704 DEVELOPMENT AND MAINTENANCE OF AN INVENTORY
OF FIXED ASSETS AND A FIXED ASSET ACCOUNTING SYSTEM
The purpose of this policy is to
provide for the development and maintenance of an inventory of the fixed assets
of the charter school and the establishment and maintenance of a fixed asset
accounting system.
The policy
of this charter school is that a fixed asset accounting system and an inventory
of fixed assets be developed and maintained.
The
Director of Business Services or the school board shall be responsible for the
development and maintenance of an inventory of the fixed assets of the school , and for the establishment and maintenance of a
formal fixed asset accounting system.
The accounting system shall be operated in compliance with the
applicable provisions of the Uniform Financial Accounting and Reporting
Standards for Minnesota School Districts (UFARS). In addition, the inventory shall specify the
location of all continued abstracts showing the conveyance of the property to
the school ; certificates of title showing title to
the property in the school ; title insurance policies; surveys; and other
property records relating to the real property of the charter school . A limit of $5,000 for fixed assets will be
set for GASB 34.
The
administration shall update the property records of the charter school as needed and provide an
inventory of the fixed assets of the charter school to the board when requested.
Minn. Stat. § 123B.02 (School District Powers)
Minn. Stat. § 123B.51 (Schoolhouse and Sites; Access for Non-curricular Purposes)
Cross References: Chisago Lakes Policy 702 (Accounting)
MSBA Service Manual, Chapter 7, Education Funding