The Lyme School •  Lyme, New Hampshire
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Policy Manual

Policy: DID
Fixed Asset Management Policy

The Lyme School District shall maintain a fixed asset management policy. The fixed asset management system shall maintain sufficient information to permit the preparation of year-end financial statements in accordance with the generally accepted accounting principles and adequate insurance coverage.

Fixed assets are defined as those tangible assets of the Lyme School District with a useful life in excess of one (1) year and an initial cost equal to or exceeding five thousand dollars ($5,000).

The Superintendent will monitor fixed assets as described in GASB 34.

Fixed assets that are leased/purchased and assets which are jointly owned shall be identified and recorded in the fixed asset system.

The Superintendent of Schools shall develop administrative guidelines to ensure proper purchase, transfer, and disposal of fixed assets as defined in this policy.

ADOPTED: 10 December 1998
REVISED: 24 June 2004