A program for annual inspection, in addition to those conducted by authorized agencies, of the equipment, facilities, and grounds will be conducted as part of the maintenance schedule for school district buildings and sites.  The results of this inspection will be reported to the board at its annual meeting.  Further, the board may conduct its own inspection of the school district buildings and sites annually.




Legal Reference:          Iowa Code § 279.8 

Cross Reference:         802      Maintenance, Operation and Management

Approved:                   2-9-98

Reviewed:                   10-13-03, 10-8-07, 2-24-14, 8-26-19



Original Adopted Date: 11-8-10                                          Last Revised Date: 12-12-22                                        Last Reviewed Date: 11-28-22

The school district will establish and maintain a capital assets management system for reporting capitalized assets owned or under the jurisdiction of the school district in its financial reports in accordance with generally accepted accounting principles (GAAP) as required or modified by law; to improve the school district's oversight of capital assets by assigning and recording them to specific facilities and programs and to provide for proof of loss of capital assets for insurance purposes.

Capital assets, including tangible and intangible assets, are reported in the government-wide financial statements (i.e. governmental activities and business type activities) and the proprietary fund financial statements.  Capital assets reported include school district buildings and sites, construction in progress, improvements other than buildings and sites, land and machinery and equipment.  Capital assets reported in the financial reports will include individual capital assets with an historical cost equal to or greater than $25,000 (assets to be depreciated will be equal to or greater than $5,000).  The Federal regulations governing school lunch programs require capital assets attributable to the school lunch program with a historical cost of equal to or greater than $500 be capitalized.  Additionally, capital assets are depreciated over the useful life of each capital asset. 

All intangible assets (except for right to use lease assets) with a purchase price equal to or greater than $25,000 with useful life of two or more years, are included in the intangible asset inventory for capitalization purposes.  Such assets are recorded at actual historical cost and amortized over the designated useful lifetime applying a straight-line method of depreciation.  If there are no legal, contractual, regulatory, technological or other factors that limit the useful life of the asset, then the intangible asset needs to be considered to have an indefinite useful life and no amortization should be recorded.

If an intangible asset that meets the threshold criteria is fully amortized, the asset must be reported at the historical cost and the applicable accumulated amortization must also be reported.  It is not appropriate to “net” the capital asset and amortization to avoid reporting.   For internally generated intangible assets, outlays incurred by the government's personnel, or by a third-party contractor on behalf of the government, and for development of internally generated intangible assets should be capitalized.

The district recognizes the importance of classifying leases of intangible assets as assets or liabilities in financial statements.  When operating as a lessor, the district will recognize a lease liability and an intangible right-to-use lease asset.  When operating as a lessee, the district will recognize a lease receivable and a deferred inflow of resources consistent with the requirements established in GASB 87. 

The District recognizes a lease liability and an intangible right-to-use lease asset with an initial value of 1% (one percent) of prior year General Fund expenditures or more. At the commencement of a lease, the District initially measures the lease liability at the present value of payments expected to be made during the lease term.  Subsequently, the lease liability is reduced by the principal portion of lease payments made.  The lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date plus certain initial direct costs to place the asset in service.  The lease asset is then amortized on a straight-line basis over the life of the lease.

The capital assets management system must be updated monthly to account for the addition/acquisition, disposal, relocation/transfer of capital assets.  It is the responsibility of the superintendent to count and reconcile the capital assets with capital assets management system on June 30 each year.

It is the responsibility of the superintendent to develop administrative regulations implementing this policy.  It will also be the responsibility of the superintendent to educate employees about this policy and its supporting administrative regulations.  


Legal Reference:          Iowa Code §§ 257.31(4); 279.8; 297.22-.25; 298A 

Cross Reference:         709      Insurance Program

                                    701.3   Financial Records


Asbestos containing materials will be maintained in good condition and appropriate precautions will be followed when the material is disturbed.  If there is a need to eliminate asbestos it will be replaced with nonasbestos containing materials.  Each school building will maintain a copy of the asbestos management plan.

The school district will annually notify, appoint and train appropriate employees as necessary.



Legal Reference:         20 U.S.C. §§ 3601 et seq. 

                                    40 C.F.R. Pt. 763.84 

                                    Iowa Code §§ 279.52-.54 

Cross Reference:        403.4   Hazardous Chemical Disclosure

                                    802      Maintenance, Operation and Management

Approved:                   2-9-98

Reviewed:                   10-8-07, 2-24-14, 8-26-19

Revised:                      10-13-03