Accounting Procedures Handbook

CAPITAL ASSETS 11.5 ASSETS Form. 4. Verify that totals on the “Reconciling Physical Inventory” report match the totals on the “Recon for Auditors XX” spreadsheet (located in an Excel file). Supply both to auditors. C. Reporting Complete pages of financial statements that pertain to Capital Assets. Using BusinessPLUS reports “FA1020, FA1021, and FA102k,” write in current year’s figures with red ink. D. Disposal of Capital Assets Because it is the intent of the WCBE to ensure proper disposition of all capital assets the guidelines prepared by the Superintendent will provide for prior approval of all capital asset disposals as follows: 1. Land and Buildings - Disposals must be approved by theWCBE. 2. Furniture and Equipment - Disposals must be approved by the Superintendent or (his/her) designee and can only be disposed of in one of four (4) ways: a. Sell the item via competitive bid b. Sell the item via public auction c. Donations to other public non-profit agencies d. Discard The Superintendent or (his/her) designee will be responsible for determining the proper method of disposal that will assure the maximum possible recovery from such disposal at the least possible cost. 1. Capital Asset Auction a. All capital assets sent to the warehouse for auction are now sold on Govdeals.com. Accounting Assistant takes pictures of items and posts the items and auctions online. b. Prior to auction - Using laptop, scan asset tags of all assets to be sold into a blank asset database (or record tag or serial numbers on paper). c. Post auction - Remove sold items from asset database. 2. Auction Proceeds All proceeds from the sale of Board assets are accumulated in a “Refurbishing Account”. This account is used to refurbish currently owned furniture and equipment. This account is also used to provide net funds from asset sales to the departments from whom the sold assets can be identified. All expenditures need prior approval from the Assistant Superintendent for Administrative Services. Any other use of these funds must be approved by both the Board and the County Council. IV. CAPITAL ASSET PROCEDURES FOR CAPITAL ASSETACCOUNTANT The Capital Asset Accountant performs the following: Run the FA1010CARL report for the previous two months.