Butte School District

Financial Management

7500

Property Records

Property records and inventory records shall be maintained on all land, buildings, and physical property under the control of the District. Such records shall be updated annually.

For purpose of this policy, “equipment” shall mean a unit of furniture or furnishings, an instrument, a machine, technology equipment, an apparatus or a set of articles which retains its shape and appearance with use, is nonexpendable, and does not lose its identity when incorporated into a more complex unit. The Superintendent shall ensure that inventories of equipment with asset tags assigned are systematically and accurately recorded and are updated annually as outlined in Policy 7500P. Property records of facilities and other fixed assets shall be maintained on an ongoing basis. No equipment shall be removed for personal or non-school use without permission of building administrator, department administrator, or Superintendent. Equipment shall be checked in/out using form 7500F 

Property records shall show, appropriate to the item recorded, the:

1. description and identification
2. manufacturer
3. date of purchase
4. initial cost
5. location
6. serial number, if available
7. model number, if available
8. purchase order number

Equipment may be identified with a permanent tag that provides appropriate District and equipment identification.

Cross Reference:
                                7510   Capitalization Policy for Fixed Assets

Legal Reference:
                                § 20-6-602, MCA       Trustees’ power over property
                                § 20-6-608, MCA       Authority and duty of trustees to insure district property

Policy History:
Adopted on: 10/18/04
Revised on:  02/21/17