Capital Assets are defined as real or personal property that have a useful life of more than one year, have a value equal to or greater than the capitalization threshold (equipment $5,000 or more), and maybe reasonably identified and controlled through a physical inventory system. These items should be coded to account numbers 73000 (equipment and vehicles), 73200 (buses), and 73400 (computer equipment).
Please notify Budget and Finance if assets are transferred to or from your school or department.
The Budget and Finance Department is responsible for revising Capital Asset listings and returning them via e-mail to your school or departmental contact person.
Media Specialists are required to file updated copies of Capital Asset listings in the Media Office and the Main Office. The Media Specialist is responsible for ensuring their assigned school has the latest copy of the Capital Asset listing through coordination/communication with the Capital Asset Staff Accountant of the Budget and Finance Department. Verification of Capital Asset listing is included on the End of Year Principal’s Checklist.
Each department head or their alternate is responsible for maintaining a copy of their Capital Asset listing.
Department heads should submit the name of the departmental Capital Asset contact person to the Capital Assets Staff Accountant by September 1 of each year. If the name of a representative is not submitted the head of the department will act in this capacity by default.
All schools and departments should submit to the Budget and Finance Department via email (preferred) documentation for DONATIONS (estimated value of $5,000 or more) made to their schools or departments.
For further information or questions regarding Capital Assets please contact the Capital Assets Staff Accountants for Computers, Construction, Land/Land Improvements, and Equipment and Vehicles.
