When you start to plan for a school fixed asset physical inventory, there are a variety of different factors to consider. What items should be included? What information should the list include? How do I know if an item qualifies for tracking? We’ve outlined here the general guidelines for deciding what assets to track and have provided a list of some of the most common items found on a school’s fixed asset inventory report.
What is a Fixed Asset?
A Fixed Asset is an asset that has a useful life of more than one year and is not consumable in nature. This includes things like equipment, furniture, technology, land, buildings, and improvements other than buildings. Generally, these are divided into Capitalized Assets (purchase price over $5,000) and Non-capital assets (purchase price under $5,000). The volume of fixed assets varies from district to district, but with the rise of one-to-one technology, most districts usually have approximately 1.5-2.5 assets per enrolled student.
What items should be included in a fixed asset physical inventory?
All Capital assets should be in your physical inventory, that’s the easy part. Deciding which non-capital items should be included can be a bit harder. Typically non-capital fixed assets with a purchase price of $1,000 or more should all be included in your yearly physical inventory. In addition to these, items with a value of less than $1,000 but more than $200 and that are easily pilferable (easily stolen) are generally included as well. This is to ensure good tracking of items that may not have a high purchase price individually but that there are many of in your district. The prime example of this is Chromebooks: individually they do not cost a lot but there may be thousands of them in the district and they are easy targets for theft and/or are often accidentally lost.
What information should the list include?
Each district will decide exactly what information to track for each asset, but some of the most common include:
- – Building Name/Number
- – Room Number
- – Asset ID Number
- – Brand Name/Manufacturer
- – Model Number
- – Serial Number
- – Description
- – Purchase Date
- – Acquisition Cost
- – Some schools also include vendor/acquisition source, replacement cost, end of life date, condition, and more.
Some of the most common items found on a school fixed asset inventory report
There are many items that you may need to include on your fixed asset inventory, but it is important to think about what would be most relevant for your school. Some of the most common items found on a school fixed asset inventory reports include:
Common Capital Assets:
- – Maintenance vehicles such as trucks or golf carts
- – Buildings and outdoor equipment such as playgrounds
- – Kitchen Equipment
- – Shop Equipment
- – Certain band equipment such as pianos
- – Grounds equipment such as lawnmowers, tractors, infield machines
- – Janitorial equipment
- – Busses
- – Scoreboards
- – Large athletic equipment
- – Computer Servers/Switches
- – Maintenance facility equipment
- – Copier/Printers (non-leased)
Common Non-Capital Assets:
- – Chromebooks
- – Laptops
- – Desktop Computers
- – iPads/Tablets
- – Document Cameras
- – Defibrillators
- – Die-Cut machines
- – Laminators
- – Poster printers
- – Floor buffers
- – Fireproof cabinets
- – Chromebook/Laptop security carts
- – Kitchen equipment
- – Band equipment
- – Classroom audio systems
- – Interactive/Smartboards
- – LCD Projectors
- – Switches
- – Shop equipment
- – Athletic/Gym/Weight room equipment
- – Auditorium equipment
- – TV/Audio production equipment
- – 3D Printers
- – Janitorial equipment
- – Nursing equipment
Conclusion
The list of items included on a fixed assets inventory report for a school can vary depending on the size of the school but the list should include all items that are necessary for the day-to-day operation of the school that meet the reporting requirements by acquisition price. Don’t forget, your fixed asset inventory specialists will be able to help you determine exactly what items are right to be included in your list!
Read here for more reasons why you should be tracking your fixed assets!
