Littleton Public Schools Policy

Policy Code   DID Policy Name   Fixed Asset Inventory Adoption          July 2, 1984 Revised             March 25, 1999

The District shall maintain a property inventory system as required by law.

The inventory of all real and personal property shall serve both the functions of control and conservation.

This inventory shall be required only with respect to items of property having an original cost at a level as established in State of Colorado Fiscal Rules by the Office of the State Controller and directives of the state auditor ($5,000).

The assets of enterprise funds, i.e., Food Service and Extended Day-Care Fund, shall be capitalized at $1,000 and above of original cost, in accordance with standards of the Nutrition Services Department of the Colorado Department of Education. Responsibility for the system shall lie with the director of finance. Principals and other administrators shall be accountable for the maintenance of proper inventories in their schools.

Legal Reference:  C.R.S. 29-1-506(1)

                           C.R.S. 29-1-504(4)

                           Colorado Fiscal Rules 1-10

This policy was previous revised and accepted by the BOE November 6, 1990 and September 25, 1997.