Precise fixed asset data is essential to most school districts, particularly from a business perspective. Reliable fixed asset records enable business officials to protect the district’s investments. From providing values for insurance coverage to reporting requirements and financial statements, proper fixed asset management is a key factor in formulating policies and strategies for acquisitions, maintenance, replacement, and retirement of a district’s fixed asset base. Furthermore, proper fixed asset management procedures enable school districts to effortlessly address GASB 34 reporting requirements.
MRI Software is a leading provider of fixed asset management software, with an especially strong presence in the education sector. This document is meant to serve as a guide for school districts looking to formalize fixed asset management processes and procedures. Each district will have its own policies and guidelines established; the information below is simply a starting point for districts re-evaluating current protocols. The document covers everything from depreciation and capitalization policies to fixed asset categories and physical audit procedures.