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
