Fixed-asset records are necessary to assign accountability for the custody and maintenance of individual items and to assist in estimating future requirements. School districts generally control the purchase of fixed assets with a well-defined authorization procedure. Many federal programs specifically require separate accountability for fixed assets purchased with federal funds. Provide data for the management of fixed assets. Provide data for financial control, financial reports and adequate insurance coverage.
Security is the primary requirement of any fixed-asset record system.
Any material change in the customary recording of fixed assets should be decided by the district's administration. Managers must impose discipline throughout the organization to ensure adequate protection of fixed assets. School district policies should address the use of fixed assets in any location other than that to which they are assigned. Schools should inventory certain fixed assets, such as furniture and equipment, on a periodic basis. Districts should list missing items and write off these assets in accordance with established policy.