FILE: DIC
PROPERTY CONTROL
FIXED ASSETS
The Vermilion Parish School Board directs the Superintendent to maintain a current itemized list of all land, buildings, improvements, equipment, and any other general fixed assets which were purchased or otherwise acquired, for which the School Board is accountable.
The property control system shall include a list for reporting purposes of all fixed assets with a value of $5,000 or more in the district including all items purchased or donated to the school district. Items purchased with funds identified by the State as 8(g) funds, valued at $250 or more, shall also be classified as fixed assets and included in the fixed asset records. The list shall include information as to the date of purchase, the initial cost, and the disposition, if any, and the purpose of such disposition. Where ascertaining the cost, if the exact selling price or any other relevant information on property or equipment is not available, estimates may be provided.
PHYSICAL INVENTORY
In order to maintain an accurate account of Vermilion Parish School Board possessions, a physical inventory of all fixed assets is to be taken at the building level at least bi-annually (barring extraordinary unforeseen circumstances), but may be more frequent as needed.
Principals are the designated custodians of all possessions at the school level and shall be ultimately responsible for the safeguarding and record maintenance of all possessions in their schools. However, any employee who has physical custody of School Board assets shall be personally responsible for safeguarding the assets, i.e. each teacher shall be responsible for his/her classroom, the librarian for the assets in the library, the band director for the assets in the band department, etc.
Building level administrators shall be responsible for ensuring that bi-annual inventories are taken and that the property control officer is notified of any changes that need to be made to their respective inventory records or reported as required. The Superintendent and/or his/her designee shall maintain pertinent procedures for maintaining inventory and tracking records, including identifying, appraising, tagging, and removing fixed assets from any inventory records.
Adopted: July 20, 2016
Ref: La. Rev. Stat. Ann. ยงยง17:81, 24:515
Louisiana Accounting and Uniform Governmental Handbook, Bulletin 1929, Louisiana Department of Education
Board minutes, 3-15-01, 6-18-08, 7-20-16
Vermilion Parish School Board