.
Definition of a Fixed Asset:
- It retains original shape and appearance with use.
- It has a life expectancy of over two years.
- It most often represents an investment of $2,000.00 or more with the exceptions to technology equipment.
All District property (assets) is to be disposed of through surplus procedures. It may not be discarded, destroyed, or given away. Surplus equipment that is picked up must be accompanied by a Surplus Form. All forms must be approved and signed by the Department Director/Principal and the Fixed Assets Department. All unused surplus will be sold at auction. All art and musical instruments must be approved by Sharee Jorgensen and Susan Hardman.