Fixed Assets Research Paper
OVERVIEW:
The report documentation necessary to perform the following activities as required pursuant to Board Policy:
(1) Conducting your Annual Fixed Asset Inventory for your campus
(2) Reviewing your prior fiscal year lost or stolen final disposition.
The yearly inventory procedure has been changed to make the process more manageable and place a greater emphasis on high-value assets. Unlike prior years, fixed assets are not requiring schools to report on every asset. At this time, schools are only required to account for all Capital assets and Information technology (IT) assets. Fixed Asset Inventory Audit will not include any non-IT assets less than $5,000.
COMMUNICATION AND SUPPORT CHANGE:
In an attempt to better serve your campus,
the Fixed Assets Accounting (FAA) representative have been assigned to your campus. You should have received an electronic mail from the representative at this moment. If there are any questions regarding your inventory, please contact main line and we will direct you to your representative to assist you on your inventory process. This includes obtaining Tip Web-IT access and/or coordinating the annual inventory audit etc.
ACTION REQUIRED:
1. Make sure all tangible capital assets and IT assets-have been tag.
2. The annual inventory will be conducted for all capital assets.
3. A report will be sent by the representative on March 6th for Both Capital assets and the randomly selected IT assets (less than $5,000).
4. Photos will be required for all capital assets.
5. Capital assets will be verify starting March 6th through March 31st.
6. Technology assets less than $5,000 will be verified starting March 6th through May 5th.
7. Any update to tag number, serial number, and tag status should be done in TIPWEB-IT.
8. Exclude cafeteria technology equipment .
9. Property Loss of Damage Form CANNOT be used during audit.
10. To certify the audit, there will need to be an E-Mail sent before the cutoff date to verify completion.
The report documentation necessary to perform the following activities as required pursuant to Board Policy:
(1) Conducting your Annual Fixed Asset Inventory for your campus
(2) Reviewing your prior fiscal year lost or stolen final disposition.
The yearly inventory procedure has been changed to make the process more manageable and place a greater emphasis on high-value assets. Unlike prior years, fixed assets are not requiring schools to report on every asset. At this time, schools are only required to account for all Capital assets and Information technology (IT) assets. Fixed Asset Inventory Audit will not include any non-IT assets less than $5,000.
COMMUNICATION AND SUPPORT CHANGE:
In an attempt to better serve your campus,
the Fixed Assets Accounting (FAA) representative have been assigned to your campus. You should have received an electronic mail from the representative at this moment. If there are any questions regarding your inventory, please contact main line and we will direct you to your representative to assist you on your inventory process. This includes obtaining Tip Web-IT access and/or coordinating the annual inventory audit etc.
ACTION REQUIRED:
1. Make sure all tangible capital assets and IT assets-have been tag.
2. The annual inventory will be conducted for all capital assets.
3. A report will be sent by the representative on March 6th for Both Capital assets and the randomly selected IT assets (less than $5,000).
4. Photos will be required for all capital assets.
5. Capital assets will be verify starting March 6th through March 31st.
6. Technology assets less than $5,000 will be verified starting March 6th through May 5th.
7. Any update to tag number, serial number, and tag status should be done in TIPWEB-IT.
8. Exclude cafeteria technology equipment .
9. Property Loss of Damage Form CANNOT be used during audit.
10. To certify the audit, there will need to be an E-Mail sent before the cutoff date to verify completion.