MISSION STATEMENT

The Fixed Assets Department maintains a record of all assets owned by MCPSS as well as assets owned by the Federal Government, which are used by the school system. These records are maintained in the district’s Fixed Asset System. The system includes a complete description of the asset; it’s acquisition date and cost, location, condition and other information.

An item is considered to be a “Fixed Asset” if it falls into certain land, building, equipment or vehicle categories and if it meets certain cost and useful life criteria. Every Fixed Asset is assigned an asset number and tagged with a bar code tag.

To be considered a “Fixed Asset” and included in the MCPSS records, an item must meet the following criteria for cost and useful life:

· Purchased items costing $5000 or more and a useful life of one year or more (High Risk items costing $500 or more);

· New construction and renovation at a cost of $50,000 or more; or

· Donations with an appraised market value of $3000 or more and a useful life of at least one year.

Items representing construction in progress are not considered complete until all bills associated with the construction/renovation are paid. The total value is then entered as a Fixed Asset.