8350-Fixed Asset Inventory ## Definition of Fixed Asset
Fixed assets are items of tangible property, both real and personal, having a value of $5,000 or more and an estimated useful life of two years or more. Fixed assets are distinguishable from intangible property, such as money or securities, and consumable tangible property, such as office supplies.
Categories of Fixed Assets
For the purposes of accounting and inventorying fixed assets, they shall be divided into the following categories:
- Land -- The legal right of the board of education to own, possess, or use real property, including land owned in fee simple, easements, rights-of-ways, leases and other interests in land. 2. Land Improvements -- Permanent improvements (excluding buildings as defined in Section 3 below) which add value to the land or improve the use of land, such as sidewalks, parking lots, driveways, fences and drainage systems. 3. Buildings -- Any permanent or portable, man-made structure owned by the board of education and used to house or shelter persons or property including schools, offices, warehouses, garages, sheds and similar structures. 4. Equipment -- Any portable, tangible personal property not permanently affixed to real property that is owned, leased or used by the school system including such items as machinery, tools, furniture, computers and motor vehicles.
The superintendent shall develop an appropriate record keeping and inventory system for the school district’s fixed assets.
Legal References: G.S. 115C-36, -47, 115C-102.6A(c)(5), -523, -539