Policy 6801 - Capital Assets/Theft-Sensitive Assets

Capital Assets 

The District will maintain a comprehensive capital assets record-keeping system. The goal of the capital assets program is to protect the District against losses that would significantly affect the District’s students, staff, property, budget or the ability of the district to continue to fulfill its stewardship responsibilities. 

For purposes of this policy, “capital assets” will mean land, improvements to land, easements, building improvements, vehicles, machinery, equipment, works of art and historical treasures, infrastructure and all other tangible and intangible assets that are used in operations and that have initial useful lives extending beyond a single reporting period which: 

A. Retains its shape and appearance with use; 
B. Is nonexpendable, meaning if the item is damaged or some of its parts are lost or worn out, it may be more feasible to repair it than to replace it with an entirely new item; 
C. It does not lose its identity when incorporated into a more complex unit; 
D. Is valued no less than $10,000 unless a lesser amount is set by the district; and 
E. Has a life expectancy of at least a year. 
 

Federal law requires a physical inventory of federally funded assets at least once every two years. Reconciled inventory reports will be provided to the board. Such reports will identify lost, damaged or stolen capital assets. Missing capital assets will be removed from district property records by a vote of the board. 

No equipment will be removed for personal or non-school use. 

Theft-Sensitive Assets 

For purposes of this policy, “theft-sensitive” are those items identified by the District as most subject to loss. A list of theft-sensitive assets shall be maintained by the District. The District should establish procedures for internal controls and conduct an annual inventory of theft-sensitive assets. 

The Superintendent, or designee, will be provided with a report identifying assets not accounted for in the annual inventory. These assets will be removed from the District property records through Superintendent authorization, consistent with District procedures. 

The superintendent will develop procedures to implement this policy, including maintenance requirements and sales procedures to ensure the highest possible return. 

Legal References:

RCW 28A.335.090 Conveyance and acquisition of property-Management- Appraisal 
7 CFR 3015,3016 Agriculture 
34 CFR 80.32 Uniform Administrative Requirements for Grants and Cooperative Agreements to State and Local Governments-Equipment 
45 CFR 92.32 Health and Human Services 
Office of Management and Budget (OMB) Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, Attachment B(19) 
 

Adoption:

Adopted: June 22, 2004
Revised: September 23, 2025