Jerome Joint School District No. 261

FINANCIAL MANAGEMENT 7270

Property Records

Property records and inventory records shall be maintained on all land, buildings and physical property under the

control of the District. Such records shall be updated annually.

Property records of facilities and other fixed assets shall be maintained on an ongoing basis. All goods purchased

using federal funds shall be delivered to the District office and received by the Business Manager. Upon receipt of

goods, the Business Manager shall notify the Superintendent of fulfillment of the purchase order.

The Business Manager, or designee, checks all items against the invoice to ensure accuracy of delivery. Inventory

items will be recorded on the Master Inventory list. No equipment shall be removed for personal or non-school use

except according to Board policy

For purpose of this policy, "equipment" shall mean a unit of furniture or furnishings, an instrument, a machine, an

apparatus or a set of articles which retains its shape and appearance with use, is nonexpendable and does not lose its identity when incorporated into a more complex unit. The Superintendent shall ensure that inventories of

equipment are systematically and accurately recorded and are updated annually. Property records of facilities and

other fixed assets shall be maintained on an ongoing basis. No equipment shall be removed for personal or non-

school use except according to Board policy.

Property records shall show, appropriate to the item recorded, the:

1. Description and identification;

2. Manufacturer;

3. Date of purchase;

4. Initial cost;

5. Location;

6. Serial number, if available; and

7. Model number, if available

For each equipment and computing device purchased with federal funds, the following information is maintained

in the Special Services office mastery inventory list. The list includes the following information:

1. Serial number or other identification number;

2. Source of funding for the property;

3. Identification of title holder;

4. Acquisition date and cost of the property;

5. Percentage of federal participation in the project costs for the federal award under which the property

was acquired;

6. Location, use, and condition of the property; and

7. Any ultimate disposition data including the date of disposal and sale price of the property.

In the event the property is sold, lost, or stolen, or cannot be repaired, the item will be deducted from the master

inventory list. The date of the change will be listed along with the sale price if the item is sold.

Property Classifications

Equipment and supplies with a useful life of more than 1 year, including computing devices, will be tagged with

“Property of the Jerome School District” and with appropriate equipment identification.

Equipment means tangible personal property (including information technology systems) having a useful life of

more than one year and a per-unit acquisition cost which equals or exceeds the lesser of the capitalization level

established by the District for financial statement purposes, or $5,000.

Supplies means all tangible personal property other than those described in § 200.33 Equipment. A computing

device is a supply if the acquisition cost is less than the lesser of the capitalization level established by the District

for financial statement purposes or $5,000, regardless of the length of its useful life.

Computing devices means machines used to acquire, store, analyze, process, and publish data and other

information electronically, including accessories (or “peripherals”) for printing, transmitting and receiving, or

storing electronic information.

Capital assets means tangible or intangible assets used in operations having a useful life of more than one year

that are capitalized in accordance with GAAP. Capital assets include:

1. Land, buildings (facilities), equipment, and intellectual property (including software) whether acquired by purchase, construction, manufacture, lease-purchase, exchange, or through capital leases; and

2. Additions, improvements, modifications, replacements, rearrangements, reinstallations, renovations or

alterations to capital assets that materially increase their value or useful life (not ordinary repairs and

maintenance).

Physical Inventory

A physical inventory of the property must be taken and the results reconciled with the property records at least

yearly.

Each staff member will inventory property items in their room at the end of each school year. The inventory sheet

is signed by the staff member taking the inventory as verification and is reviewed by the Business Manager and

kept in the vault. Computer and technology equipment is inventoried through Valuations Northwest

management’s program, and recorded in an Excel spreadsheet maintained by the Business Manager. Electronic

equipment, such as iPads, are engraved with “Property of Jerome School District #261”.

Any discrepancy between physical inventory and the master inventory sheet will be researched by the Business

Manager and noted on the master inventory.

Maintenance

The District shall maintain adequate maintenance procedures and records to ensure that property is kept in good

condition. If an item needs repair, the Business Manager, or designee, will be notified and proper repair

procedures will be determined, either in District or by sending the item to a qualified repair facility.

Lost or Stolen Items

The District maintains a control system that ensures adequate safeguards are in place to prevent loss, damage, or

theft of the property.

Use of Equipment Purchased with Federal Funds

Equipment purchased with federal funds must be used in the program or project for which it was acquired as long

as needed, whether or not the project or program continues to be supported by the federal award, and the District

will not encumber the property without prior approval of the federal awarding agency and the pass-through entity.

During the time equipment is used on the project or program for which it was acquired, the equipment will also be

made available for use on other projects or programs currently or previously supported by the federal

government, provided that such use will not interfere with the work on the projects or program for which it was

originally acquired. First preference for other use must be given to other programs or projects supported by the

federal awarding agency that financed the equipment. Second preference is given to programs or projects under

federal awards from other federal awarding agencies. Use for non-federally funded programs or projects is also

permissible.

When no longer needed for the original program or project, the equipment may be used in other activities

supported by the federal awarding agency, in the following order of priority:

1. Activities under a federal award from the federal awarding agency which funded the original program or project; then

2. Activities under federal awards from other federal awarding agencies.

In the event that the District no longer needs real or personal or real property, it will follow the rules, policies, and procedures required by Idaho Code §33-601(4)(b) and by Policy 9100.

Cross Reference: 7210 GASB Statement 34 (Accounting System)

Legal Reference: I.C. §33-601(4)(b) Real and Personal Property—Acquisition, Use or Disposal of Same

I.C. § 33-701 Fiscal Year – Payment and Accounting of Funds

2 C.F.R. § 200.12 Capital Assets

2 C.F.R. § 200.20 Computing Devices

2 C.F.R. § 200.33 Equipment

2 C.F.R. § 200.94 Supplies

2 C.F.R. § 200.313 Equipment

Policy History:

Adopted on: 11/21/2006

Revised on: 05/28/2019