Lakeville Area Public Schools — Agenda
Monday, April 27, 2026
Fixed Asset Inventory and Accounting System Policy
Votes (1)
Adopted: MSBA/MASA Model Policy 704 – Development and Maintenance of an Inventory of Fixed Assets and a Fixed Asset Accounting System
The policy mandates the development and maintenance of an inventory of the school district's fixed assets and a formal fixed asset accounting system. It assigns responsibility to the superintendent or a designated official, requiring compliance with UFARS. Key provisions include capitalization thresholds of over $5,000 for individual items and $100,000 for group purchases of technology/furniture/equipment. The policy also requires annual updates of property records and an inventory report to the school board, along with specifying necessary property documentation.
Ordinances & Resolutions (7)
Adopted model policy concerning fixed assets.
Financial accounting and reporting standards applicable to Minnesota school districts.
Minnesota Statute on General Powers of Independent School Districts.
Minnesota Statute on Boards of Independent School Districts.
Minnesota Statute on Schoolhouse and Sites; Uses for School and Nonschool Purposes; Closings.
Governmental Accounting Standards Board Implementation Guide.
Cross-referenced model policy on Accounting.