Accounting Procedures Handbook

CAPITAL ASSETS 11.5 ASSETS Asset Web Form to report disposals, and any equipment acquisitions that may not have been picked up by the IFAS receiving process. Disposal of Capital Assets Please report all disposals of equipment originally costing $1000 or more on the Capital Asset Tracking Form. For disposals, only asset tag #, serial #, model#, and name need be filled out. The following excerpt from the Handbook of General Information for Wicomico County, Maryland Administrators and Supervisors explains when and how assets can and must be disposed: “Because it is the intent of the WCBOE 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: A. Land and Buildings – Disposals must be approved by the WCBOE. B. Furniture and Equipment – Disposals must be approved by the Superintendent or (his/her) designee (at the moment, the only designee is Charlie Bounds), and can only be disposed of in one of four (4 ways) 1. Sell the item via competitive bid 2. Sell the item via public auction 3. Donations to other public non-profit agencies 4. 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.” Placement of Asset Tags on Equipment Please affix the asset tags directly to the equipment in a place that can easily be seen (preferably close to the serial number or model number). The importance of the asset tag has to do with financial reporting purposes – before each auction, I go around the warehouse and scan each asset tag of the to-be-sold equipment into a computer, which I later remove from the asset database. If a discarded asset doesn’t have an asset tag, I am unable to take it off the database, and our asset value reported at the end of the year is inaccurate as a result. Please keep in mind that although we at Central Office only need to know about the assets costing $1,000 or more, whoever keeps track of equipment at your school (at some schools it’s the bookkeeper, at some schools it’s the media specialist, and at some schools it appears as though the techs may also play a part) should be keeping a list of all equipment regardless of price. You’re more than welcome to use the asset tags to help track the equipment under $1,000 as well, however, these items don’t need to be reported to Central Office.