The District’s Fixed Asset and Inventory Program allows the District to purchase, record, track, and report on items such as land/buildings, vehicles, and computer equipment. The Program benefits the District because it:
- Values, tracks, and reports on Fixed Assets and Inventory Items of significant value. This enables the District to meet State and Federal Cost Accounting requirements and contributes toward the District achieving a good financial rating during annual audits.
- Permits an annual inventory of District Fixed Assets and Inventory Items. If assets are missing, the problem is identified in a timely manner and can be corrected. Missing assets or items may be charged back to a campus or facility budget.
- Assists in capital budget forecasting for equipment and infrastructure needs, and provides useful information for Risk Management/Insurance purposes.
- Assists in identifying idle Surplus Property, and preventing unneeded purchases.
More information and procedures are available in the Fixed Assets section of the Financial Information Resource Manual (“FIRM”).