Oklahoma Department of Career and Technology Education

Fixed Asset Policy/Guidelines

I.  Purpose

This policy establishes procedures and standards and provides information for the administration of inventories of tangible assets owned by the Oklahoma Department of Career and Technology Education.

II.  Definitions

The following words or terms, when used in this policy, shall have the following meaning unless the context clearly indicates otherwise:

i.  Agency

All divisions and programs directly supervised and funded by the Oklahoma Department of Career and Technology Education

ii.  Business and Industry Services

Training for Industry Programs, Business and Industry Programs, Safety Training Programs, and Existing Industry Programs located at a Technology Center or Business.

iii.  Agency Asset

Any tangible asset purchased for use by agency divisions and skills center programs.

iv.  Business and Industry Services Asset

Any tangible asset purchased for use by Business and Industry Services Programs.

v.  Created Asset

Any tangible asset constructed from materials purchased by the Agency or Business and Industry Services.

vi.  Donated Asset

Any tangible asset donated to the Agency or Business and Industry Services from any outside source.

vii.  Fixed Asset Adjustment Request Form

Form used to report changes, transfers, and request for removal of a tangible asset.

viii. Fixed Asset System

The official record for all state tangible assets.

ix.  Inventory

A detailed list of tangible assets.

x.  LEA

Local Education Authority – Technology Centers and Public Schools.

xi.  ODCTE

Oklahoma Department of Career and Technology Education

xii.  Physical Inventory

Physical verification of state owned equipment.

xiii. State ID Tag

A form of unique identification applied to a tangible asset.

xiv. Surplus Property

A tangible asset which is no longer useful to the agency

xv. Tangible Asset

Any machinery, implement, tool, furniture, livestock, vehicle, or other apparatus that can be used repeatedly without material impairment of its physical condition that has a calculable period of service and a value exceeding the reporting threshold

xvi. Threshold

Dollar amount specified by the Agency as the value of tangible assets required to be reported.

III Specified Threshold

  1. IT equipment at Agency or Business & Industry Services of $500 or more
  2. Agency - $2500.00 or more on non IT
  3. Business and Industry Services - $2500.00 or more on non IT
  4. LEA - $2,500.00 or more

IV Identification of Fixed Assets

All tangible assets purchased by the agency and Business and Industry Services, or reimbursed through (LEA)s with a purchase price which meets the specified threshold will be added to the State Fixed Asset System The value of a fixed asset includes the purchase price, as well as costs to acquire (shipping and handling), install(excluding site preparation costs), secure, and prepare the item for its intended use.

  1. Tangible assets will be added to the State Fixed Asset System and assigned to the primary user/program manager.
  2. All tangible assets which are fully or partially purchased will be added to the Fixed Asset System.
  3. Any created equipment which is a tangible asset will be added to the State Fixed Asset System.
  4. Any donated equipment which is a tangible asset, will be added to the State Fixed Asset System. All donated equipment that is accepted on behalf of the ODCTE must have prior approval by the State Director or his/her appointee.
  5. A state ID tag will be issued by the Service Center Division. The state ID tag(s) and a printout will be sent to the division manager to be affixed to the equipment.
  6. The location, assignment, serial number and description shall be verified when the asset is tagged. The original printout should be signed by the division manager or his/her designee and returned to the Service Center Division.
  7. State ID tags are to be placed in a location on the property to provide easy identification. The area where the tag is attached should be clean and free of dirt, dust, or grease. Press the tag firmly to the equipment ensuring that all edges are pressed down completely.

IV Changes to Fixed Assets

i.  Any change to the status of equipment must have a completed Fixed Asset Adjustment Request Form signed by the division manager.

ii.  Equipment returned for credit, or traded for a different item should be reported to the Service Center Manager; listing the item description, serial number and state ID number of the equipment, and the description and serial number of the new equipment.

iii.  Equipment moved from one location to another shall be recorded on a Fixed Asset Adjustment Request Form, signed by the division manager and sent to the Service Center Division. Changes will be made and a copy of the completed form will be sent to the appropriate manager.

iv.  Computer equipment changes shall be reported through e-mail to the Service Center Manager. The ID#, description, serial number, current assignment, and new assignment shall be listed in the e-mail.

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V Removing Obsolete or Salvageable Tangible Assets

i.  A Fixed Asset Adjustment Request Form signed by the division manager shall be submitted to the Service Center Manager for removal of agency equipment.

ii.  Equipment which is no longer needed by an agency division will be transferred to the Service Center for redistribution, or will be taken to DCS Surplus Property in OKC.

iii.  Equipment which is no longer needed by a LEA or Business and Industry Program will be evaluated by the appropriate manager, and will be picked up and moved to another location, or transferred to the school.

iv.  The Service Center Manager will send the appropriate form to the Department of Central Services requesting permission to transfer the equipment to the LEA, and remove the asset from the State Fixed Asset System.

v.  The Service Center will send a signed copy of the Fixed Asset Adjustment Request Form and a list of the equipment which has been removed to the appropriate division manager. Removal and return of the state id tags will be required.

vi.  Equipment added to the asset inventory in error due to duplication, consumable parts, coding errors, etc., will be removed from the inventory with the Service Center Manager’s approval.

VI Missing, Stolen and Destroyed Tangible Assets

  1. The division manager shall report a loss to the Service Center Manager within thirty days of discovery that a tangible asset is missing, stolen or destroyed by vandalism.
  2. The asset(s) shall be listed on Fixed Asset Adjustment Request Form documenting the loss of the equipment.
  3. Equipment reported as lost or missing will require an explanation stating when the equipment was last verified, who verified the equipment, and where the equipment was located at that time.
  4. Equipment reported as stolen will require a police report or documentation reporting the theft to the Facilities Manager.
  5. Equipment reported as destroyed will require a picture of the equipment and an explanation stating the reason the equipment was destroyed.
  6. The Fixed Asset Adjustment Request Form will be sent to the Senior Staff Manager for approval, and to the Chief Financial Officer.
  7. The Service Center Manager will send a request to the Department of Central Services requesting removal of the equipment.
  8. The Service Center will send a signed copy of the Fixed Asset Adjustment Request Form and a list of the equipment which has been removed to the appropriate division manager.

VII Maintenance/Accountability

  1. The division manager is responsible for all state owned equipment purchased by or assigned to locations under his/her supervision.
  2. The LEA is responsible for routine and preventative maintenance on all state owned equipment. The LEA will be responsible for replacing equipment that is salvaged due to lack of maintenance, abuse of equipment, or natural disaster.
  3. The LEA is responsible for replacing equipment that is lost or stolen from the school

VIII Loan of Business and Industry Services Equipment

  1. The LEA agrees to maintain all equipment covered under loan in the same condition when received from the ODCTE.
  2. It is understood that all equipment is to be insured and maintained in operating condition at the expense of the LEA and that equipment lost or stolen will be replaced at the expense of the LEA
  3. The ODCTE reserves the right to withdraw this equipment at any time after giving a notification of five workdays.
  4. All equipment will be picked up at the close of the training program unless the equipment is used in another Business and Industry training program.
  5. Business and Industry Services equipment is to be used for approved training only. Use for other reasons is against state statutes and shall be cause for immediate removal of the equipment from the training site.

IX Review of Fixed Assets

  1. An annual physical inventory of state owned equipment shall be conducted September 1 – November 1 of the current year by the Division Manager. On line training will be required for each division
  2. Each Division Manager will receive a current listing of sate equipment for their area(s) of responsibility.
  3. The completed list, and any documentation or forms must be signed by the Division Manager and returned to the Service Center Division by November 1, of the current year.
  4. A new list reflecting any updates or corrections, along with signed copies of any adjustment forms will be sent to the Division Managers for their files by January 15 of the following year.

XI Physical Inventory Requirements

  1. Verify the existence of each item with a check mark (√) by the Asset ID on the inventory listing
  2. Verify all serial numbers, if serial number is incorrect list the correct number
  3. Report tangible assets located in the division/program, but not on printout
  4. Report missing or damaged tags
  5. Report tangible assets listed on printout but not located in division/program. (see section 6, Missing, Stolen, or Destroyed Tangible assets)

Revised Guideline 4/30/2012Page 4